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Oxford County "Fared Well" in 2014 Financial Audit

Thursday, 14 May 2015 at 05:55

The County's long term sustainability plan continues to enjoy success after the numbers were revealed to County Councillors from the 2014 Audited Financial statements.

OXFORD COUNTY - The 2014 numbers have been gathered and the County was successful, enjoying a surplus of nearly $1 million.  

Owner of Scrimgeour and Company, a chartered accounting firm, Christine Scrimgeour, breaks down how the numbers from the Draft Audited Financial Statements for 2014 will benefit citizens.  "It fared very well. The county improved their cash position and investment position significantly, and continues to replenish the capital assets that are required to provide the services the county provides."    

As Oxford County continues to do well financially Tillsonburg's Mayor, Stephen Molnar has concerns in regards to the money being spent on the current landfill.  "We've done well. We have demonstrated fiscal responsibility at the county level.  At times the escalation at some of our reserve accounts speak to the fact that we have a long time reserve in our landfill.  We need to re-evaluate to ensure that we are doing everything to keep as much money in the pockets of the people of Oxford."       

Accountant Christine Scrimgeour commented on the state of the county's financial structure.  "The surplus at the end of the year was $524 million. That doesn't mean the county has that in the bank - that refers to the tangible capital assets that the county owns as well as the reserves and reserve funds.  The county improved their debts position by a net of about 4.4 million dollars. They're about that much less in debt by the end of 2014."  

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