YORKTON - Yorkton Council unanimously approved the city’s 2022 Audited Financial Statements at its regular meeting Monday.
“Annually, the City of Yorkton undergoes a financial audit, provided by the firm Baker Tilly. For the year ended Dec. 31, 2022, they have reviewed our processes and financial records,” explained City Controller Amber Matechuk Monday.
“We are pleased that their Independent Audit Report states that we have complied with the Canadian Public Sector Accounting Standards, and they confirm that our financial statements present fairly, in all material respects, the City’s financial position and the results of its operations for the year 2022.”
Per auditing standards, an official financial statement cannot be issued until the auditors receive approval from council, added Matechuk.
Once council approves the draft statements and the director of finance signs the representation letter, the auditors will issue the final financial statements.
In terms of details, the statements as presented showcase the city’s operations in a consolidated form as well as broken down into operating/capital/land fund operations, and some departmental schedules, she stated.
Matechuk did highlight the city’s debt limit of $42 million. She then noted three outstanding loans; fire hall at $1,806,274 which will be paid off in 2025, the Queen Street Water Treatment Plant at $871,000 which will be paid off by the end of 2023, and work on Dracup of $2,961,282 due to be paid off in 2027.
This leaves the city with approximately $36,400,000 of debt available, as of Dec. 31, 2022.
“As the city is planning for long-term debt requirements, there will likely be additional financing needed in the coming year to fund the York Road Reconstruction project,” noted Matechuk.
The City Operations Centre and the Deer Park Clubhouse / Kinsmen / Gallagher Ice Plant projects are funded using internal borrowing, as there was sufficient cash flow to do these projects, though it will be several years before they are “paid off”, she added.
In terms of capital, Matechuk said, as the city continually expresses a need to invest in infrastructure highlighting that the city has a significant portion of assets associated with capital, approximately $191 million allocated to tangible capital assets and capital in progress.
“In the 2022 year alone, we spent more than $9.4 million on capital projects. Some of this work includes the Deer Park Clubhouse, various well improvements and fleet equipment purchases. A large portion of these capital costs was funded by rollovers/from prior years reserves, and external funding sources, grants, and donations, in addition to the annual capital budget allocation,” she detailed.
As per regulations, the city is required to submit the approved financial statements by Sept. 1 each year.
“It is to be filed with the Ministry of Finance, and all of our banks and major creditors. This ensures compliance with any loan covenants, and maintains our good standing with the government in order to qualify for future funding,” said Matechuk.
With approval, an electronic version will be posted on the city’s website under the budget and financial reports section.
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