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City of Lacombe releases Audited Financial Statements

2017 saw an operating surplus of $700,000
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Lacombe Express File Photo

The City of Lacombe recently released their 2017 Consolidate Financial Statements.

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

For 2017, the City had a operating surplus of $700,00, of which $400,000 was from utility funded accounts and $300,00 was tax supported.

“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.”

The had used about 36 per cent of its statutory limit debt capacity 23 per cent of its debt-servicing capacity as of Dec. 31st. 2017, The Municipal Government Act sets the debt capacity at 1.5 times the City’s revenue. The total available debt capacity increased by $2.98 million as revenue grew, over the previous 2016 levels.

Revenue

Government transfers for 2017 were under budget, as grant funding for capital projects follow the projects funding. An example of this is the Main Street Paving project, which will be completed in 2019 and the City will receive the grant following completion.

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”.

The 2017 City of Lacombe Consolidated Financial Statements can be viewed here.

-Submitted by the City of Lacombe