By rdnewsNOW staff

Solid Financial Footing

City of Lacombe releases 2019 Audited Financial Statements

Apr 30, 2020 | 5:20 PM

The City of Lacombe has released its 2019 consolidated financial statements, and they outline what is described by Mayor Grant Creasey as, “a clean audit again this year.”

City officials say the statements reflect the financial position for the City as of December 31, 2019, and have been prepared in accordance with the recommendations outlined in the Canadian Institute of Chartered Accountant’s Public Sector Accounting Board Handbook.

“It shows that the City of Lacombe is operating in a fiscally responsible manner, which speaks to the diligence of our staff and the solid operational framework we have put in place,” exclaims Mayor Grant Creasey, in a news release.

“The citizens of Lacombe place a high value on transparency and sound financial management,” adds Chief Administrative Officer Matthew Goudy. “The annual audit process ensures these expectations are being met.”

Overall, officials note financial assets increased by approximately $760,000, largely due to a stronger cash position at the end of the year. When compared to the prior year in 2018, the City’s overall revenues increased by approximately $5.6 million, mainly due to higher provincial capital grants, higher franchise fees, and higher contributed assets from developers.

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In 2019, officials say the City added $16.4 million in capital assets, including $1.5 million that was contributed by developers. Capital investments were funded by provincial capital grants such as the Municipal Sustainability Initiative and Federal Gas Tax, use of reserve funds, developer contributions, and general borrowing.

As of December 31, 2019, financial liabilities reportedly increased by approximately $5.9 million, mainly due to increased borrowing during the year that was used to fund acquisition of infrastructure. By the end of the year, officials say the City had used approximately half of its borrowing capacity, which is calculated based on provincial legislation.

Based on the operating budget, the City had an operating surplus of $165,637 in 2019. Total expenditures were lower by approximately $820,000 than budgeted, mainly due to lower utility costs paid to the water and wastewater commissions.