The audited financial statement for the Town of Sylvan Lake states the Town has a net financial asset deficit from 2017 of roughly $13 million.
The audited financial statement was presented to Council at Monday night’s regular meeting of council by a representative of Collins Barrow LLP, who performed the audit.
According to Collins Barrow LLP the net financial asset deficit from last year is made up from outstanding loans for the capital projects the Town has done over the last while.
“The financial standing of the Town is roughly the same as it was in 2016,” according to Collins Barrow LLP.
The total asset deficit based on “various capital projects” sat at $13,358,108.
According to the report, the Town’s revenue from 2017 was just over $34 million.
Total expenses from 2017 total more than $35 million, based on the report from Collins Barrow LLP.
Collins Barrow also calculated the accumulated surplus at the end of the year, that being Dec. 31, 2017. Based on their calculations, the Town has an accumulated surplus of $187,413,096.
Town Council approved the extension of the Beacon Hill subdivision at Monday’s meeting.
“On two other occasion, the applicant has requested an extension to the conditional subdivision approval to allow additional time to fulfill the required conditions,” reported Trina Lamanes, planner with the Town.
The extension is in accordance with the Beacon Hill Outline Plan and with the Land Use Bylaw, according to Lamanes.
Development/Clean up Deposit Reconciliation
The Development Deposit Policy was implemented last September to be used if applicants do not fulfill their obligations following completion of a development.
Ken Kalirai, director of planning and development with the Town, requested $41,400 be transferred from liabilities to transportation reserves.
These funds are from a “special situation”, according to Kalirai. He says the developer was contacted on numerous occasions to have deficiencies rectified on the properties so that the deposits may be refunded.
“The companies in question either went bankrupt or dissolved which has made this a special situation, one that wasn’t planned for,” Kalirai said.
The funds from the deposits were transferred from liabilities to transportation.
Festival and Event Strategy
Town Council adopted the proposed Festival and Event Strategy, as presented by Economic Development Officer Vicki Kurz.
The Festival & Event Strategy is identified as a priority project in the Visitor Friendly Assessment action plan by Alberta Culture and Tourism.
Council adjusted the budget for the Festival and Event Strategy for 2018. In the 2018 budget funding for the strategy was not added, instead it was set to begin in 2019, at $25,000 a year.
The funding will be moved to 2018. Kurz says the funding will be repaid in 2019.
April 23 marked the final council meeting Betty Osmond would attend as the Town’s Chief Administrative Officer.
Osmond announced her plans for retirement late last year. Her last day in the office will be May 4.
Mayor and Council took a few minutes at the end of the meeting to show their appreciation for Osmond and all the work she has out into the Town and Council.