Reports provide details about Swift Current’s financial affairs

Various details about the recent financial affairs of the City of Swift Current are provided in the 2019 financial statements and public accounts.

The documents were approved by councillors after presentations during a regular council meeting via video conference, June 29.

The financial statements were audited by chartered accountancy firm MNP. The auditor’s report indicated these consolidated statements are a fair presentation of the City’s financial position at the end of December 2019.

Actual revenue in 2019 was $62,695,950. This was an increase of $516,635 over 2018 revenue. The City’s two main sources of revenue were municipal taxes and sale of services, which include income from sale of energy, residential garbage collection, landfill charges, sale of water and wastewater, and community and other general government services.

Income from municipal taxes increased from $18.3 million in 2018 to $18.8 million in 2019. The income from sale of services dropped slightly from $37.3 million in 2018 to $36.9 million in 2019.

There was a smaller margin between income and expenses in 2019 compared to the previous year. The surplus of revenues over expenses was only $960,487 in 2019 compared to $3,327,442 in 2018. The total City expenses increased from $58.8 million in 2018 to $61.7 million in 2019.

The largest operating expenses in 2019 were the light and power utility ($15.6 million), community services ($12 million) and the water and wastewater utility ($11.4 million). Other significant operating expenses were in infrastructure and operations ($7.8 million), general government ($6.9 million) and protective services ($6.3 million).

The auditor’s report confirmed that the City of Swift Current was in compliance with the debt limit regulation in the Municipalities Act. The Saskatchewan Municipal Board has approved a debt limit of $110 million for the City, which will be in effect until Dec. 31, 2020.

The City’s total long-term debt decreased by just over $2.1 million in 2019. The City’s debt was reduced from $87,685,784 in 2018 to $85,556,729 in 2019.

The City’s public accounts report provides financial information that is not formally covered in the year-end audited financial statements. There are details with regard to payments for goods and services exceeding $50,000 to any individual, corporation or government.

The public accounts report also includes information with regard to City council remuneration and expenses, as well as employee remuneration.

The City spent $308,445.46 on council remuneration and expenses in 2019. This amount consists of $297,611.54 for remuneration of the mayor and six councillors as well as $10,833.92 for travel and other expenses of council members.

The public accounts report contains details with regard to all City employees that earned $50,000 or more in 2019.

There were 163 employees in 2019 that earned $50,000 or more. The information indicates that 133 of these employees earned between $50,000 and $100,000. There were 28 employees who earned between $100,00 and $150,000. One employee’s income was over $150,000 and there was a single employee that earned over $200,000.

The 2019 report of annual financial statements is available on the City of Swift Current website (under the information tab for the Corporate Services division) and a copy of the public accounts report is available on request from City Hall.