Town of Comox swimming in black ink

In their presentation of financial statements, representatives from Meyers Norris Penny noted the Town of Comox had an accumulated surplus of more than $82 million in 2011.
At Wednesday's council meeting, the consolidated financial states were presented to councillors, which indicated the Town is in a positive liquidity position following their annual audit.
The Town has cash and investments of more than $17 million, with total assets of more than $97 million. There is long-term debt of more than $3.5 million.
There were also $15 million of total liabilities as of Dec. 31, 2011.
In an increase over past years and the budget number, the Town had revenue of just over $22 million, with total expenses of $16 million, which does not include debt repayment principal or purchases of capital assets.
The largest revenue for the Town in 2011 came from taxes and government transfers.
The report noted expenses were higher than prior years, which had to do with many repairs on the roads, including the widening of the cycling lane on Comox Avenue.
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Comox council has set the direction for the next three years with the adoption of the 2012-2014 Strategic Plan.
The plan identifies four strategic priorities for the next three years:
• Downtown vitalization/marina enhancement;
• Fiscal balance/infrastructure asset management;
• Improving planning application timelines and process;
• Official Community Plan implementation.
“In many respects the plan is taking a back-to-basics approach, focusing on the core municipal services that local government provides,” stated Mayor Paul Ives in a press release.
“The last council adopted a new Official Community Plan, and we have made it a priority to implement that plan," he added.
"We are also going to continue to look after our infrastructure with a financially responsible approach, and we are going to address some of our internal processes that will see new high-quality developments coming forward in a timely manner."

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