MOUNTAIN VIEW COUNTY - Mountain View County's 2024 audited financial statements have been reviewed and accepted by council following a delegation appearance by auditors at a recent, regularly-scheduled council meeting.
Lindsey Bauman and Madison Bruce of MNP Ltd. discussed details the statement and took questions from councillors.
The statements were prepared by MNP Ltd. and the findings were presented to the county’s audit committee on April before coming before council.
The audited financial statements are an independent evaluation of the county’s financial records as of Dec. 31, 2024.
“There were no big difficulties encountered (with the audit),” said Madison Bruce. “We did not identify or find any kind of fraud, and no significant matters arose. This is very much a no news is good news situation.
“Nothing has come to our attention that would suggest any non-compliance with laws and regulations that would have a material effect on the financial statements. No indicators (were found) that may cast doubt on the entities ability to continue as a going concern.”
On the consolidated statement of financial position, total financial assets were $81,222,226, up from $77,794,144 in 2023.
“You can see that cash is up significantly, at $13.7 million, and this is mostly just a change in the investments, which is down $9.3 million,” she said.
On the liabilities side, total liabilities were $26,234,166, down from $27,458,767.
Total net financial assets were $54,988,060, up from $50,335,337 in 2023.
Accumulated surplus stood at $224,066,917, up from $221,499,866 the previous year.
On the consolidated statement of operations, total revenues were $40,687,978, up from $38,742,305 in 2023.
Totally expenses were $42,168,013, up from $39,981,820 in 2023.
Both the revenues and expenses were very close to budget, she noted.
The excess of revenues over expenses was $2,567,051, compared with $2,326,785 in 2023.
According to the scheduled of expenses by object, total expenses were $42,168,013, compared with $39,981,820 in 2023.
Expenses last year included $12,462,034 for salaries, wages and benefits, compared with $11,644,485 in 2023.
Following an in-camera session, council approved the 2024 audited financial statements as presented.
