Auditors give Paradise accounts a passing grade

By Mark Squibb

The Town of Paradise adopted the 2024 audited financial statements during a council meeting earlier this month.
Councillor Larry Vaters gave a brief synopsis of the audit before moving that council approve it.
The audit found the Town’s cash position has significantly decreased from the prior year. Vaters said this was largely due to having to finance the construction of the St. Thomas Line Pumphouse. Council, in 2025, secured an $8 million loan to help cover those costs. Additionally, the malfunction of the current Lift Station No. 10 in November cost more than $2 million in operating expenses.
The tax collection rate, meanwhile, sits at about 92 percent. Vaters promised “more aggressive collection efforts” and hoped for a higher collection rate percentage in the future.
Paradise’s debt servicing ratio remains at 2.5 precent, “which is, in my opinion, stellar,” opined Vaters added, while tangible capital assets increased over $500 million over 2023.
Residential tax revenue increased over 2023 because of increased property assessments and new home builds.
Grants and funding revenue decreased $6 million over 2023.
CAO Lisa Niblock applauded staff on their work in getting the audit completed ahead of time, especially considering the ramifications of the February 9 depot fire.
“This was exceptional,” said Niblock. “I really thought we would be delayed, and rightfully so… but the fact that they were able to pull this off and get it in on time speaks volumes.”
Councillor Patrick Martin echoed that sentiment. “The financial statements speak for themselves,” he said. “A lot of municipalities would love to be in our position. I’m really grateful for the staff we have working behind the scenes.”
“It was a different year than previous years, and the town handled it exceptionally well,” said Deputy Mayor Kimberley Street.
Two BDO Canada representatives presented the Town’s 2024 audited statement.
The auditors found some areas where improvements could be made, and reported those to management staff, but determined the matters were not considered significant enough to bring forward to council.
The auditors did find $57,458 in business taxes that had been sent to collections but not earmarked as an allowance for doubtful accounts, however they deemed the amount to be insignificant.
The auditors also checked for evidence of fraud across three categories but found no evidence of fraud being committed within the Town Hall.