Earlier this week it was revealed at Airdrie City Council, that the city's 2023 revenue grew 17 percent in comparison to 2022, totalling $267 million. 

Sarah Laviolette with Accounting Services told councillors that the increase in revenue was mainly due to growth and related increases in user fees.

"... Development levies and property taxes, as well as increases in government transfers regarding the 40th Avenue Interchange, and the[new] Library and multi-use facility. In 2023, the city saw unprecedented demand [for] community services, including increased pass and admission revenue at Genesis Place, and higher ridership in transit."

dEarlier this week it was revealed at Airdrie City Council, that the city's 2023 revenue grew 17 percent in comparison to 2022, totalling a revenue of $267 million. (Graphic Credit to The City of Airdrie)

She also noted that in 2023, The City spent $183 million, an increase of $16 million over 2022.

2Earlier this week it was revealed at Airdrie City Council, that the city's 2023 revenue grew 17 percent in comparison to 2022, totalling a revenue of $267 million. (Graphic Credit to The City of Airdrie)

The council agenda report added that, 'the categories lending to these increases included':

  • Staffing wages and benefits at $6 million increased over 2022 due to the addition of full-time and part-time staff in 2023.
  • Contracted and general services at $4.4 million over 2022.
  • Materials, goods, supplies and utilities at $2 million increased over 2022.
  • Purchases from other governments at $2.2 million over 2022
  • Amortization of tangible capital assets at $1.2 million increased over 2022. 

However, it was underlined that although expenses increased in 2023 compared to budget the City’s expenses were $4.5MM less than planned.

"...Mainly due to projects that will be carried forward to 2024. This indicates the City’s commitment to consistent and accurate budgeting processes."

Other key highlights in the report to council included the City's net Financial Assets, which also increased 43 per cent in 2023 to $142 million.

"This means that after all the liabilities have been paid, The City has $142 million, and resources left to finance future operations. It also indicates that the revenues raised were sufficient to cover the current year's spending," Laviolette explained.

The accumulated surplus, which is the net financial performance of the City since day one and includes financial and non-financial resources was $1.1 billion as of December 31, 2023.

"When looking at this amount, it's important to note the amount of investment in capital assets - as these reflect the amount of accumulated surplus - we've already spent; On December 31, The City's capital assets made up $934 million of the $1.1 billion, leaving $142 million to finance future operations."

Long-term debt decreased by $ million in 2023, 'resulting in debt per capita of $826 (down $120 from the previous year).'

"The city's total debt of $67 million is currently 21 per cent of the total debt limit, meaning the city can still borrow $254 million before reaching the total debt limit," Laviolette said. 

Summing up Airdrie's financial health position in 2023, she concluded that numbers indicated The City was in a net financial asset position as opposed to a net debt position.

"[This] demonstrates our ability to manage our finances. Our net financial assets have an increasing trend toward the year over the years, with a total balance of $142 million which can be used to finance future operations. Our accumulated surplus of $1.1 billion is made up of $933 million already invested in tangible capital assets."

The city's cash was $47 million at the end of 2023 with cash flows indicating that the city is in a healthy position and able to manage its future obligations.

"We have room within our debt limits, and we have seen all reserve balances increasing over the years which will be needed to support future planned capital projects."

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