The Rainy River District Social Services Administration Board ended 2003 with a surplus of $2.7 million, according to the board’s audited financial statements presented at a meeting here Thursday night.
While the surplus appears fairly large, the board’s auditor explained it was necessary to maintain operations.
“One thing the DSSAB does not have is much of a working capital allocation,” noted BDO Dunwoody auditor Jon Evans. “You need a certain amount of surplus available to maintain business.”
More than $1 million of that surplus is restricted in reserve funds, used to purchase ambulances and ambulance equipment, as well as housing equipment, he added.
Atikokan Mayor Dennis Brown, who sits on the DSSAB, asked if the surplus was well invested.
Evans noted DSSAB’s money is kept in what is called a “MUSH” account, for municipalities, universities, schools, and hospitals.
“They are better than GICs and you don’t have to lock your money in,” he explained.
Also at Thursday night’s meeting, the DSSAB passed a resolution to retain the common room in a supportive housing complex that is scheduled for renovations.
However, the plan requires final approval from the Ministry of Health.
Originally, the board had approved a plan to remove the building’s existing common room and instead put in another unit.
Tenants petitioned the board to restore the common room to the renovation plans, and DSSAB agreed.
(Fort Frances Daily Bulletin)
Fort Frances Times
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