City of Lacombe releases 2017 Audited Financial Statements
LACOMBE- The City has released its 2017 Consolidated Financial Statements.
They show an operating surplus of about $700,000, of which $400,000 was from utility- funded accounts and $300,000 was tax supported.
As of December 31, 2017, the City had used about one third (36 per cent) of its statutory limit debt capacity and just under one quarter (23 per cent) of its debt-servicing capacity.
The Municipal Government Act sets the debt capacity at 1.5 times the City’s revenue.