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Comment on Meaford Cleans up Its Balance Sheet

 


The Municipality of Meaford is taking a big step towards making its financial balance sheet squeaky-clean.
Meaford council at its regular meeting on April 11 approved a plan presented by Director of Corporate Services/Treasurer David Kennedy to clean up its balance sheet by getting a number of unfunded capital projects off the books.
Kennedy presented council with a list of projects that date back to 2005. The total amount of unfinanced capital projects totals approximately $2.5 million. The projects have been paid for, but remain in the unfinanced category on the balance sheet because the municipality has not yet borrowed the money it intended to in order to pay for the various projects.
Since the projects are all capital in nature they have no affect on the municipality's operating budget. The municipality paid the bills for the projects with funds available in its bank account and by using overdraft protection.
Kennedy explained that he now wants to go out to financial institutions to borrow the money for the projects to replenish the municipality's bank account. link
Recently, I read content meaford cleans up its balance sheet on simcoe.com, Content is interesting and I am giving some comment on it.

It is ok, by taking long term debt and using it for unfinanced capital project off the book will sure solve your cash flow problem. But, you should also see other reasons of cash flow problems. Means, you will have to find many other new resources of cash. You should not also forget that interest paid on long term debt is also outflow of cash and may be the issue of cash flow in future. So, be careful for taking long term debt.

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Accounting Education: Comment on Meaford Cleans up Its Balance Sheet
Comment on Meaford Cleans up Its Balance Sheet
Accounting Education
https://www.svtuition.org/2011/04/comment-on-meaford-cleans-up-its.html
https://www.svtuition.org/
https://www.svtuition.org/
https://www.svtuition.org/2011/04/comment-on-meaford-cleans-up-its.html
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