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Thursday, October 24, 2019

Brockton Financial Audit Complete

Brockton | by Robyn Garvey  

Brockton remains on firm financial ground, says auditor John Bujold.

Brockton remains on firm financial ground, that from auditor John Bujold.

He say the municipality has enjoyed positive financial growth over the last five years.

This growth includes increases in net financial assets which sits at 2.5 million dollars and an injection of more than 2 million dollars into reserves topping it up to just over the 10 million dollar mark.

Brockton also managed to end 2018 with a 425 thousand dollar year end surplus and 7.3 million dollars in cash which is an increase of over 800 thousand dollars from the previous year.

As for long-term debt it is 6.4 million dollars.

He says an indicator of financial stability within a municipality is ensuring that the reserve funds exceed the long term debt.
Brockton - Audit Results.
 
In Brockton’s case with just over 10 million dollars in reserves he says the municipality has over a 1.5 times reserves to long-term debt ratio.

Bujold adds that Brockton has adequate resources to cover their short-term commitments and is well position for borrowing within its annual repayment guidelines set out by the Ministry.

Looking ahead, Bujold says it appears that Brockton is in a reasonable financial position as it has adequate cash and net financial assets to meet its current obligations and future commitments.

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