The City of North Battleford’s 2015 audited Financial Statements were ratified by council June 27.
The statements and supporting schedules were presented to the City’s Planning Committee on June 20. They were presented by the City’s external auditors Holm Raiche Oberg. In attendance from Holm Raiche Oberg were partner in charge Loralie Raiche and audit manager Beverly Allison. The auditors commented the audit had been completed two months ahead of recent years.
The audited financial statements will be published on the City’s website.
According to a City news release the statements point to the City being in good financial health. Total revenue for 2015 was $40.7 million while total expenses were $36.8 million including amortization expense.
The $3.9 million excess of revenue over expenses was used to fund capital assets and contributed to long-term reserves.
Overall tangible capital assets grew to approximately $163.5 million, an increase of $4.7 million. Appropriated reserve balances have increased to $9.6 million and are fully funded by cash reserves in the City.
The City is also noting that its long-term debt position increased by $3 million due to strategic acquisitions of long term assets such as land for future development. The long-term debt is for a number of projects including the CUplex, which represents 43 per cent of the outstanding debt.
