City of Airdrie releases 2016 Annual Report
May 30, 2017/For immediate release
AIRDRIE, ALBERTA – The City of Airdrie has released its 2016 Annual Report, providing a comprehensive look at the municipality’s consolidated financial statements and how resident tax dollars are being spent.
"Our annual report is an open and transparent overview of the projects and work that happened in the city last year," said Paul Schulz, City Manager. "It contains all the City's financial performance information along with service costs, infrastructure projects and other programs to keep residents informed.”
Residents reading the report will find information on metrics and successes for 2016, a discussion of financial results, the consolidated audited financial statements and other statistical information.
“At year end, net financial assets had increased by 13 per cent and financial results demonstrated continued growth and development activity,” said Lucy Wiwcharuk, Director of Corporate Services. “The 2016 financial results indicate the City remains in a strong financial position.”
The audited financial statements provide valuable information on the financial health of the city. Total revenue for 2016 was $176MM while total expenses were $121MM. The remaining $55MM is used to fund capital assets, contribute to reserves and includes the value of completed subdivisions coming into City responsibility. Actual expenses were under budget by $7.7MM (6.0 per cent).
The City’s overall value for tangible capital assets grew by $50MM to approximately $679MM and reserve balances have increased by $9.4MM. The City’s long-term debt levels increased by $4.1MM to $59.3MM, resulting in the City’s per capita debt increasing slightly to $958 from $940 at the end of 2015. The City’s equity as at December 31, 2016 is $726MM.
Economic conditions in the Province did present challenges for the City operating budget and development type revenues experienced a budget shortfall. Mitigation strategies helped generate budget savings to end the year in a surplus position. The year’s surplus was transferred into City reserves and will assist with future funding needs and tax stabilization.
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 taxpayers a level of assurance that public funds are managed appropriately and ensures transparency. The Council appointed external auditor for 2016 was PricewaterhouseCoopers.
The City of Airdrie’s annual reports have received the Canadian Award for Excellence in Financial Reporting (CAnFR) from Government Financial Officers Association for nine consecutive years (2007 – 2015). The CAnFR is an international award and recognizes excellence in government accounting and financial reporting.
Director, Corporate Services
City of Airdrie
403.948.8800 ext. 8459