By Heather Killen
The Spectator
NovaNewsNow.com
The Town of Bridgetown is cautiously optimistic that the books will balanced by spring.
At the regular meeting on January 18, Mayor Bob Fowler said that council has received a draft financial statement from staff and while there’s still work to do, the town’s situation is looking more stable than it did last spring.
While they don’t yet have a final document to present, they are close to finalizing the details. They are still processing revenue from the last billing, but so far they’ve collected about 74 per cent of accounts receivable, while spending is at 63 per cent of the annual budget.
The town’s payables are current and if all goes well, according to Chief Administrative Officer Darrell Hiltz, the town may go into the spring budget with a small surplus. This would relieve some of the potential stress of the next budget period.
“It looks a lot better than it did,” agreed Mayor Bob Fowler. “I’m confident going forward into March. Starting in April we should have a solid financial standing. We’re not out of the woods yet, but our hope is to resume a normal cycle in the spring.”
Councillor Anna Allen agreed that the progress being made so far is encouraging and that the council is pleased at the preliminary numbers.
The administration is also implementing policy changes and upgrades to the town’s record keeping systems that should help staff maintain an accurate financial picture that also guarantees an early warning system for errors and irregularities.
