Report from the Interim Chief Financial Officer
Report from the Interim Chief Financial Officer
May 18 , 2016
To Mayor Baker and Members of Council :
I am pleased to present the District of Lake Country ’ s 2015 Annual Report , which includes an organizational overview , the District ’ s audited 2015 financial statements , and statistical information .
The 2015 financial statements have been prepared by District staff pursuant to Section 167 of the Community Charter and are the responsibility of management . Management ’ s responsibilities also include maintaining a system of internal controls for financial statement reliability purposes and for the protection of the District ’ s assets . The financial statements have been prepared in accordance with generally accepted accounting principles for local governments , as established by the Public Sector Accounting Board ( PSAB ) of the Canadian Institute of Chartered Accountants .
Grant Thornton LLP , the District ’ s independent external auditors , have examined the District ’ s financial statements in accordance with generally accepted auditing standards . In their opinion , as expressed in their audit report , the District ’ s financial statements present fairly in all material respects the financial position of the District of Lake Country as at December 31 , 2015 , and the results of operations and cash flows for the year then ended .
Financial Overview
At the end of 2015 , the District had net debt of $ 1,573,953 , based on the difference between its financial assets ($ 21,182,235 ) and its liabilities ($ 22,756,188 ). This compares to net debt of $ 1,530,168 at the end of 2014 . The District also had non-financial assets of $ 118.9 million , which consisted of the amortized historical cost of tangible capital assets .
The District ’ s net debt and non-financial assets together account for the $ 117.4 million accumulated surplus as at December 31 , 2015 . The $ 117.4 million accumulated surplus was comprised of cash surplus ($ 2,627,109 ), reserves ($ 8,167,826 ) and the District ’ s investment in tangible capital assets ($ 106,604,963 ). The District also had restricted revenue ( development cost charges and parkland acquisition funds ) balances of $ 4,178,579 at the end of 2015 . A summary of surplus , reserve and restricted revenue balances at the end of 2015 , in comparison to 2014 , is shown in the chart below .
2015 Annual Report 58 | P a g e