KPGM: Pelham has no unreported debt
"There is no unreported debt."
The voice of KPMG's Senior Vice President of Forensic Audit, Karen Grogan, rang out over hundreds of Pelham residents during last night's special council meeting.
KPMG representatives dissected the Fonthill Gardens parkland overdedication and examined claims from a former councillor, Marvin Junkin.
After resigning his council position, Junkin claimed $17 million of debt did not appear on the town's books.
Grogan delved into that allegation during the presentation.
"As at July 21st we had also understood there was some debentures that had been approved by council, but had not yet been applied for. So our understanding at that time, at July 21st, 2017, was that there were approximately $17 million of debentures that council had approved but debt had not been taken on. This $17 million, we understood at that time, was approved by council, but they had not moved to the second stage to actually go out and borrow that money. So there was no debt related to the $17 million. In fact, as an update on that we now understand that that $17 million is approximately $9.9 million."
Those approvals span several projects for the town.
She went on to say an additional debenture is approved for the Pelham Community Centre - $14,795,257 could be taken out in July of next year if needed.
Town Treasurer Teresa Quinlin also gave an update on the Community Centre saying construction is progressing on time and on budget.
To watch the full presentation for yourself, CLICK HERE