2022 Financial Statements and Operating Surplus

Council met today as the Finance Committee and heard the auditor’s review of the 2022 financial statements. The auditor indicated that, overall, the Town of Canmore is in great shape and in a solid financial position.

The Finance Committee approved the 2022 year-end financial update and allocated the 2022 operating surplus of $243,026 into the Development Application Reserve ($172,000) and the Tax Stabilization Reserve ($71,026).

The 2022 year-end operating surplus is very minimal (0.40%) in relation to the total 2022 Council approved budget of $61,468,459. The Town of Canmore continued to experience post pandemic effects in multiple ways in 2022. Administration continued to monitor the budgets, making multiple decisions regarding staffing, safety, working from home, cleaning standards, mental health concerns, and other issues as the 2022 budget was based on unknown pandemic impacts.  

More information about the budget surplus can be found at https://canmore.ca/town-hall/financial-information/budget-surpluses