Rocky View County (RVC) council received a clear report May 26 on its 2019 financial statements from independent external auditors.
According to a press release from RVC, the 2019 audited financial statements show the county is in “a strong financial position due to careful fiscal management, expense savings, and revenue from investments.”
This past fiscal year, the release stated, RVC had total assets of more than $136 million in cash, investments, and receivables. The county spent $4.2 million in debt servicing in 2019, leaving just over $99 million in liabilities, providing RVC with net financial assets of nearly $37 million.
According to the release, RVC reported a surplus of slightly more than $6 million in 2019, which will be transferred to the Tax Stabilization Reserve. The county also added $13 million to the reserve from the sale of its old administration building.
Funds in the Tax Stabilization Reserve are available for Council’s general use. This year, the reserve is being used to fund the three per cent decrease in property taxes announced April 28.
“They say to save for a rainy day and we have done just that,” said Reeve Greg Boehlke. “We will see a delayed effect of the impacts of historically low energy prices and COVID-19, and our strong cash position will help cushion these impacts.”
Boehlke added the county has pursued well-planned types of development, while ensuring residents can access the services they demand at affordable property tax rates.
“The county has been able to avoid the negative consequences that other municipalities are now facing, and our position allows us to focus on stimulating economic recovery,” he said.
RVC's 2019 audited financial statements will be posted at rockyview.ca as soon as a final copy is provided by the auditors.
