Audited Financial Statements Show Strong Financial Position
Tuesday, May 26, 2020
Rocky View County Council today received a clear report on its 2019 financial statements from its independent external auditors.
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, Rocky View County had total assets of over $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, putting Rocky View County in a strong fiscal position, with net financial assets of nearly $37 million.
The County reported a surplus of just over $6 million from 2019 that 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 3% decrease in property taxes announced on April 28.
“They say to save for a rainy day and we have done just that,” says 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.”
Council has clearly indicated through its strategic planning that intelligent growth is one of the paths to success. The County has pursued well-planned development, while ensuring Rocky Viewers are provided with the services they demand at property tax rates they can afford.
“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,” says Boehlke.
The County’s 2019 Audited Financial Statements will be posted at www.rockyview.ca as soon as a final copy is provided by the auditors.