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| Even IdeasGuy is puzzled by this one! |
I know this may be difficult to follow but in 2011 the Auditor included in their report a note on the Town Budget. This note reconciled the Town budget (as approved by Council) to how the budget should have been reported using generally accepted accounting principles. What was budgeted as a break-even or $0 budget, was in fact a $3,631,423 budget deficit, with the actual results coming in at an actual deficit of $4,755,488.
Moving forward to the 2012 budget I have made the same adjustments required by the auditors. I made two assumptions, assuming status quo for the repayment of the debt and the amortization of the capital assets and in so doing ‘if’ we could operate within the original budget we would come in with a current year deficit of $2,803,339.
However, when you factor in information gleaned from the reports to be re-presented to the Council today we’re headed for at least a $4.8M deficit and what’s worse is that we are using roads money and reserves to try to put a pretty face on this dog.
When will they come clean on this mess?
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