Kincardine in good financial shape
By Liz Dadson

Kincardine Council

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The Municipality of Kincardine is in good financial shape.

That's the word from Mike Bolton of BDO Dunwoody which audited the 2008 financial statements of the municipality.

Speaking to council Wednesday night (Aug. 5), he said the major changes were dictated by the Ontario Power Generation (OPG) tax assessment settlement which meant reductions in various areas of the ledger, including the consolidated statement of assets, receivables, and liabilities.

The municipality's biggest asset is the long-term investment in Bruce Telecom, valued at $32.8 million.

The capital reserves are at $24.5 million, up from $21.8 million at the end of 2007.

Bolton said Kincardine is slightly behind other municipalities in completing the tangible capital assets management program, the new accounting system required by all municipalities in Ontario.

"You're going to meet the deadline," he said, "but you'll need to put more resources toward that effort. Other municipalities have their inventory completed and are putting values on the assets."

"The project is larger than any of us envisioned," said treasurer Brenda French. "Our consultants are working on it as we get them the information. This municipality is asset-rich for its size. Plus our own staff has to sign off on what's listed in the inventory and that's a huge job."

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08/08/2009 07:47 PM

In other news:

*Councillor Randy Roppel said the Tiverton Reunion was a "great bash."

"We had beautiful weather, a great parade, the food was fantastic, the fireworks were beautiful, and the parks department did a terrific job for us," he said. "We thank the people who helped make the reunion such a success, and we're looking forward to it again in 10 years."

*The municipality fully supports a resolution from Brockton, calling on the provincial government to declare Giant Hogweed a noxious weed. "It's a real problem," said mayor Larry Kraemer.
"Once it's declared a noxious weed, the municipality can get rid of it," said councillor Ron Hewitt.

*Council has approved a 10-year joint recreation cost-sharing agreement with Huron-Kinloss in which the township will pay $53,000 plus a maximum of three-per-cent Ontario Consumer Price Index (CPI) increase in 2010, followed by $3,000 plus the CPI per year right through to 2019 when the cost will be $80,000 plus CPI increase.