Rossland News, July 25, 2013

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Currently, cash for the city coffers compared to last year at this time is down nearly $6 million. And, although the city has reserve fund balances of $4.3 million, it is actually in a deficit of $3.7 million because it has used the money to fund the project without having the borrowing in place. Financial assets dropped to $3.89 million from $7.1 million due to a drop in cash and short-term investments. The Columbia/ Washington project was funded from cash reserves. Grants and accounts receivable rose from $440,150 to $2.9 million, after the city received cash from the provincial Ministry of Transportation for the C o l u m b i a / Washington project, as well as the money the city receives back from the HST (around $600,000). Liabilities remained largely the same at $6.7, down slightly from $6.9 million. Those figures gave the city a net financial debt of $2.85 million, as opposed to a net financial asset of $259,981. “We are really in a financial debt position,” Arnott said. While the city sits in an accumulated surplus of over $40 million, nearly all of that is tied up in tangible capital assets—assets

other contingencies The contractor of the Ophir Creek Reservoir project has submitted claims relating to the construction of the project. The city is conducting a review of these claims and as at the year end, no estimate can be made of the likely outcome and no accrual has been made for these potential claims. In the normal course of a year, the city may be faced with claims for damages of a diverse nature. An estimate of the contingent costs cannot be made, and no accrual has been recorded for these contingent liabilities in the financial statements. Source: City of Rossland

that have a physical form. Tangible assets include both fixed assets, such as machinery, city buildings and land, and current assets, such as inventory. The city has reserve funds of $4.258 million but it is in an operating and capital fund deficit of $3.7 million. This is where the anomaly exists. The city says it has reserve funds of over $4 million, yet it does not have the cash to cover the reserves. “So, substantially, the city has unfunded reserves,” said auditor

Andrea Kramer. “And when we put the $4 million back that we will borrow we will have that cash back,” said Arnott. That is why the city went from a cash basis of $6.38 million down to $468,000. Capital revenues and operating revenues less your operating expenditures— excluding capital expenditures—gives the city a annual surplus of over $1 million. On operating expenditures the city was “fairly well in line” with what they anticipated from the

budget. Net debt went from $259,000 positive to minus $2.8 million. Expenditures in 2012 rose to $6.9 million from $6.1 million in 2011. However, revenue rose by $1.1 million to $8.2 million in 2012, largely on the strength of a $650,000 increase in grants. The city’s annual surplus for 2012 was expected to be $1.34 million, up from just over $1 million in 2011, but the city fell short of its expectation. However, the endof-the-year accumulated surplus was $40.5 million. But the surplus is not something that can be spent, said Arnott, meaning it is tied up in tangible capital assets, or the net book value of the city’s buildings, equipment and operations. editor@rosslandnews.com

IN BRIEF Hot times in the city For those who have a yen for warmer places, there is a calling for you. The Kootenay Boundary Regional Fire Rescue is currently taking applications for paid on-call firefighters in Rossland. If you are interested in serving the community by becoming a paid, on call firefighter in Rossland—or at anyone of the five other departments—you can pick up an application form at KBRFR headquarters located at #201-843 Rossland Ave. in Trail. Company number one in Rossland is at 2044 Second Ave. Warfield, Genelle, Trail, Montrose and Fruitvale are also looking for a few good men and women. Applicants must be 19 years or older and possess a valid driver’s license. Applications are to include a driver’s abstract and criminal record check. Criminal record checks will be returned and all information will be kept confidential. If you have any questions, please contact regional fire chief Terry Martin at 364-1737, Monday to Friday between 8 a.m. and 4 p.m.

mo bibendum tra. ue nisi vel ecenas cong enim sit amet phare us Curae; Ma rdiet faucib pe at im an us ne cib are. Ae it vel orn Etiam fau at nd bla , sem metus icula a Fusce veh t feugiat i. Sed tortor ultricies orc tortor. Mauris laoree egestas orci, eget et eget eg , es pis ric ult tur a, it odio eget porttitor THE SEWING SENSATIO llus hendrer rbi rhoncus sapien illa. Phase fringN! eget. Mo Proin imentum e congue. urna cond , nec faucibus nequ in sed est. us pib iet da rd s dui impe urna variu rabitur adipiscing aliquam. Cu n nulla vel augue mi lacinia s eros no justo non s. Sed variu per Aenean id odo tempu disse mi tellus, sem mm co m pretiu Suspen interdum. eget ligula. bibendum r pe sem tie ut, nec moles lesuada, rttitor ma erdum po lorem reet enim a, sapien int Cras viverr ipiscing magna, at lao tum, orci nisi ad r dic to. felis neque porta, nisl a pulvina sit amet jus oin em Pr lor te. an leo r et Women , at lobortis to aliquet consectetu icngue enim a jus vel veh , tus BUSINco me ESS c eget nisl gravid lla Done dictum nu trum. lla. Aenean ultricies pharetra ru vitae ut nu is is tus ut. Du ricies a qu h mattis ult The Black Press Women in Business publicationula enim luc stibulum ula non nib ipsum. Ve tiumNelso from mipsum Sed vitae lig sque egelen et pre n Lore endum bib dolor sit amet, consectetu llente is a celebration of West Kootenay women and the interdum as es torto Cr ipsum. Pe . r adipiscing elit. Quisque r facili ultricVesti sis ultri Sed ces. ilisis ipsum bulum ante ipsum prim porta est et rttitor eget. urna sed sit amet fac natis orc i poia is in faucibus orci luctu cubil businesses they represent. ac m ne s et ultrices posuere Na ve . nean tie lacus quam, id Ae les . mo tus at me This is an opportunity to promote your business and the women ilisis auCurae gue, tus vitae luc r ;ns fac Maec etu enas congue te. nisi vel bibendum moles a co ect who make them successful! These advertising space is sponsoredtellus lacini tie. Etiam faucibus imper a sem at ornarn sagittis an diet enim sit amet phare san leo, no e. Aenean at faucibus orci,Se eget tra. Fusce vehicula d ultricies orci. Sed tortor metus Maur is laoreet feugiat fringi content, describing your business. There is space for photographs,non accum , blandit vel porttitor a, lla. rutrum. llus hendr ultrices eget tortor. erit odio turpis, eget egesta eget dui imper ies pharetra Phase . ric um ult diet, ips is nec is s urna condimentum eget. editorial and your logo and contact information. faucib a qu neque congue. Proin vel ut. Du iesus tusmi ric Morbi rhoncus sapien ult non augue ttis lacini sit Enim luc adipis aliquam. Curabsti cing urna varius dapib lum m comm nibha ma bupretiu itur n no Ve us . in sed ula , est. Aenean id justo um odo lig tempus. Sed varius eros quam m ips semp vitae mi tellus,et er nec dum molesum pretiu non en tie nulla ut, semp bib eg biben e er dum egetis ligula. interdum. Suspendisse ilis Pellentesqu ipsum. Cras interd fac es ric is Sed ult facilisviverr a, sapien r eget. um amet Cras lus tortelmales orci porttito interd na sed urportti uada, felis neque adipis nislnaatis pulvin . Nam acnisi ar dictum id vene cing magna, at laoreet congue enim, at lobortis lestie lacus , orci enim lorem et ante. Proin metus e, at mo leo lorem sit amet justo. ctetur vitaeAenea porta, vitae auguconse uttus nulla. luc r Donec eget nisl gravid n etu dictum nulla metus, vel vehicula nsect non a justo aliquet vitae a coligula enim luctus ut. Duis ultric lacini nibh mattis ultricies a quis ipsum. Pellentesqu ies pharetra rutrum. Sed Cras interdum bibendum e eget pretium ipsum. Vestib quam, id venenatis orci ulum sit amet facilisis porttitor eget. Sed ultric sed tellus lacinia conse ipsum. es facilisis augue, at moles ctetur luctus vitae metus tie lacus. Nam ac urna . Aenean non accumsan leo, non sagittis ante. Enim luctus ut. Duis ultric ies pharetra rutrum. Sed vitae ligula non nibh matti pretium ipsum. Vestib ulum sit amet facilisis s ultricies a quis ipsum ipsum. Cras interdum . Pellentesque eget ultrices facilisis augue, bibendum quam, id venen at molestie lacus. Nam atis orci porttitor eget. ac urna sed tellus lacini Sed a consectetur luctus vitae metus

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Thursday, July 25, 2013 Rossland News

Voting deadline looms for OBOK

The popular Kootenay-wide book club One Book, One Kootenay has kept regional readers busy trying to decide which of the three shortlisted books should get the nod. Each year, booklovers read, discuss, and vote on the book they think book all Kootenay folk should read. The deadline for voting for the 2013 One Book, One Kootenay (OBOK) selection is Aug. 2. This year’s shortlist is comprised of Never Going Back by Antonia Banyard, Confined Space by Deryn Collier and The Dolphin’s Tooth: a Decade in Search of Adventure by Bruce Kirkby. Since May, these Kootenay authors have been reading in libraries across the region, either in person or virtually through film. With several days left to read and vote, the Kootenay Library Federation that hosts OBOK is urging people to pick up copies of the books at their local libraries, and vote. www.obok.ca is the place to find information about the books, follow the results of the vote, and find out where to catch an author reading at the library.

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