Financial issues crop up at Aldershot Village business organization in Burlington
Published May 11, 2022 at 4:37 pm
The City of Burlington is offering a helping hand to the Aldershot Village Business Improvement Area (AVBIA) after the organization missed an audit deadline.
Originally discussed behind closed doors at a City Audit Committee meeting, a city report revealed the AVBIA had missed the March 1 deadline to submit its annual report, including, “a complete audited and certified financial statement of its affairs, with balance sheet and revenue and expenditure statement.”
Ward 1 councillor Kelvin Galbraith, who is the City representative on the AVBIA’s board of directors, said the issue was mostly one of bad luck and timing.
Galbraith explained how the situation got to the point where it needed to be addressed by council.
“It was mostly a series of unfortunate events, many pandemic related. We lost one treasurer/accountant early in the pandemic then a second was lost because of a business closure,” he said.
“This led us to being here and unable to produce the documents. We’ve now assigned an interim treasurer and we’re looking to get on track and put policies in place for the new accountant and treasurer.”
The AVBIA is funded by a levy on local businesses that is collected by the City and then handed over, approximately $240,000 per year.
At the Audit Committee meeting today (May 11), council started the process of offering their financial/audit resources to the board. The passed resolution directs City staff to engage directly with the AVBIA for a review of their internal control policies and procedures related to financial management.insauga's Editorial Standards and Policies advertising