The Regional District of Nanaimo was in the black for 2014, according to an audit findings report from an independent auditor.
Accounting firm MNP LLP Nanaimo audited regional district financial statements, ending Dec. 31. Cory Vanderhorst, MNP chartered accountant, told directors at its committee of the whole meeting Tuesday night that the district had more than $154.6 million in total financial assets and more than $124 million in total financial liabilities, for net financial assets of more than $30.5 million.
“Following down the statement, you see the tangible capital assets, so the physical assets of the district – that’s infrastructure, water, sewer, physical assets, buildings, vehicles, things like that – [is] $176.5 million and that is a depreciated value, so the original cost, when it was purchased, and the depreciation charge over time to estimate the usage of those assets,” Vanderhorst said to the board.
He said total revenue for the regional district amounted to more than $73.7 million, short of the $78.5 million-plus that was projected, while total expenses were more than $66.9 million for 2014, which exceeded the projected $62.8 million.
The surplus for the year was about $6.7 million.
“The budget numbers [the board] set are done with adjustments, when they show up in the financial statements here,” said Vanderhorst. “So an increase for budget doesn’t necessarily mean an overspend, but it means that there are accounting adjustments in there. When you look at those statements at the end of the day, they look over budget.”
The board accepted the report, which will be included in the regional district’s annual statement of financial information slated for release in June.