Friday, June 13, 2008

City releases final audit for 2007 to website


A new link on the City of Prince Rupert website provides a path to some interesting reading material, though only the truly dedicated to profits and losses, expenditures and revenues may wish to wander that way.

June 9th saw a link posted on the website that leads to the 2007 Audited Financial Statement, a document which perhaps could use a snappier title, but yet no doubt provides much intrigue and suspense, if only you can find an accountant to translate it for you.

Among the numbers and the accountant speak there are facts and figures about the last year of financial statements, where we learn that total revenue increased by 2.1 million dollars through the recording of taxes from 2006 and 2007 owed by Sun Wave Forest Products when they defaulted on their agreement with the city (good through bad we guess?).

There were little victories on the sale of services front as well, as the City pulled in an additional 473,000 dollars thanks to such things as Public Transit, cemeteries, Parking and Recreation, not to mention something called the Solid Waste Fund, the Water Fund and the Sewer Fund.

However, expenditures increased by 1.7 million, the largest of the costly items coming from Transportation and Transit where there was an increase in 747,000 dollars mainly on infrastructure needs (not broken down in any great detail so your guess is as good as ours).

The Airport Ferry required an increase in expenditures of 113.000 dollars mostly towards the rise in what is called the accrual of vested benefits.

Community and Economic Development also increased by some 105,000 dollars, as did Parks and Recreation by 765,000 dollars, Sewer Services by 220,000 dollars and Solid Waste Services by 322,000 dollars.

The numbers tend to jumble together after awhile, leaving you wondering if there's not a more streamlined method of getting a bottom line to the taxpayers complete with details (and maybe pictures for those of us who really get lost).

Those hoping for itemized lists of expenses, purchases of equipment, travel expenses, human resources costing and such, won't be finding that information in the on line document. While it all may very well be in the final numbers, delegated to some pile of cash or another, that kind of information just isn't broken down in the released document.

There is a section that shows where the budgeted amount for 2007 either was exceeded, or kept below the original targe, an interesting study in how expenses can creep up and change the plans of even the most dedicated of bean counters.

There's lots to digest and surely something for everyone, though unless you were paying particular attention in your high school or college accounting classes, a lot of this just rushes at you with little in the way of background information. Just hard numbers as only accountants can deliver, taking you through the high octane world of solid waste funds, capital expenditures and debenture debt.

Grab your pen and parchment and maybe an abacus and count along with your city government.


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