Town of Canmore

Council Clips – April 23, 2019

The Finance Committee met to review and accept the Town’s 2018 financial statements and to allocate the 2018 operating surplus.  The Finance Committee is made up of all members of Council plus our CAO, Lisa de Soto.

2018 Consolidated Financial Statements

The Town’s 2017 consolidated financial statements were audited by an external third party, Avail LLP, Chartered Professional Accountants. You can see the statements, as well as statements from previous years, at Budget & Financial Information

2018 Operating Surplus

2018 closed with a $1.4M operating surplus.  The surplus resulted from unexpected levels of revenue plus additional savings in contracted/professional services and general operational expenses. Council allocated the surplus to the following reserve accounts:

·         $447,000 to the General Municipal Operating Reserve

·         $349,726 to the Tax Stabilization Reserve

·         $378,000 to the PAH Reserve

·         $200,000 to the Asset Replacement-Rehabilitation Reserve

·         $50,000 to the Flood Mitigation Structure Maintenance Reserve

2018 Capital Project Summary

Council received their annual report an on those capital projects that were completed in 2018 and those that have been carried forward to 2010 as work in progress. Learn more about the Town’s capital projects at Projects

 

To review any of the staff reports included in this agenda package go to https://canmore.ca/documents/3250-2019-04-23-finance-committee-agenda

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