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Auditor's Report Looks Positively on Oxford County's Financials

Thursday, 26 May 2016 05:58

An auditor's report shows a $2.4 million 2015 surplus and slight forward movement in the Long Term Financial Stability Plan for the County.

OXFORD COUNTY - An auditors report presented to county council featured mostly positive results. It revealed that Oxford had a surplus of $2,432,628 from the 2015 budget.

Warden David Mayberry explains why the county had this money leftover.

"There's a surplus because we simply didn't get projects done, or there is a surplus for other reasons. Some of the surplus this year is because staff had left and we didn't replace as quickly as we thought we would or we didn't replace at all - those numbers add up. Some of it is work that we didn't quite get accomplished that we hope to."

The surplus funds will be put into reserves.

The auditor also updated council on the county's status in the Long Term Financial Stability Plan. 

Mayberry explains the purpose of the plan, and how Oxford is doing.

"A list of key indicators to say whether you are moving forward or moving back and how stable you are as compared to your anticipated costs or expenses over the period of the budget and I believe in every single case, we moved slightly ahead."

Oxford is getting less dependent on government grants and its asset management appears to be in good shape.

"Oxford has a tradition of having a solid financial position that they always want to be in good shape," Mayberry says. "I think the growth of the reserves and that sort of indicates that we want to be in a positive position all of the time."

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