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Audit Shows Large Budget Surplus for Oxford County

Friday, 11 May 2018 05:49

A financial audit for Oxford County is reporting a surplus of just over $2.5 million for 2017.

OXFORD COUNTY - Oxford County had a good year financially in 2017.

An audit of finances for 2017 showed they had a budget surplus of just over $2.5 million at end the year.

Director of Corporate Services Lynn Buchner explains why an audit is conducted every year.

"Well the annual audit, the purpose of that is just to ensure the public whether or not the financial statements for the municipality are fair representation as of the end of their fiscal year and in fact it did receive a clean audit from the auditor this year."

Buchner says the latest audit is good news for the county.

"Well simply it says we were more efficient in some cases in terms of delivering our service, that we were able to achieve some savings. Those savings then will go into a general reserve and be used to offset costs in the future."

The surplus will go into a general reserve and will be used to offset general costs in the future.

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