The town of Coaldale has released its 2021 annual report, which suggests a successful year for the municipality. Financial assets totaled $34.2 million, financial liabilities totaled $26.8 million and the town’s accumulated surplus grew by 9.26 per cent, reaching $133 million, according to a news release from the town.
It also saw an increase in demand for commercial land in its industrial park. Land sales increased from $0.7 million in 2020 to $3.4 million in 2021.The town says this means it remains in a strong position to capitalize on sustainable growth and investment into 2022.
“Overall, the town is in a healthy and financially stable position,” says Kyle Beauchamp, chief financial officer and deputy CAO for the Town of Coaldale. “Balancing service levels with fiscal responsibility is always a challenge, but as the report shows, Coaldale not only continues to benefit from sustainable growth and investment, but also, to utilize its limited resources in innovative, cost-conscious ways.”
The report highlights major projects in the town, including opening an RCMP detachment building, the construction of a recreation facility, a civic square building on mainstreet and the town’s lagoon upgrade project.
“2021 was a year marked by both continuity and change,” says Mayor Jack Van Rijn. “As a newly elected Council we not only inherited a number of important ongoing capital projects but also had the opportunity to develop and launch a new strategic plan identifying all of the capital and advocacy projects we’re determined to pursue moving forward. These include expediting improvements in Coaldale’s infrastructure, improving pedestrian safety around Highway 3, and advocating for the return of urgent care to Coaldale’s Health Centre, and advocating for the appropriate AHS EMS response times to medical emergencies in Coaldale.”
The town says it intends to submit the report for consideration of the Canadian Award for Financial Reporting from the Government of Finance Officers Association of the United States and Canada.
“For the past three years, the Town has submitted its Annual Report for consideration of this award and each time has received it,” says Beauchamp. “The 2021 Annual Report meets the same high standards as our previous award-winning reports, so we are hopeful that the Town will once again be recognized for its commitment to financial transparency.”