Financial statements tell a two sided story for Oliver

Photo: File photo

Oliver Town Council officially adopted the financial plan and approved the 2022 statement of financial information to send to the province.

The Chief Financial Officer for the Town of Oliver, Wayne Anderson, presented the audited financial statements for council’s approval.

Town expenses have increased by $1,156,515 from 2021. The major increase in this area of the financials was amortization, in the amount of $230,000 for dealing with the loans for various projects completed in 2022.

Contracted services increased $990,000, which Anderson noted was primarily due to increased RCMP costs in the amount of $880,000, the rest of the costs came from fire and other services provided through the town.

The largest factor influencing the financials was the large Gallagher Siphon Project, which was paid for by debt funding. This resulted in an increase in $186,000 in interest on the $6.4 million borrowed for that project.

Anderson did note that it is “not all bad news though as we did have the surplus and we did increase our reserves.”

On the revenue side the town had a surplus of $1,376,317, compared to a 2021 surplus of $3,903,742.

Anderson had noted that the main reason for this revenue change was the $2,427,917 decline in government transfers, which was primarily influenced by the Gallagher Siphon Project.

The reserve balance is up $340,158 from $10,150,230 in 2021 to $10,490,388 in 2022. This also is due primarily to 2022 being a light year for capital projects, and the largest one, the Gallagher Siphon project, being debt funded.

Council approved the audited financials in order to send them off to the province by their May 15 deadline.