KPMG Gives South Frontenac Clean Audit Report
ONTARIO, Canada – South Frontenac Council has received a clean audit report from auditors at KPMG during its regular meeting last week, owing to its tangible assets.
The audit ran for more than a year covering the council’s financials in fiscal year 2009, and although it has been challenged by the change in its capital assets method to keep a nose on its funds, South Frontenac Council has a “healthy balance sheet.”
KPMG auditor Vicki Leakey said during the meeting that the council’s finance is still in a good condition given that “the Ministry of Municipal Affairs and Housing has indicated they hadn’t got 60 per cent of the FFRs yet.”
Leakey said she hoped the council will be “back on track” in 2010 as it is in 2009 based on the KPMG’s audit report covering that fiscal year.
According to the audit report, South Frontenac Council has $79,107,546 in tangible assets including buildings and road. The audit report’s figure also includes some non-financial assets.
Leakey said the council’s net financial assets and accumulated surplus had reached $9.3 million, which puts South Frontenac in a “ good position,” giving it the leverage to allocate funds for future projects. South Frontenac’s books have not incurred operating surplus or deficit. In fact, it has tangible assets of about $77 million, she said.
Leakey said the auditors had already expected the outcome of the audit report and commended each of the departments at South Frontenac Council for having survived the “stressful” change in tangible capital assets.