The District of Port Edward received and approved their 2010 Financial Statements at the May 9 meeting, and auditor Alan K. Hooper told council that the receivable from Sun Wave Forest Products is no longer being considered when it comes to the district’s finances.
“You’re not going to get that receivable, the value of it is now locked up in the land…The value of the receivable has been moved over and the property is now an listed as an asset,” he told council, noting that the change was partly due to the Watson Island site becoming property of the City of Prince Rupert as a result of a tax sale.
“The value of the land assessed is in excess of $4 million and the receivable that was carried over from Sun Wave was about $850,000.”
Indeed the inclusion of receivables from Sun Wave makes an impact on the financial statements, said Chief Administrative Officer Ron Bedard.
“Our surplus for 2010 was approximately $284,000, but about $154,000 of that was unpaid receivables from Sun Wave. So we are in the black, but not by as much as the report shows,” he told council.
With the money owed no longer being considered a receivable for auditing purposes, councilor Knut Bjorndal said the focus should be on getting the property off the books in general.
“If we can sell it for more then we’re owed, then more power to us,” he said.