“Our town is in pretty decent shape,” said District of Port Hardy Mayor Hank Bood at the May 12 regular council meeting.
The district has “over $3 million in the bank and improved its financial position by $1.5 million in 2014, Bood said.
This is good news because the district “needs to do some really big improvements on our recreational facilities,” he said.
Bood was referring to information in the district’s audited consolidated financial statements for 2014.
According to the statements, the district had net financial assets of $3.32 million up from $1.86 million at the end of 2013.
According to Director of Financial Services Allison McCarrick, those assets represent funds and reserves for specific capital expenditures.
The financial statements are the responsibility of management and are prepared in accordance with generally-accepted accounting principles for British Columbia municipalities, said McCarrick.
Management maintains a system of internal accounting controls to provide reasonable assurance that assets are safeguarded and that transactions are authorized, recorded and reported properly.
The external auditors, MNP LLP, examined the 2014 District Financial Statements and gave them the stamp of approval.