There are no Reserves shown on the latest Airport Financial Statements at 2005 year end. There is $414,933 in the Cash Account but this is still a little short of the $500,000 that should be in the Runway Reserve ?
This was my original question that started the ball rolling with regards to the Airport Capital Expenditures reconciliation. What I was suggesting was that the Airport Corp. might be dipping into the Bank Account to fund their operational cash flow requirements or even the accumulated deficit of $98,498. I was assured that this was not happening.
The Final Airport Reconciliation of where the monies put up by the Vernon taxpayers were used is now detailed. The discussion of whether the capital reserve should have been used for all these expenditures is a matter of debate for the Council.
My last question to square the circle is:
The reserve balance on the Airport books now stands at $113,333.10. What is the bank balance as at Dec. 31, 2006 ? Hopefully it exceeds the reserve amount !
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