City of Wetaskiwin financial statements available online

Residents can peruse detailed listing of city financial situation

City of Wetaskiwin residents who are curious about how the city’s finances have been handled can have a look at the 2018 consolidated financial statements online.

A copy of the consolidated financial statements was provided to The Wetaskiwin Pipestone Flyer through email.

Under Financial Assets (cash and equivalents), it was noted that the city had $11,092,728 in 2018 compared to $ 4.818,897 in 2017.

Under Liabilities, Long Term debt it was stated that $25,780,436 for 2018 was owed, while $25,848,532 was listed for 2017.

Note #9 stated, “Debenture debt is repayable to Alberta Capital Finance Authority and the Federation of Canadian Municipalities and bears interest at rates ranging from 2.00% to 6.34% per annum and matures in periods 2019 through 2043. The average annual interest rate is 4.43% (2017— 4.55%). Debenture debt is issued on the credit and security of the City of Wetaskiwin at large.

“Interest on long-term debt amounted to $970,379 (2017— $993718). The City of Wetaskiwin’s total cash payments tor interest in 2018 were $969,154 (2017 —$1,002,891).”

The document is about 30 pages long, so readers curious to see more should check out the city website listing at:

http://wetaskiwin.ca/DocumentCenter/View/3652/CoW-Signed-2018-Consolidated-Financial-Statements?bidId=

The statement noted at its beginning that Grant Thornton accountants had independently audited the financial statements. “We have audited the consolidated financial statements of City of Wetaskiwin (‘the City”), which comprise the consolidated statement of financial position as at December31, 2018, and the consolidated statements of operations, change in net debt and cash flows for the year then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies,” stated the letter dated June 24, 2019.

“In our opinion, the accompanying consolidated financial statements present fairly in all material respects, the financial position of City of Wetaskiwin as at December 31,2018, and its results of operations, its changes in its net debt, and its cash flows for the year then ended in accordance with Canadian public sector accounting standards.”

Stu.salkeld@pipestoneflyer.ca

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