The Town of Coaldale has released its annual report for 2022, with hopes to win another award like the four previous years.
Regarding the town’s performance financially, the whole of 2022 was another successful year for Coaldale, as financial assets amounted to over $29 million, financial liabilities totalled over $25 million, and the surplus for the town grew by just under seven per cent, from $133 million in 2021 to $141.6 million last year.
“Once again, I’m happy to report that the town remains in a financially healthy and stable position,” said Kyle Beauchamp, chief financial officer and deputy CAO for the Town of Coaldale.
“Balancing service levels with fiscal responsibility is always a challenge – but this was especially true in 2022. Like individual households, municipalities are not immune from inflation and 2022 was a year marked by high inflation. With increasing costs for construction, materials, supplies and services, it became all the more difficult to maintain adequate service levels for residents while maintaining fiscal responsibility. But as the report shows, we’ve largely succeeded in meeting this challenge. Coaldale not only continues to benefit from sustainable growth and investment, but also, to utilize its limited resources in innovative, cost-conscious ways.”
Pulling off the financial balancing was no small feat according to Mayor Jack Van Rijn, who said he is proud of what council and town staff were able to accomplish last year, especially with high inflation.
“Thankfully, our diligent financial planning and prudent management have allowed us to provide essential services and maintain a high standard living for our residents, while keeping the burden on taxpayers as minimal as possible,” says Mayor Van Rijn.
With the completion of Coaldale’s new town hall, the annual report details construction highlights that will help to understand the buildings design and appearance.
“Civic Square – which was recently given the Blackfoot name Natosooyis (‘Sun Lodge’) – stands as a testament to our commitment to providing efficient and accessible services to our community,” said Mayor Van Rijn. “It will serve as a central hub for civic engagement, decision-making, and collaboration between our dedicated council members and the residents they represent. I extend my heartfelt gratitude to all those involved in bringing this project to fruition.”
The report will also be submitted for consideration for the Canadian Award for Financial Reporting from the Government of Finance Officers Association of the United States and Canada, and the town is hopeful to win for the fifth time.
“The 2022 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,” said Beauchamp.
The 2022 Annual Report can be found on the Town of Coaldale’s website.