CBRM declares small surplus in last fiscal year
The Cape Breton regional Municipality’s financial department has received a passing grade after an audit of the municipality’s 2017-2018 fiscal books.
In examining records for the 12-month period ending March 31, 2018, the Sydney-based accounting firm MGM and Associates confirmed that CBRM revenues exceeded its expenditures by $553,000, down from the previous year’s surplus of almost $1.2 million.
“It was a very typical audit,” said Jennifer Campbell, the municipality’s chief financial officer.
“There were no surprising results, no alarms or concerns from the auditors’ perspective, so it was a standard audit and the outcome was as anticipated.”
The report’s figures show that over the last fiscal year, the CBRM spent $147.8 million, while its total revenues were $148.3 million.
The audit also contained information about the municipality’s long-term debt.
“We had to borrow $3 million less than we had budgeted for, so that meant our long-term debt went down quicker than we had expected,” she said.
The report also stated that the CBRM’s water utility realized an operating surplus for the first time in several years. That surplus will be applied to the utility’s water deficits accumulated from years prior.