SACKVILLE, N.B. – It will be several months late but Sackville’s 2012 audit is finally expected to come to the table for approval during October’s council meeting.
Sackville treasurer Michael Beal said the town’s finance department is in the final stages of completing the audit following more than a year of working on implementing new accounting standards required by the Public Sector Accounting Board (PSAB).
“It’s a complete change on how municipalities do their accounting,” said Beal during council’s monthly meeting last week.
Under the new system, New Brunswick municipalities have had to make adjustments to their current accounting practices, whereby all capital assets and town-owned buildings now have to be valued and depreciated, similar to a private company. The town also had to make the switch to a new accounting software for the changeover. In total, the PSAB changes have cost the town about $60,000.
He said although the new audited financial statements will have a new look, with much more detailed information and valuations, it won’t have an impact on the town’s bottom line.
“It doesn’t affect our books in relation to our tax rate,” he said. “It’s just a new way of doing the accounts.”
Beal said New Brunswick has been the last province to come on board with these new standards and so a lot of other municipalities are also facing the challenge of completing their audits this year.
He pointed out, however, that now that staff has the initial valuations completed on the town’s capital assets, future audits will be able to be prepared in a much more timely manner, such as by May or June.
“Next year we will be on track.”