Low bank interest troubles committee

  • Nov. 14, 2003 8:00 p.m.

A management committee surplus account hasn’t been earning as much interest as it should have, and Carol Kulesha is investigating why.
The committee collected about $200,000 in surplus some time ago, which the regional district administrator of the time was supposed to put in a surplus capital account. However, the money went into a general account instead. This occurred before present administrator Janet Beil took over the position.
Recently Ms Beil and Ms Kulesha have been going over the books with auditors, trying to figure out what happened to the money. It was never lost or spent, it just wasn’t accounted for correctly. Therefore, the money never accumulated as much interest as it was supposed to, and they are trying to figure out the discrepancy between what the account did earn, and what it could have earned. When the accountants have finished their audit, she will have more detailed information to share, says Ms Beil.
To our administrator’s credit, she’s finishing her first year, she’s been reviewing policies and procedures, she wants to do things right, and is very upset by the whole thing, says Ms Kulesha.
A new regional district by-law guarantees that the money will be go into a surplus account, says Ms. Kulesha.