City Releases 2009 Audited Financial Statements

L-R: Tina Tapley-Jones (Asst Finance Director); Coun Mike O'Brien; Ernst & Young Representatives

Audited financial statements indicate that the City of Fredericton is in full compliance with Public Sector Accounting Board (PSAB) standards. The municipality ended 2009 with a slight surplus of $344,617 on its 2009 General Operating Fund of $88.7 million.

The value of all City-owned assets was $441,306,276, while the City’s net debt was calculated to be $53,145,886. Its accumulated surplus from capital assets was $388,235,170. These findings were presented by the accounting firm of Ernst & Young at a special Finance and Administration Committee meeting held on March 22, 2010.

“This is the biggest accounting change our municipality has faced in more than 100 years" said Coun. Mike O’Brien, chair of the Finance and Administration Committee. The audit confirms what we already know; that the City of Fredericton has been investing wisely and managing spending so we continue to provide quality services and move the City forward. The information in this audit will serve as a guide for long-term decision-making and provides more accountability, transparency and promotes sustainability of the city’s finances.”

Following is a link to a related article published in the Daily Gleaner on March 23/10: http://dailygleaner.canadaeast.com/cityregion/article/993217http://dailygleaner.canadaeast.com/cityregion/article/993217