The Aldershot Business Improvement Area (BIA) is getting back in the City’s good books.
The City’s Audit Committee received a report this week indicating that, subject to final approval by the BIA Board of Directors, new internal financial controls will be put in place to avoid future problems.
The BIA ran into trouble when it failed to complete its annual financial statement on time, during the pandemic. There were problems with the switch-over from treasurer to treasurer and related issues.
Since the spring, City Hall officials and an external auditor have been involved in an attempt to assist the BIA in its recovery.
The City Auditor reviewed Aldershot’s internal financial controls and compared them with ten other Business Improvement Areas. Recommendations were subsequently made to improve the BIA’s financial protocols and bring them in line with City standards.
The BIA Board is expected to adopt the new rules at its October meeting.
The Aldershot Village BIA was established in 2004 and boasts 250 members. Recently, it revealed plans to expand in response to inquiries from business outside the Plains Road corridor.
By Rick Craven