The City of Lacombe has released the year-end financial statement for 2024 this week.
In the financial statement, the city reported a small year-end surplus on a nearly $50 million budget.
The surplus will be going into reserves, as the City of Lacombe has adopted financial policies to automatically direct any year-end surplus funds into them.
As a result of this policy, in 2024, Lacombe contributed an additional $1.7 million to reserves beyond what was originally budgeted. Additional reserve contributions were made possible by the revenues and expense management practices across city departments.
"Council’s commitment to funding our reserves reflects a proactive approach to managing taxpayer dollars,” Mayor Grant Creasey said.
“Building up reserves helps us buffer against uncertainty, minimize debt, and maintain stable tax rates for residents.”
Thanks to these reserves, the City will be able to reduce future borrowing, provide flexibility for unexpected costs, and soften the impact of inflation-driven increases in construction and service delivery.
"Policies like this, along with Council’s commitment to keep taxes at or below the rate of inflation, are key reasons Lacombe remains financially resilient,” Chief Administrative Officer Matthew Goudy said.
“We’re preparing not just for today, but for the future.”
Voluntary limits on municipal debt, well below legislated thresholds, have also been endorsed by the city council.
More information on the city's 2024 Audited Financial Statements can be found by visiting the April 28th Regular Meeting of Council Agenda available on the City of Lacombe website, lacombe.ca.
