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September 20, 2020 September 20, 2020

Vauxhall town council analyzes at 2019 audited financial statements

Posted on April 2, 2020 by Vauxhall Advance

By Cole Parkinson
Vauxhall Advance
cparkinson@tabertimes.com

While 2019 is in the rearview mirror, that doesn’t mean Vauxhall town council couldn’t look back at the prior year in terms of their financials.

At their regular council meeting on March 16, Newman Solutions were in council chambers to present the 2019 audited financial statements.

“I have issued a clean audit opinion and there was nothing that was adverse in this year’s financial statements,” said Joanne Newman.

One thing different for the 2019 year was a prior period restatement.

“The town reports use of provincial capital grants to the provincial government annually. The town determined that capital grant funds were used and not removed from deferred revenue in the year the funds were used for their intended purpose. To correct this error, the accumulated surplus has been increased and the deferred revenue decreased in 2018 for $571,489 resulting in 2018 columns marked as restated,” states note 19 in the audit.

Financial assets in 2019 came in at $2,915,045 compared to the 2018 restated amount of $2,630,392.

Liabilities were $1,981,373 in 2019 and $1,813,877 in 2018 while the net financial assets (debt) was $933,672 for the past year and $816,515 in 2017.

“Your long term debt has gone down, you guys are repaying regularly and no new debt was taken on,” added Newman.

Non-financial assets were down to $7,174,408 compared to $7,352,965.

The town’s accumulated surplus also saw a small dip down to $8,108,080 from $8,169,480. Total revenue for the municipality was set at $2,452,718 which was up from $2,330,797. The biggest revenues for the town was net municipal taxes ($1,069,770), sales and user charges ($689,720), rentals ($115,019) and government transfers ($385,472).

On the other end, expenditures were at $2,728,349 compared to $2,699,667. Expenditures at the top end for the municipality include administration ($343,401), roads/streets/walks/lighting ($310,622), water and storm water ($467,858), wastewater ($122,537), waste management ($282,500), recreation/culture ($554,509) and amortization of tangible capital assets ($436,393).

With an added $214,232 from government transfers for capital, it leaves a shortfall of $61,399 for 2019.

Taxation saw a total of $1,307,102 towards the municipality from real property taxes ($1,028,975), linear property taxes ($37,307), government grants in lieu of property taxes ($6,138) and local improvement taxes ($234,682).

This total was up from $1,235,461 in 2018.

In terms of requisitions, Vauxhall saw $237,332 in 2019 from Alberta School Foundation Fund ($228,787), Designated Industrial Property Tax ($139) and Vauxhall Seniors Foundations ($8,406).

Total net municipal taxes were up to $1,069,770 which was an increase from $1,005,723 in 2018.

Elected municipal officials, the chief administrative officer and designated officers required to disclose their salaries as required by Alberta Regulation 313/2000.

Council’s total was $57,491 while the CAO wage was $113,651.

The asset and development offer totals were slated at $19,877.

Council unanimously approved the 2019 audit.

Mayor Margaret Plumtree was absent from the meeting.

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