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Sunday, May 26, 2019

Clean Audit for Town of Hanover

Hanover | by Robyn Garvey  

Town receives 2018 audit results.

Hanover is on solid financial ground, that from auditor Barry Heaney.

He says Hanover has significant assets available to finance and take on future projects.

An audit of the books concluded the Town is boasting net financial assets of 8.8 million dollars, tangible capital assets of 69.4 million dollars for a total accumulated surplus of 80.7 million dollars. 

The 8.8 million in net financial assets represents a 460 thousand dollar increase over the previous year.

Meanwhile the Town managed to reduce its liabilities by 317 thousand dollars down to 5.6 million.

Total long term debt has also been reduced to 1.1 million dollars, a reduction of 400 thousand dollars.

As for the 80.7 million dollar accumulated surplus, this includes the value of all of Hanover’s assets, infrastructure and cash.

The Town also managed to boast a 2.7 million dollar annual surplus which was used to acquire tangible capital assets and pay down long term debt in the year.

As for the Town’s reserve funds, there is 12.3 million dollars set aside for future projects.

All in all, Heaney says Hanover is in strong fiscal shape and the books are in order.
 

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