2022 - Q3 Third Quarter Treasurers Report
With 3 months remaining in 2022, McDougall’s financial picture is where we predicted when budgeting for 2022. Revenues are beginning to rise with increasing rental income and rising interest rates on our funds at the bank.
With the planned staffing and program changes in 2021-22, the finances are on track with budget forecasts for 2022. With the benefit of Government grants, wage subsidies and loans during COVID (2020-21) there will be a portion of the 2020 surplus remaining this year.
Recently $40,000 (Canada Emergency Business Account loan repayment) was invested in a 14 month GIC to earn extra interest before the loan is repaid in December 2023. This interest will be added to revenues in late 2023.
Results of the upcoming Stewardship Campaign and the remaining surplus will enable financial forecasting for 2023.