By rdnewsNOW staff

City of Lacombe releases 2017 Audited Financial Statements

Apr 25, 2018 | 6:50 AM

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.

As revenue grew, the total available debt capacity also increased by $2.98 million over 2016 levels.

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“The audited statements allows the City of Lacombe to increase accountability to taxpayers and strengthen our financial management practices,” said Mayor Grant Creasey. “On behalf of Council, I commend City administration, and in particular our Finance staff for their efforts in support of this successful audit.”

“The City of Lacombe remains in a healthy financial position, and it’s great to see a clean audit on the statements,” said Chief Administrative Officer Matthew Goudy. “Despite some significant changes in the organization, our staff continue to meet regulatory requirements.”

Revenue:

Government transfers for 2017 were under budget, as grant funding for capital projects follow the projects funded. For instance, the Main Street project will be completed in 2018, and the City will only receive the grant once work has been complete.

Expenses:

“Net municipal taxes were within $20,000 of budgeted amounts,” said Financial Services Manager Justin de Bresser. “Wages were under budget, mainly due to various vacancies throughout the year; this was a key driver of the surplus”.

(Gary McKinnon – City of Lacombe)