Town of Princeton Council discusses 2024 financial statements and heating system replacement
Quick view
What was decided (or proposed)
- passed — 2024 Financial Statements: The council members voted to approve the 2024 financial statements presented by KPMG, the town's auditor.
- passed — Heating System Replacement: The council members voted to award the contract for the replacement of the heating system at the Annex building to G.P.H. Mechanical Ltd. with a total cost of $72,673.20.
What comes next
- The town's financial statements and the heating system replacement project will be implemented according to the approved plans.
Who spoke
- KPMG — Presentation of the 2024 financial statements and discussion of the accounting for the flood event and grants.
Stakes & interests
The financial statements show a surplus of $7.8 million, which is a significant amount. The council members voted to approve the financial statements, which suggests that they are satisfied with the town's financial management.
The new heating system will be a dual-fuel heat pump system, which is more efficient and cost-effective than the old system. The council members voted to award the contract for the replacement to G.P.H. Mechanical Ltd., which suggests that they are confident in the company's ability to complete the project.
Item notes
Every business item from the published agenda is listed here. Full agenda.
STAFF REPORTS ($72,673.20) — Town council would receive and approve the 2024 Financial Statements as presented by Murray M. Smith, Auditor with KPMG. 6.2 Heating and Air Conditioning system needs to be replace [6][7][8][9]
“THAT Council receive and approve the 2024 Financial Statements as presented by Murray M. Smith, Auditor with KPMG. 6.2 Heating and Air Conditioning system needs to be replaced at the Annex building. Discussions. A motion was passed by Council on July 16th, 2025 RES-106 Heating an [6][7][8][9]”
The council members voted to approve the 2024 financial statements presented by KPMG. [5]
“THAT Council receive and approve the 2024 Financial Statements as presented by Murray M. Smith, Auditor with KPMG. [5]”
The council members voted to award the contract for the replacement of the heating system at the Annex building to G.P.H. Mechanical Ltd. with a total cost of $72,673.20. [7]
“THAT Council reviews the three quotes received for the replacement of the heating and air conditioning system at the Town of Princeton Annex building; AND THAT the Town of Princeton Council awards the contract for the replacement of the heating and cooling equipment at the Town Annex building to: G.P.H. Mechanical Ltd. [7]”
Open questions
- What are the implications of the flood event and grants on the town's financial statements?
Sources
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