SD&G had $2.4M surplus in 2019

In this December 2017, file photo, the morning sun shines on the United Counties of Stormont-Dundas-Glengarry building on Pitt Street in Cornwall, Ont. (Newswatch Group/Bill Kingston, File)

SD&G – The United Counties of SD&G ended 2019 with a general surplus of just over $2.4 million, an auditor told council Monday morning.

That’s up from a surplus of $826,001 in 2018.

The county’s reserve accounts to cover emergencies are also up to $22.4 million from $17.9 million in the previous year.

“(That’s) roughly about 45 per cent of your expenditure budget which is in the higher range of where you want to be so you’re in good, solid financial position with respect to reserves,” accountant Ian Murphy of firm MNP said.

The value of all the things the county owns increased in value to $113.4 million from $107.6 million. The county invested about $17 million into its tangible capital assets while at the same time about $11 million was either depreciated or disposed.

Murphy says there was not a significant change year over year in the financial operations of the upper-tier government, which is good news.

The county had $56.3 million in revenue last year (more than the $54.5 it had budgeted) due to more than expected dollars from fees, service charges, grants and investment income, even though it missed the mark on taxation revenue.

Expenses were also less than expected at $49.3 million compared to the budgeted $51 million.

“It’s certainly a good news statement,” Coun. Steven Byvelds (South Dundas) said as county council accepted and approved the audited statements.

Thumbs Up(2)Thumbs Down(0)