Audit shows City of Wetaskiwin ‘maintaining a high level of fiscal
responsibility’ The books are in good order and the financial future looks bright for
the City of Wetaskiwin. The 2010 audit of Wetaskiwin’s finances has been completed and
approved by City Council. During the process, the auditor found no
major issues with the statements and commended the City on its safe,
accurate, well-run financial system. “We take our responsibility of handling public dollars very
seriously,” said Bill Elliot, Mayor of the City of Wetaskiwin. “Our
goal is to maintain a high level of fiscal responsibility and this
audit shows we’re on the right track.” While the City’s net financial debt increased by more than $600,000 in
2010, progress is being made toward fiscal sustainability, a target
set out in the Wetaskiwin Tomorrow Community Vision. “Sustainability is our ultimate goal and the City’s strategic planning
process is helping us make this a reality,” said Al Steckler, Manager
of Finance for the City of Wetaskiwin. “It’s our responsibility to
ensure we have the plans created and the resources available to
provide for the future – not only paying for new infrastructure like
roads and facilities but setting aside the dollars to replace them.” To help reach this goal, the City, in its upcoming strategic plan, is
developing a plan for more sustainable city services and implementing
a multi-year budget process. This long-term effort is not only more
strategic, but will ensure that City services such as water, sewer and
solid waste collection are appropriately priced and funded. One major financial accomplishment was the completion of the City’s
Tangible Capital Assets (TCA) project.
In 2009, the City started reporting the historical value of all
municipal infrastructure, facilities and other assets. Amortization
expense is now recorded annually for all assets, based on their use
and lifespan. Such a process not only allows for better financial
planning but could eventually eliminate the need to borrow money for
predictable costs in the long-term. “A fiscally sustainable Wetaskiwin is not an unrealistic goal,”
concludes Mayor Elliot. “We have the right plans in place and, with a
lot of hard work and continued fiscal responsibility, we will
succeed.” The complete auditor’s report is now available online at
www.wetaskiwin.ca and a summarized version will be included in the
City’s upcoming 2010 Annual Report. The City of Wetaskiwin Strategic
Business Plan will be released in the Fall of 2011.
responsibility’ The books are in good order and the financial future looks bright for
the City of Wetaskiwin. The 2010 audit of Wetaskiwin’s finances has been completed and
approved by City Council. During the process, the auditor found no
major issues with the statements and commended the City on its safe,
accurate, well-run financial system. “We take our responsibility of handling public dollars very
seriously,” said Bill Elliot, Mayor of the City of Wetaskiwin. “Our
goal is to maintain a high level of fiscal responsibility and this
audit shows we’re on the right track.” While the City’s net financial debt increased by more than $600,000 in
2010, progress is being made toward fiscal sustainability, a target
set out in the Wetaskiwin Tomorrow Community Vision. “Sustainability is our ultimate goal and the City’s strategic planning
process is helping us make this a reality,” said Al Steckler, Manager
of Finance for the City of Wetaskiwin. “It’s our responsibility to
ensure we have the plans created and the resources available to
provide for the future – not only paying for new infrastructure like
roads and facilities but setting aside the dollars to replace them.” To help reach this goal, the City, in its upcoming strategic plan, is
developing a plan for more sustainable city services and implementing
a multi-year budget process. This long-term effort is not only more
strategic, but will ensure that City services such as water, sewer and
solid waste collection are appropriately priced and funded. One major financial accomplishment was the completion of the City’s
Tangible Capital Assets (TCA) project.
In 2009, the City started reporting the historical value of all
municipal infrastructure, facilities and other assets. Amortization
expense is now recorded annually for all assets, based on their use
and lifespan. Such a process not only allows for better financial
planning but could eventually eliminate the need to borrow money for
predictable costs in the long-term. “A fiscally sustainable Wetaskiwin is not an unrealistic goal,”
concludes Mayor Elliot. “We have the right plans in place and, with a
lot of hard work and continued fiscal responsibility, we will
succeed.” The complete auditor’s report is now available online at
www.wetaskiwin.ca and a summarized version will be included in the
City’s upcoming 2010 Annual Report. The City of Wetaskiwin Strategic
Business Plan will be released in the Fall of 2011.
