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2019 Financial Reports

NOTE from Hamlet Board regarding 2019 Financial Report.  The 2019 Financial Report is prepared and submitted by the RM of Keys.  The Hamlet Board and the RM of Keys Council are in dispute over two elements of the 2019 Financial Report as follows:
  1. The RM of Keys has unilaterally altered (reduced) the hamlet allocation from the historically agreed upon 2/3 allocation of Crystal Lake municipal property taxes of to the hamlet account to 60%.  This was done with no discussion, consultation or agreement with the Hamlet Board.  You will note the discrepancy between the Budget amount and YTD for the item Revenues – Taxes – General Municipal Levy.
  2. The RM of Keys has unilaterally applied an additional assessment for legal fees incurred by Council for dealing with the appeals against the ILO development.  Again, this was done with no discussion, consultation or agreement with the Hamlet Board.  The discrepancy is located under Expenses – General Government – Community Planning/Legal.
Until these two items are resolved, the Hamlet Board is recommending outright rejection of the 2019 Financial Report.

 

2019 Financial Report 2

7 thoughts on “2019 Financial Reports”

  1. What is the entry under General Government- Council Time. It looks like it was moved from this account. What is the circumstances behind this

    1. The $4,207.84 is provided as a credit to the hamlet in 2019. In the 2018 fiscal year, the hamlet account was charged this amount for time Council spent on Crystal Lake specific items during regular Council meetings. After discussion on this charge, Council reversed the charge and credited it back to the hamlet account in 2019. There is no further charge for time spent by Council on Crystal Lake items at the regular Council meetings.

  2. Under the Reserve Accounts what expenditure represents the 60k drop in the first reserve.
    With the Water Line Reserve Account- how can it be in a negative position? These are previous years savings, not a expense account.

    1. The reduction in the General Reserve Fund is the draw from that Reserve Fund for the Paving Project. The $1,200 levy ($600 in each of 2018 and 2019) per lot was not adequate to cover the full cost of the paving project. The balance was a draw from the General Reserve Fund. The intent is to allocate some surplus funds each year to start to build a new Road Reserve Fund so hopefully when it comes time to re-paving in the future, there will be some funds in the Road Reserve account for that specific purpose.

      The reporting of the $4,356.94 as a deficit in the Water Reserve Fund, is a result of the normal operating expenses for the system plus the engineering studies that were completed on the system. The result was that the Community Water System spent all of its annual revenue, plus the engineering studies to a point where all of the Reserve was used plus the $4,356.94 shown as a deficit. For our budgetting and tracking purposes, we now show the hamlet operating financials separate from the Community Water System financials as not all residents are part of the community system and the subscribers pay for the community water system, not the non-subscribers. However, the RM reporting rolls all together.

      1. The shortage in the Reserve account was then taken from the Hamleys general funds. Will they be repaid in the 2020 Budget?

  3. Does that mean the $4536.94 came from the Hamlets general funds? If so does the 2020 Budget reflect the payment back from the water users to the general account.

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