ESTEVAN - Estevan city council received the audited financial statements during Monday night's meeting.
Sheila Filion with Virtus Group went over the comprehensive statistical package with council via Zoom.
The statements show the city has continued to see a decline in the two areas it pays the closest attention. The net debt – which is the excess of liabilities over assets – is down to more than $11.96 million, as of Dec. 31, 2022, compared to more than $16.77 million the previous year.
Assets for the city were at $11.83 million, while liabilities were nearly $23.8 million.
And the city's long-term debt was at slightly more than $13.54 million, compared to $17.23 million the previous year.
In terms of assets, the city had $4.23 million in cash, down slightly from $4.93 million the previous year, although $2.97 million is classified as restricted cash. Non-restricted money was at $1.26 million, compared to $171,208 at the end of 2021. Taxes receivable were down slightly from $1.95 million to $1.91 million.
The city had $33.67 million in revenues, with the bulk of that money coming from taxes and other unconditional revenue at $20.98 million, fees and charges ($11.88 million) and conditional grants (nearly $1.47 million).
Expenses came in at $34.27 million, led by recreation and cultural services ($7.40 million), general government services ($7.09 million), protective services ($6.85 million), transportation services ($6.07 million) and utility services ($3.144 million).
Before other capital contributions, the city had a deficit of $603,696, but provincial and federal capital grants and contributions were at $6.33 million, leaving the city with a surplus of more than $5.72 million for last year.
Filion congratulated council and management for the strong financial numbers seen in 2022. Coun. Lindsay Clark - who is currently the deputy mayor and chaired Monday's meeting in the absence of Mayor Roy Ludwig, who is on holidays - thanked city treasurer Trudy Firth and city manager Jeff Ward for their continued efforts on the city's financial picture.
Ward said the city achieved its financial goals for 2022 when it comes to long-term and net debt.
"Last year was another one where we managed to get through and complete all of our capital projects without having to do a term loan," said Ward. "As council is aware, we just did one [a loan] for this year, but that's the first one this [present] council has had to do."
Efficient management of resources, along with applying for additional grants, has allowed the city to reduce its net debt continuously over the past 10 years, Ward said.
"I think we're in a much better financial position now than we were then and with the strategy that the management team and council have moving forward, we can continue to look at results like this in the future."
