City of Airdrie releases 2013 Annual Report
April 23, 2014 / For Immediate Release
AIRDRIE, ALBERTA – The City of Airdrie has released its 2013 Annual Report, allowing residents the opportunity to review the City’s audited financials and learn more about how their tax dollars are being spent.
"The Annual Report is one way we can inform residents of the actions we took last year toward achieving Council’s strategic priorities, and educate residents of the true costs of services, infrastructure and programs," said Paul Schulz, City Manager. "It includes comprehensive information about the City's financial performance as well as highlights of some of our achievements."
The annual report is comprised of four areas; background and metrics and successes for 2013, discussion of financial results, the consolidated audited financial statements and statistical information
The audited financial statements provide valuable information on the financial health of the city. The results indicate that the City is in good financial health. Total revenue for 2013 is $121MM while total expenses are $94MM leaving $27MM in excess of revenue over expenses. The $27MM is used to fund capital assets and also to contribute to reserves.
The City’s overall value for tangible capital assets grew by $17MM to approximately $550MM. Reserve balances have increased by $9MM, putting the City in a good position for funding future projects. The City’s long term debt position has benefited from low interest rates; long term debt per capita has decreased to $1,032 from $1,127.
“The 2013 financial results show Airdrie to be fiscally sound with net financial assets, at December 31, 2013, of $27.5MM. Reserve balances remain steady at $73.5MM, and the City of Airdrie as a corporation has a net worth of $577MM. The solid financial health provides an excellent base as Airdrie prepares for future challenges,” said Lucy Wiwcharuk, Director of Corporate Services.
“This report provides the opportunity to look back at the past year and reflect on our many successes, challenges and opportunities," said Mayor Peter Brown. "I am proud of the accomplishments outlined in the report and wish to recognize the City of Airdrie staff for their hard work and dedication and commitment to the citizens of Airdrie.”
The Municipal Government Act (Section 276) requires that every Alberta Municipality prepare and submit a Financial Information Return and audited financial statements by May 1 of each year for the preceding year. This legal requirement is meant to give tax payers a level of assurance that public funds are managed appropriately and ensures transparency. The City of Airdrie’s annual reports have received the Canadian Award for Excellence in Financial Reporting (CAnFR) from Government Financial Officers Association for six consecutive years (2007 – 2012). The CAnFR is an international award and recognizes excellence in government accounting and financial reporting.
The City of Airdrie 2013 Annual Report is available online at www.airdrie.ca.
Director, Corporate Services
City of Airdrie
403.948.8800 ext. 8459