2012 Audited Financial Statements Released

Still plenty of work to do for the City of Dryden.
Council received the 2012 audited financial statements Monday night and a handful of red flags were raised.
Dryden lost roughly $13.3-million last year.
The City recorded $34-million in revenue in 2012, down from $45-million.
Expenditures went from $40-million to $48-million.
Treasurer Adrienne Bodnarchuk says there were a couple of factors behind the numbers, including the damaging Dryden mill assessment.
The audit also reported an almost $7.9-million loss in assets and a $3.4-million loss at Dryden Mobility.
Don Yurkiw of BDO Dunwoody told Council that the City’s job now is finding a way to pay for those losses.
The accumulated surplus for Dryden dropped from $82-million to $69-million in 2012.
The auditor also warned that landfill costs are going up and the City doesn’t have anything set aside to fund future increases.
The financial picture facing Dryden isn’t pretty but there’s some room for cautious optimism.
For the first time a review of all City assets has been included in the annual auditors report.
Adrienne Bodnarchuk says this will help staff develop a comprehensive plan, avoid unexpected costs and build-up reserves.
The audited report showed several errors in reporting assets as Don Yurkiw stated that he wasn’t sure the city had correctly estimated the proper value for roads and sewers.
City officials say they are aware of the problem and have a plan in place to establish a proper inventory of Dryden assets.
The city’s line of credit is also down to $1.6 million from $6.7-million in 2011.
Another step in the right direction according to Council is the recent KPMG report.