The Town has reduced its debt by $200,731, going from $250,035 at the end of 2011 to $49,304 by the end of 2012. Irricana’s audited 2012 financial statements were presented to council, April 2.
“The auditors seemed very happy saying we’re in a good fiscal position, which is what we wanted to hear,” said Deputy Mayor Larry Martin.
CAO Alvin Melton said paying down the debt was a priority of council.
Despite having to pay the Aqua 7 Regional Water Commission $311,385, up from $28,198 from 2011, the Town’s total expenses decreased by $110,213 for a total of $2,035,288.
Contracted and general services were also down from $477,781 in 2011 to $400,148 in 2012, a savings of $77,633.
Salaries, wages and benefits dropped to $592,463, $41,849 less than in 2011. Part of the decrease is due to a reduction in pay to council in 2012.
Mayor Lisa Constantini’s total salary, benefits and allowances went from $10,004 in 2011 to $9,716 in 2012, a difference in $288.
Deputy Mayor Larry Martin, Councillor Josh Taylor and former councillors Andrew Carr and Frank Dusome had a combined total salary, benefits and allowances in 2012 of $15,843, which is $219 less than in 2011.
“Council took a cut to their mileage as well as we went from a pay per meeting to a salary, therefore decreasing our annual portion of the budget,” said Constantini.
The CAO was also not immune to the reductions. His total earnings in 2011 were $93,526 and $86,779 in 2012, a difference of $6,747. However, a decision made at the March 18 council meeting will see Melton’s base salary increase to $90,000 per annum. He is also slated to receive an increase in severance pay, although the exact amount is not being made public.
“We realized when he came in, it was at an entry-level salary and we’ve been happy with what he’s brought to the table and what he has done,” Martin said. “We wanted to keep him on board so we gave him what we felt was a fair increase.”
Irricana’s accumulated surplus, which includes all Town assets such as land and revenue, also increased by $101,005 to about $9.3 million in 2012.
Total revenue increased from $1,818,799 in 2011 to $1,865,371 in 2012, a difference of $46,572, despite a $145,316 decrease in funding for capital projects from the provincial government.
Melton said no projects met the government’s criteria for funding.
Residential property taxes decreased by $11,300, going from $1,141,768 in 2011 to $1,130,468 in 2012. Net municipal taxes, which include all property taxes, special assessments and requisitions, went down $28,851 in 2012 to $913,145.
