{"id":4794,"date":"2025-10-21T08:42:59","date_gmt":"2025-10-21T12:42:59","guid":{"rendered":"https:\/\/www.northhatley.info\/?p=4794"},"modified":"2025-10-21T08:45:21","modified_gmt":"2025-10-21T12:45:21","slug":"why-have-north-hatleys-financial-statements-been-subject-to-a-qualified-opinion-since-2023","status":"publish","type":"post","link":"https:\/\/northhatley.info\/en\/2025\/10\/21\/why-have-north-hatleys-financial-statements-been-subject-to-a-qualified-opinion-since-2023\/","title":{"rendered":"Why have North Hatley&#8217;s financial statements been subject to a qualified opinion since 2023?"},"content":{"rendered":"\n<p>In my view, the village&#8217;s debt is a priority: it incurs <a href=\"https:\/\/www.mamh.gouv.qc.ca\/documentsfinanciersweb\/Rapport-financier-2024-et-autres-45050.pdf\">significant financing costs ($346,440 in 2024)<\/a>. Each taxpayer contributes, through their municipal taxes, a <strong>portion dedicated to repaying this debt: $0.21 per $100 of assessed value<\/strong>. This represents $1,205.40 for a house valued at <a href=\"https:\/\/northhatley.info\/wp-content\/uploads\/2025\/09\/NH-Sept-16-Presentation-v3.1.pdf\">$574,000 (average property value in North Hatley in 2025).<\/a><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"678\" height=\"196\" src=\"https:\/\/northhatley.info\/wp-content\/uploads\/2025\/10\/service-dette-nort-hatley-2025.png\" alt=\"\" class=\"wp-image-5150\" srcset=\"https:\/\/northhatley.info\/wp-content\/uploads\/2025\/10\/service-dette-nort-hatley-2025.png 678w, https:\/\/northhatley.info\/wp-content\/uploads\/2025\/10\/service-dette-nort-hatley-2025-300x87.png 300w, https:\/\/northhatley.info\/wp-content\/uploads\/2025\/10\/service-dette-nort-hatley-2025-600x173.png 600w\" sizes=\"auto, (max-width: 678px) 100vw, 678px\" \/><\/figure>\n\n\n\n<p><em>Reference: 2024 residential tax account in North Hatley with the amount paid to repay the debt.<\/em><\/p>\n\n\n\n<p>It must therefore be reduced in order to move forward. You know that several citizens questioned this following the <a href=\"https:\/\/mailchi.mp\/ba3f18c0f78c\/entre-nous-bulletin-municipal?e=b5cd2dccf2\">September 6 newsletter<\/a>, and <a href=\"https:\/\/northhatley.info\/en\/2025\/09\/25\/the-municipal-administration-is-attempting-to-silence-a-citizen-with-threats-of-legal-action-sent-by-bailiff-at-taxpayers-expense\/\">Mr. Reed was served with a formal notice by a bailiff <\/a>following his <a href=\"https:\/\/northhatley.info\/en\/2025\/09\/22\/catastrophic-financial-management-in-north-hatley\/\">questions about public finances, which you can read here<\/a>.<\/p>\n\n\n\n<p><strong>Please excuse me: it is precisely this reaction from the municipality that prompts me to delve deeper into the subject.<\/strong><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><strong>Definition of financing costs (According to ChatGPT)<\/strong><\/p>\n\n\n\n<p>Financing costs: a broader category that sometimes includes penalties\/break fees, commitment fees, or interest related to leases.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>interest on debt;<\/li>\n\n\n\n<li>bank charges (e.g., card fees, cash advances, overdraft fees);<\/li>\n\n\n\n<li>issuance and borrowing costs (fees, discounts\/premiums on bonds, amortized over time);<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>The factual observation<\/strong><\/h2>\n\n\n\n<p>Since 2023 and again in 2024, the independent auditor has issued a qualified opinion on North Hatley&#8217;s financial reports. The basis for this opinion is the same from one year to the next: the municipality has not assessed or recorded certain liabilities related to the decommissioning of capital assets (<a href=\"https:\/\/northhatley.info\/en\/2025\/10\/20\/could-north-hatley-be-more-indebted-than-people-say\/\">OMHS<\/a>), nor has it provided the required information, which constitutes a departure from public sector standards. The auditor specifies that the impact could not be quantified.<\/p>\n\n\n\n<p><strong>It is important to note that <a href=\"https:\/\/cdn-contenu.quebec.ca\/cdn-contenu\/adm\/min\/affaires-municipales\/publications\/finances_indicateurs_fiscalite\/information_financiere\/presentation_information_financiere\/aide_moire_SP_3280-OMHS_01.pdf\">since April 2022, public sector accounting standard PS 3280<\/a> requires all municipalities in Quebec to:<\/strong><\/p>\n\n\n\n<p>\u2714\ufe0f identify infrastructure that will eventually need to be dismantled or closed<br>\u2714\ufe0f assess the future costs associated with their decommissioning<br>\u2714\ufe0f record them as a debt (liability) in their financial statements<br>\u2714\ufe0f explain these obligations in the financial notes<\/p>\n\n\n\n<p>This is an obligation\u2014not a choice. Municipalities must calculate OMHS according to SP 3280, otherwise they will receive a qualified opinion from the auditor. This includes financial reports issued with a qualified opinion.<\/p>\n\n\n\n<p>Reference : <a href=\"https:\/\/cdn-contenu.quebec.ca\/cdn-contenu\/adm\/min\/affaires-municipales\/publications\/finances_indicateurs_fiscalite\/information_financiere\/presentation_information_financiere\/aide_moire_SP_3280-OMHS_01.pdf&nbsp;\">https:\/\/cdn-contenu.quebec.ca\/cdn-contenu\/adm\/min\/affaires-municipales\/publications\/finances_indicateurs_fiscalite\/information_financiere\/presentation_information_financiere\/aide_moire_SP_3280-OMHS_01.pdf&nbsp;<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>In concrete terms, what this changes<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Budget predictability<\/strong>: risk of \u201cunpleasant surprises\u201d (late adjustments).<br><\/li>\n\n\n\n<li><strong>Taxes and rates<\/strong>: potential pressure on tax bills or water\/waste rates.<br><\/li>\n\n\n\n<li><strong>Investment priorities<\/strong>: projects may be postponed to finance these obligations.<br><\/li>\n\n\n\n<li><strong>Borrowing capacity<\/strong>: unrecognized future expenses may complicate financing.<br><\/li>\n\n\n\n<li><strong>Transparency<\/strong>: public trust depends on complete and compliant financial statements.<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Specific (constructive) questions to ask in public session<\/strong><\/h3>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Correction schedule<\/strong>: When will the <a href=\"https:\/\/northhatley.info\/en\/2025\/10\/20\/could-north-hatley-be-more-indebted-than-people-say\/\">OMHS<\/a> assessment be completed and incorporated into the statements?<br><\/li>\n\n\n\n<li><strong>Methodology:<\/strong> What method (estimation, assumptions, discount rate) will be used to calculate the <a href=\"https:\/\/northhatley.info\/en\/2025\/10\/20\/could-north-hatley-be-more-indebted-than-people-say\/\">OMHS<\/a>?<br><\/li>\n\n\n\n<li><strong>Potential scale: <\/strong>within a conservative range, what order of magnitude could be expected (low\/medium\/high scenarios)?<br><\/li>\n\n\n\n<li><strong>Budgetary impact:<\/strong> What would be the repercussions on net debt and budgetary choices (taxes, investments, maintenance) if <a href=\"https:\/\/northhatley.info\/en\/2025\/10\/20\/could-north-hatley-be-more-indebted-than-people-say\/\">OMHS<\/a> were recognized?<br><\/li>\n\n\n\n<li><strong>Governance: what responsibilities<\/strong> (management\/partnerships) and what monitoring (committee, deadlines) are needed to ensure that the reserve is not repeated in 2025?<br><\/li>\n<\/ol>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Year<\/strong><\/td><td><strong>Audit opinion<\/strong><\/td><td><strong>Conclusion<\/strong><\/td><\/tr><tr><td><strong>2021<\/strong><\/td><td>Clean opinion<\/td><td>Compliant<\/td><\/tr><tr><td><strong>2022<\/strong><\/td><td>Clean opinion<\/td><td>Compliant<\/td><\/tr><tr><td><strong>2023<\/strong><\/td><td><strong>Qualified opinion<\/strong><\/td><td><strong>Accounting anomaly<\/strong><\/td><\/tr><tr><td><strong>2024<\/strong><\/td><td><strong>Qualified opinion<\/strong><\/td><td><strong>Accounting anomaly<br>Uncorrected situatio<\/strong>n<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><em>Reference: <a href=\"https:\/\/www.mamh.gouv.qc.ca\/documentsfinanciersweb\/Rapport-financier-2024-et-autres-45050.pdf\">Analysis of financial reports audited by auditors<\/a><\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What reserve means (according to ChatGPT)<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Overall reliable<\/strong>: apart from this point, the auditor considers that <a href=\"https:\/\/www.mamh.gouv.qc.ca\/documentsfinanciersweb\/Rapport-financier-2024-et-autres-45050.pdf\">the financial statements<\/a> give a true and fair view.<br><\/li>\n\n\n\n<li><strong>Blind spot:<\/strong> the lack of assessment\/accounting for <a href=\"https:\/\/northhatley.info\/en\/2025\/10\/20\/could-north-hatley-be-more-indebted-than-people-say\/\">OMHS<\/a> creates a shortfall in future obligations (e.g., closure\/restoration of infrastructure) that could affect net debt in the long term.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Conclusion<\/h2>\n\n\n\n<p>Based on my understanding of best practices in municipal finance, it is essential to assess, disclose, and plan for <a href=\"https:\/\/northhatley.info\/en\/2025\/10\/20\/could-north-hatley-be-more-indebted-than-people-say\/\">OMHS<\/a> in our <a href=\"https:\/\/www.mamh.gouv.qc.ca\/documentsfinanciersweb\/Rapport-financier-2024-et-autres-45050.pdf\">financial statements<\/a> to avoid unpleasant surprises.<\/p>\n\n\n\n<p><strong>Based on my reading of the <a href=\"https:\/\/northhatley.info\/wp-content\/uploads\/2025\/09\/NH-Sept-16-Presentation-v3.1.pdf\">municipality&#8217;s 2021-2025 financial presentation PowerPoint<\/a>, there is no mention of this.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In my view, the village&#8217;s debt is a priority: it incurs significant financing costs ($346,440 in 2024). Each taxpayer contributes, through their municipal taxes, a portion dedicated to repaying this debt: $0.21 per $100 of assessed value. This represents $1,205.40 for a house valued at $574,000 (average property value in North Hatley in 2025). Reference: [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5147,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19,36],"tags":[],"class_list":["post-4794","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-municipality-en","category-opinion-en-2"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Why have North Hatley&#039;s financial statements been subject to a qualified opinion since 2023?<\/title>\n<meta name=\"description\" content=\"In my view, the village&#039;s debt is a priority: it entails significant financing costs ($346,440 in 2024). It must therefore be reduced quickly so that we can move on to other matters. You know that several citizens raised questions about this following the September 6 newsletter.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/northhatley.info\/en\/2025\/10\/21\/why-have-north-hatleys-financial-statements-been-subject-to-a-qualified-opinion-since-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why have North Hatley&#039;s financial statements been subject to a qualified opinion since 2023?\" \/>\n<meta property=\"og:description\" content=\"In my view, the village&#039;s debt is a priority: it incurs significant financing costs ($346,440 in 2024). Each taxpayer contributes, through their municipal taxes, a portion dedicated to repaying this debt: $0.21 per $100 of assessed value. 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