Yorkton Council unanimously approved the 2020 Draft Audited Financial Statements for the City of Yorkton.
Annually, the City of Yorkton undergoes a financial audit, provided by the firm Baker Tilly SK LLP.
For the year ended December 31, 2020, they have reviewed our processes and financial records. 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 2020, Amber Matechuk – City Controllerwith the City told Council.
“Per auditing standards, an official financial statement cannot be issued until the auditors receive approval from Council,” she added.
“Once Council approves the draft statements and the Director of Finance signs the representation letter, the auditors will issue the final financial statements.”
The audit did show the City’s long term debt.
“The City’s debt limit is $42,000,000,” said Matechuk.
The debt at present sits at $9.6 million; including $2,906,861 for the fire hall, $2,510,000 for the Queen Street Water Treatment Plant and $4,184,426 for the work on Dracup.
This leaves the city with approximately $32,400,000 of debt available, as of December 31, 2020, said Matechuk.
On the operating side the surplus of $325,281 (as presented with the year-end report at the May 17, 2021 Regular Council Meeting) has been modified due to small adjustments to $322,902, explained Matechuk.
Looking at capital Matechuk noted “In the 2020 year alone, we spent more than $18 million in capital projects. Some of this work includes the North Sewer Outfall project, Darlington/Mayhew Reconstruction and the City Operations Centre.”
The City is required to submit the approved financial statements by September 1 each year. It is to be filed with the Saskatchewan 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 all government funding, explained Matechuk.
