Financial problems arise at the Aldershot Village business organization in Burlington
Published on May 11, 2022 at 4:37 p.m.
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 meeting of the city’s audit committee, a report from the city revealed that AVBIA had missed the March 1 deadline to submit its annual report, including “a financial statement full audited and certified statement of its affairs, with balance sheet and income and statement of expenses.”
Ward 1 councilor Kelvin Galbraith, who is the town’s representative on the AVBIA board, said the problem was mainly one of bad luck and timing.
Galbraith explained how the situation got to the point where it needed to be dealt with by the council.
“It was mostly a series of unfortunate events, many of which were pandemic related. We lost a treasurer/accountant at the start of the pandemic and then a second was lost due to a business closure,” he said.
“It caused us to be here and not be able to produce the documents. We have now appointed an interim Treasurer and are looking to get on track and put policies in place for the new Accountant and Treasurer.
AVBIA is funded by a levy on local businesses that is collected by the City and then remitted, approximately $240,000 per year.
At the Audit Committee meeting today (May 11), the Board began the process of offering its financial/audit resources to the Board. The resolution passed directs City staff to engage directly with AVBIA for a review of their internal control policies and procedures related to financial management.
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