LETHBRIDGE, AB – Lethbridge Mayor Chris Spearman says the City’s 2020 year-end financial report “shows excellent transparency and financial stewardship”and goes above and beyond the requirements.
City Council received a report from the Audit Committee last week outlining the highlights of the 2020 General, Utility and Reserve Funds.
Among those highlights is a $14 million line of credit from the Municipal Revenue Stabilization Reserve to fund the Sherring Industrial Park expansion and airport development.
The City notes those funds will be repaid from future industrial lot sales and revenues.
The audited financial statements are scheduled to be brought to the Apr. 20th council meeting and they will then be made available to the public by May 1 on the City of Lethbridge website.