YORKTON - Yorkton Council unanimously approved the 2023 Draft Audited Financial Statements for the City of Yorkton as presented; and authorize the Director of Finance to sign the representation letter to the auditors; and further that the final 2023 Financial Statements be created.
“Annually, the City of Yorkton undergoes a financial audit, provided by the firm Baker Tilly SK LLP. For the year ending December 31, 2023, they have reviewed our processes and financial records. We are pleased that their Audit Report states our compliance with the Canadian Public Sector Accounting Standards, and confirms our statements present fairly, in all material respects, the City’s financial position and the results of its operations for the year 2023,” explained Amber Matechuk – City Controller with the city at the regular meeting of Yorkton Council Monday.
“Per auditing standards, an official financial statement cannot be issued until the auditors receive approval from Council. The auditors perform audit procedures up to the date of approval to include any subsequent events.”
Matechuk noted, “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.”
Details in the report to Council showed the City’s debt limit is $42,000,000.
“This leaves the city with approximately $38.4 million of debt available, as of December 31, 2023,” said Matechuk.
In addition, the 2023 operating surplus of $1,900,918 (as presented with the year-end report at the June 17th, 2024 Regular Council Meeting) remains unchanged; and all approved departmental transfers have been completed.
As the City continually expresses a need to invest in infrastructure,” continued Matechuk. “. . . In the 2023 year alone, we spent about $22.7 million on capital projects.”
Some of this work includes the York Road Reconstruction project, Gallagher Centre Ice System Upgrades and Dehumidification projects, finishing Deer Park Clubhouse, various waterline and well improvements and fleet equipment purchases.
“A large portion of these capital costs were funded by rollovers/reserves from prior years, and external funding sources, grants, and donations, in additional to the annual capital budget,” said Matechuk.
The rainy day fund reserve grew significantly in 2023 due to the large $1.9 million operating surplus.
As of December 31, 2023, the balance in the rainy day fund was $3,014,590. While $250,000 is already ear-marked for projects, this leaves a significant balance that Council may choose to allocate. A future strategic planning meeting will be conducted with Council to assess how to allocate this surplus balance.
