DIDSBURY – Town councillors have been given an update on the town’s financial position for the first half of 2019. The review came during the recent regularly scheduled council meeting.
Prepared by the town’s chief financial officer, the report includes six schedules outlining financial information related to the operation of the municipality.
Schedule 1 statement of financial position gives information on assets, including regarding taxes receivable, which have “increased significantly due to the time of year."
“Tax notices were sent out and any unpaid balances are now receivable by the town. This includes those on the TIPP program who pay their tax balance on a monthly basis, as well as those who are not on the program, and have not yet paid their tax balance.”
On the liability side, the schedule gives information on accounts payable, which are “similar to the end of the first quarter. The accounts payable balance consists of invoices which have been received but not yet paid, as well as accruals for expenses that are expected and able to be estimated at the end of the month, but not yet received at time of closing the month end.”
The schedule states that as of June 30, the town is in a “strong net asset position of about $4.3 million which is due to the invoicing of 2019 taxes. Municipalities are unique in which they receive the majority on their revenue at one time in the year which is not consistent with how the expenditures occur.”
Schedule 2 statement of operations states, in part, that, “for six months completed, generally we can expect about 50 per cent of the budget to be used assuming the items in the budget occur evenly over time.”
Regarding net municipal taxes the schedule states, in part, that, “The entire amount of taxes have been billed, however only 50 per cent of requisitions have been made at June 30. Over the next two quarters, the final requisition payment will be made to Mountain View Seniors' Housing and ASFF (school) which will reduce the net municipal taxes to be in line with the budgeted amount for 2019.”
Regarding government transfers for operating, “The local transfers for recreation has been received as a one-time payment, however, municipal sustainability initiative funding which accounts for $145,000 has not yet been received.”
Regarding expenditures and transportation services, the schedule states, in part, “That a few significant projects have not yet occurred. This includes sidewalk repairs and maintenances which is expected to start next month and roads repairs and maintenances which is currently out for tender.”
The complete report is available for viewing on the town’s website.
Councillors received the report for information.
