Lacombe Express File Photo Lacombe Express File Photo

City of Lacombe releases 2018 Audited Financial Statements

City had an operating surplus of about $318,000

The City of Lacombe released its 2018 Consolidated Financial Statements yesterday.

“Council is pleased to have another clean audit showing that the City of Lacombe is operating in a fiscally responsible manner,” said Mayor Grant Creasey. “We are pleased that an external organization has confirmed that our staff are doing great work in conscientiously managing public funds.”

“The annual audit process ensures transparency and sound financial management, two things that the citizens of Lacombe place a high value on,” said Chief Administrative Officer Matthew Goudy.

For 2018, the City had an operating surplus of about $318,000 derived from increased interest revenue, lower than expected debt payments and some minor variations in departments. The City also improved its financial position, which enabled investment of extra cash into Guaranteed Investment Certificates.

As of December 31, 2018, the City had used about 41 per cent of its statutory limit debt capacity and just under one quarter (24 per cent) of its debt-servicing capacity. The Municipal Government Act sets the debt capacity at 1.5 times the City’s revenue. As revenues grew, the total available debt capacity also increased by $1.8 million over 2017 levels.

Revenue

Capital revenues for 2018 were under budget due to delayed government transfers, as they follow the completion of capital projects. For example, the West Area Servicing Project, begun in 2018, will not be completed until 2019. Funds for this project will be received once work is complete.

Net municipal taxes were within $64,000 of expected amounts, or 0.4 per cent. Debt and interest payments were under budget by $241,000 because borrowing for the West Area Servicing Project was delayed.

Expenses

“The City’s 2018 operating expenses were largely in line with departmental budgeted amounts,” said Justin de Bresser, Senior Manager, Financial Services. “We were slightly under budget due to lower than expected debt repayments and reduced utility costs.”

The 2018 City of Lacombe Consolidated Financial Statements are available for viewing and download at http://www.lacombe.ca/home/showdocument?id=11964.

-Submitted by the City of Lacombe

Just Posted

Lacombe family homeless after rental house discovered to have toxic mold

Four different types of mold found in now-condemned house

World’s Largest Lure unveiled at sneak peek in Lacombe

Public unveiling will take place on June 1st

Lacombe Big Brothers Big Sisters introduces Colby Sackett Memorial Scholarship

Scholarship given to committed Grade 12 teen mentors in the community

Lobster Dinner returns in support of Lacombe Rotary Club projects

Organizers hoping to raise $25,000 to support local, national and international projects

Northstar Drive Detour for Westview Drive & Garden Road in Lacombe

Local traffic will be maintained along Fairview Drive

VIDEO: LCHS Hair Massacure supports children’s charities

Event supports kids living with cancer

New poll suggests one-third don’t want politicians to wear religious symbols

Local politicians shouldn’t be allowed to wear hijabs, crucifixes or turbans on the job, survey suggests

Raptors fans far from home adjust plans to watch pivotal playoff game

Raptors currently lead the playoff series 3-2, and a win Saturday would vault them into NBA finals

Alberta NDP cries foul as Speaker Cooper names new legislature clerk

Shannon Dean will replace Merwan Saher as the clerk of the assembly effective immediately

‘Her life mattered:’ New trial ordered in death of Indigenous woman Cindy Gladue

In a 4-3 decision, Supreme Court said evidence about Cindy Gladue’s sexual history was mishandled

Emergency funds for High Level evacuees to start flowing by Monday

About 5,000 people in High Level and surrounding communities have been out of their homes for a week

Five takeaways from the Court of Appeal ruling on B.C.’s pipeline law

It’s unclear how many tools are left in B.C.’s toolbox to fight the project

No-vote option: Alberta legislature changing rules to allow MLAs to abstain

The changes are expected to pass, given that Kenney’s party has a majority of seats

Scheer says it would take Conservatives five years to balance budget

Scheeraccused the Liberal government of spending $79.5 billion of previously unbudgeted funds

Most Read