City in good financial health: Annual Report
By: Matt Durnan
| Posted: Thursday, Apr 24, 2014 06:00 am
Airdrie residents can now review the City’s audited financial statements and see where their tax dollars are being spent as the City released its 2013 Annual Report on April 22.
The City’s Director of Corporate Services Lucy Wiwcharuk was acknowledged for receiving the Canadian Award for Financial Reporting from the Government Finance Officers Association of Canada and the United States (GFOA) in recognition of Airdrie’s 2012 Annual Report, an award that the City has won six consecutive times.
“It’s very rewarding to once again be recognized by this organization,” said Wiwcharuk. “Financial Services is very proud to have received this recognition from GFOA. Each year the bar is set a little higher. This continued achievement gives assurance that we are as transparent as possible and are adhering to best practices.”
The annual report is made up of four areas: background and metrics and successes for 2013, discussion of financial results, the consolidated audited financial statements, and statistical information.
The financial statements provide a valuable look at the City’s financial health, for another year and they indicate that Airdrie is in good shape financially.
Total revenue for 2013 is $121 million, while total expenses are $94 million, leaving $27 million in excess of revenue over expenses. This money is used to fund capital assets and contribute to the City’s reserves.
Airdrie’s reserve balances have increased by $9 million and remain steady at $73.5 million and the City’s long-term debt position has benefitted from low interest rates, according to Wiwcharuk, with long-term debt per capita actually decreasing from $1,127 to $1,032.
Overall value of Airdrie’s tangible assets grew by $17 million to a total of around $550 million, with 49 per cent of the tangible assets allocated to buildings, including the recently expanded Genesis Place and Bert Church Theatre.
“The City of Airdrie as a corporation has a net worth of $577 million,” said Wiwcharuk. “The solid financial health provides an excellent base as Airdrie prepares for future challenges.”
Mayor Peter Brown was pleased with the results of the report and appreciative of the work done by Wiwcharuk and all City staff.
“This report provides the opportunity to look back at the past year and reflect on our many successes, challenges and opportunities,” said Brown. “I am proud of the accomplishments outlined in the report and wish to recognize City of Airdrie staff for their hard work and dedication and commitment to the citizens of Airdrie.”