2020 Audited Financial Statements Indicate Collingwood in “Good Financial Position”
City received $ 1,330,828 from the COVID Security Restart Fund to help recover lost revenue and increased costs, from the Ministry of Municipal Affairs and Housing
CITY OF COLLINGWOOD
At the regular council meeting held on July 19, 2021, the council received the audited financial statements for 2020, which show that Collingwood is doing well financially.
Despite the challenges the municipality faces in 2020 primarily due to the pandemic, Collingwood has received provincial funding to offset expenses caused by COVID-19. The city received $ 1,330,828 from the COVID Security Restart Fund to help recover lost revenue and increased costs, from the Ministry of Municipal Affairs and Housing.
“The board and staff have been very responsive and proactive in tackling the COVID19 pandemic, including providing relief to businesses and residents who may be facing financial problems. In total, the pandemic resulted in a shortfall of approximately $ 1.37 million in income and additional unbudgeted expenses of just over $ 0.5 million, ”Treasurer Quinlan said. “The board and staff recognized the urgent need to mitigate the impact of these losses and put in place mitigating measures, including closing facilities, redeploying staff and reducing seasonal hires.”
The audit of the city’s financial statements is performed annually and includes the consolidated statements of financial position and income statement, as well as changes in net financial assets and cash flows for the year.
Basis for Auditor’s Opinion Baker Tilley: “We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under these standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the municipality in accordance with the rules of ethics that apply to our audit of the consolidated financial statements in Canada, and we have discharged our other ethical responsibilities in accordance with those rules. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Overall, when reviewing all financial indicators as well as other relevant data, staff confirmed that the city’s indicators have improved over the past few years and that its financial condition is healthy. Over the next few months, staff will focus on developing a long-term financial strategy including cash management, debt management, and asset management planning to ensure continued sustainability over the next few months. many years.
“Collingwood is in a very strong financial position and during the audited financial presentation Sue Bragg, our auditor, highlighted a number of benchmarks that compare us to the provincial average. We are far above the provincial benchmark when we compare cash and short-term investments as a percentage of our operating expenses and reserves, ”said Mayor Saunderson. “These are encouraging signs for Collingwood and the Board has adopted responsible budgets over the past few years, we have a strong financial record.”
The 2020 Audited Financial Report and the Audited Financial Reports for previous years can be viewed here.