Coldstream financially comfortable

By Jennifer Smith - Vernon Morning Star - June 26, 2008

Even with a $4 million debt for new firehalls, Coldstream is sitting pretty financially, according to the books for 2007. “We’re sitting pretty good, really, compared to a lot of other municipalities,” said Catherine Lord, director of financial administration. While debt capacity is $19 million, Coldstream’s long-term debt is sitting at $4.2 million. Lord presented the annual financial report for 2007 at Monday’s council meeting, where she highlighted some of the projects, priorities and development. While the entire report was available to the public, one key aspect was missing during the public process, said Gyula Kiss, Coldstream Ratepayers Association president. “Once a year I think the whole citizenry should be able to ask questions of the auditor,” said Kiss, as an auditor was not available at the meeting. An audit was performed and the report is available, but typically the auditor has been present at such meetings. Following the auditor’s report, which found the financial statements to be presented fairly, council agreed there was not a need for the auditor to attend. Annual audits are performed, and recently an additional audit was performed on Coldstream.

The special audit, which Kiss had requested, related to sewer extensions. He disagrees with how funds were collected and used to fund sewer extensions. That audit cost taxpayers $9,424. The 2007 financial audit cost $10,568 while the 2006 audit cost $8,172. The sewer extension audit concluded that Coldstream acted within its authority. Lord explains that Coldstream’s policy is to save and build up some funds for projects, rather than carry an entire project’s cost in debt. But Kiss does not agree with that theory. He says the existing sewer users shouldn’t have paid for previous sewer extensions and shouldn’t be squeezed for any future sewer extensions either. “I don’t think the sewer users should be treated as a bank,” said Gyula. Aside from its sewer woes, 2007 was a productive year in Coldstream. “A lot of development was happening in 2007,” said Lord, pointing to such developments as the Inverness/Aberdeen Village of 73 residences. Capital projects included aeration of the Kalavista Lagoon to improve odours and upgrades to both the Kinloch and Lisheen lift stations. A major road condition review was also launched to create a plan on when to repair or refurbish roads.