A completed audit of the Town of Sundre's 2016 financial statements did not raise any red flags.
Representatives from PricewaterhouseCoopers, a Calgary-based auditing company, presented council during its May 8 meeting with a breakdown on their report.
"I'm pleased to say that at this point, there were no new significant risks รณ nothing that we hadn't anticipated or that we hadn't planned for," said Laura Daniels, an auditor.
"We have no knowledge of any allegations of fraud or suspected fraud affecting the town received in communications from employees, former employees, analysts, regulators, short sellers, or others," reads the final report presented to council at the meeting.
Sundre's total debt limit in 2016 was about $12.6 million, while the municipality's total debt for that year was approximately $3.7 million. The amount of debt limit left unused last year was roughly $8.8 million. Council has also built up reserve to the tune of more than $5.6 million today from a little more than $3 million in 2013.
The town's total debt limit in 2015 was roughly $13 million, when the municipality had a total debt of about $4 million along with an unused debt limit of approximately $9 million.
Council carried a motion to approve the report and audited financial statements as well as to direct administration to forward the documents to the provincial government as mandated by the Municipal Government Act.