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Audit shows RDC in good financial position

Tuesday, May 01, 2012 03:00 am | SYLVIA COLE

Red Deer County received a clean audit of its 2011 financial statements presented during council April 24.

“I’m confident our books are very accurate,” said Mayor Jim Wood after listening to a review of the audit conducted by Meyers Norris Penny LLP. “I think we can be very happy we’re not seeing a bunch of recommendations for a bunch of changes.”

The audit tested revenues, expenditures grants, deferrals, capitalization procedures and estimation calculations.

The report showed a decrease in net financial assets (debt) from $18 million in 2010 to $16 million in 2011, an increase in revenue from $41 million in 2010 to $45 million in 2011, as well as an increase in expenses from $56 million to $68 million.

The overall opinion from the auditing group deemed the financial statement to be in accordance with Canadian public sector accounting standards.

Div. 4 Coun. David Hoar said the county was in “a strong financial situation” with strong reserves. “We are in a good position to take advantage of government funding,” he said of grants that offer matching funding.

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