Saturday, April 26, 2014

Cultus Lake News

A Prudent Park

Cultus Lake board tables positive budget

Released by Christine Woodward, CLPB/Voice file photo Chair Sacha Peter


n April 23, 2014 the Cultus Lake Park Board received the audited financial statements for the year ended December 31, 2013.


The statements were audited by MNP, LLP (Chartered Accountants) and contained an opinion that the statements presented fairly, in all material respects, the financial position of the Cultus Lake Park Board.


Revenues and operational expenses in 2013 were $4.92 million and $3.92 million, respectively. Capital expenditures were $0.48 million. Cash and short term investments at year-end was $3.17 million (compared to $2.17 million in the previous year).

Cultus Lake Park Chairman Sacha Peter remarked, "Our 2013 results indicate a continual buildup of our cash reserves, assisted by the sale of lease lots. Proceeds from lease lot sales go straight into a reserve and this will assist the Board with future infrastructure needs in the medium term. Even when excluding the impact of lease lot sales, we remain in a modest surplus state."

Peter continued, "Our efforts to ensure that Cultus Lake Park remains financially sustainable continue to show tangible, positive results. While we remain on the right track, the Board and staff must remain diligent to ensure that we continue to run our businesses with operational excellence, prudently spend money, and remain in surplus."



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