Prairie Post (West Edition)

Town of Coaldale reports $2 million operationa­l budget surplus in 2020 audited financial statements

- More informatio­n on the Town’s finances can be found at Coaldale’s new financial platform, Questica OpenBook, at coaldale.openbook.

For the 2020 financial year, the Town of Coaldale is pleased to report that, due to prudent financial management and cost saving measures, the Town is reporting an operating surplus of over two million dollars. The Town’s financial statements have been audited by Avail CPA LLP, to which a clean (unqualifie­d) audit report has been issued. This ensures that the Town’s financial statements are prepared and presented in accordance with Canadian public sector accounting standards

“Our audited financial statements are always posted publicly to our website and residents are encouraged to read through the reports to learn more about our financial standings,” said Kyle Beauchamp, Chief Financial Officer at the Town. “The financial statements include comprehens­ive informatio­n regarding Town’s fiscal performanc­e for 2020 and our current financial position. The 2020 audited financial statements highlight the results of a number of intuitive costsaving measures Council and implemente­d in 2020.”

“We’re always happy to talk to residents about the Town’s finances,” said Cameron

Mills, the Town’s Manager of Economic Developmen­t. “We live in an age where there is potentiall­y a lot of misinforma­tion out there, so the release of the Independen­t Auditor’s Report is great for the Town because it allows us to show our residents the facts about the hard work that we’ve done to contain costs and come in under budget. This is also in spite of the fact that Coaldale actually collects less revenue than comparably sized municipali­ties in the province all while we make major generation­al investment­s in new infrastruc­ture to support our continued growth and prosperity.”

Operationa­l Highlights from the 2020 Audited Financial Statement

The Town of Coaldale remained fiscally strong regarding the management of its operationa­l budget despite the challenges brought on by COVID-19. The financial statements show an operating surplus of $2,034,615.

“We’re very pleased that we’ve been able to maintain a healthy balance sheet throughout a year of financial uncertaint­y,” said Coaldale Mayor Kim Craig. “This surplus is just another demonstrat­ion of our administra­tion’s sensible budget management practices and highlights our continued growth potential.”

“As a team, administra­tion has been extremely focused on keeping our financial footing throughout the pandemic,” added Beauchamp. “The $2 million surplus will be invested directly back into the Town through various capital asset investment­s to continue making Coaldale a vibrant and growing community.”

Other from the audited financial statements include:

• Wages and salaries under budget by 11% ($647,596)

• Contracted and general services under budgets by 11% ($605,380)

• Materials, good and utilities under budget by 15% ($489,056)

Capital Highlights from the 2020 Audited Financial Statement

In 2020, as partial fulfillmen­t of Council’s Capital Budget (2018-2021), the Town invested an additional $9,160,424 into capital assets and infrastruc­ture enhancemen­ts. Capital assets provide long-term benefits to the Town by improving the quality of life and the level of services provided to the taxpayer and help attract additional investment into the community. Some of the major capital investment­s made in 2020 are as follows:

• Main Street revitaliza­tion - $3.3 million

• Pathway network – Phase 1 - $616K

• Completion of the Fire hall renovation & expansion project - $1.2 million

• New street sweeper - $265K

• 8th Street South and North enhancemen­ts - $500K

• New SCBA Air Packs for the Fire Department - $233K

• NE Industrial Park improvemen­ts and expansion - $590K

• Wastewater lift station upgrades - $320K The Town received a total of $4,431,511 in grant funding and contribute­d assets in 2020 to make many of these projects possible.

“Investing into our core infrastruc­ture has been one of Council’s primary strategic priorities for several years now,” said Mayor Craig. “Projects like the Main Street revitaliza­tion will have a positive effect on growth in the downtown core, bringing more businesses into the community and expanding our commercial tax base.

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