The Draft Audited Financial Statements for the City of Yorkton and the Yorkton Municipal Airport Authority Inc. was unanimously approved by Yorkton Council at its regular meeting Monday.
Collins Barrow PQ LLP had audited the financial position of the City of Yorkton as at December 31, 2013 and they confirm that these financial statements present fairly, in all material respects, the City's financial position and the results of its operations and changes for the year ended, detailed a report circulated to Council.
We are pleased that the Independent Auditor's Report indicates compliance with Canadian Public Sector Accounting Standards, noted Shannon Bell, Director of Finance.
In terms of capital assets the City has assets in excess of $200,000,000 based on historic cost. The replacement cost of these assets would be significantly higher, and are part of the asset management model that will be used for future planning and budgeting purposes, detailed the report.
As capital assets age they are amortized, explained Bell. Amortization in 2013 was $5,622,635. The capital budget for 2014 of $4,285,000 is not sufficient to maintain city wide assets in excess of $200,000,000, she said.
The Report also compared actual results with the budget of 2013.
"Revenues were $419,282 more than budgeted. Departmental operations reduced the surplus by ($594,333). Capital costs were under budget by $175,002. This resulted in a net surplus of $5,946, which is $49 less than what was budgeted for the year. We saw a claw back of planned allocations to the Gallagher Centre reserve in the amount of $100,000 as well as a reduction in the planned allocation of $25,000 to the Airport reserve to maintain the overall budgeted amount," detailed the Report.
