City of Airdrie releases 2015 Annual Report
May 10, 2016
AIRDRIE, ALBERTA – The City of Airdrie has released its 2015 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 contains details of the work we have done in the city last year, including service costs, infrastructure projects and programs," said Paul Schulz, City Manager. "It includes comprehensive information about the City's financial performance and highlights some of our achievements."
The annual report is comprised of four areas; background and metrics and successes for 2015, 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 2015 was $169MM while total expenses were $113MM leaving $56MM in excess of revenue over expenses. The $56MM is used to fund capital assets, contribute to reserves and includes the value of completed subdivisions coming into city responsibility
The City’s overall value for tangible capital assets grew by $44MM to approximately $629MM. Reserve balances have increased by $6MM. The City’s debt position decreased due to a number of completed debentures; long-term debt per capita has decreased to $940 from $1,099.
“The City of Airdrie ended the 2015 fiscal year in a strong financial position. Net financial assets increased almost $12MM or 41 per cent. The financial results demonstrate the continued growth and development activity. Development revenue remains strong and contributed assets increased year-over-year by $7.3MM. City reserves include more than $44MM in restricted funds and represents dollars needed for a portion of the city’s future development needs. For the first time, City Council directed a portion of the operating surplus into the newly created tax stabilization fund. These dollars will help the city deal with future pressures on the tax base,” said Lucy Wiwcharuk, Director of Corporate Services.
“We know that 2015 was a difficult year for some of our residents and businesses. Recognizing the economic uncertainties in our province Council made a conscious effort to keep taxes low and worked with Administration to fund good levels of service for our residents," said Mayor Peter Brown. “This prudent financial management is reflected in the 2015 Annual Report.”
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 eight consecutive years (2007 – 2014). The CAnFR is an international award and recognizes excellence in government accounting and financial reporting.
The City of Airdrie 2015 Annual Report is available online at airdrie.ca. Additional information that may interest the public is available at airdrie.ca/LookCloser
Director, Corporate Services
City of Airdrie
403.948.8800 ext. 8459