Redcliff town council receives review of 2024’s financials

Courier/Commentator Photo Submitted. 2024 FINANCIAL REVIEWS: Redcliff town council got a look at a review of 2024’s financial successes and hurdles at its end-of-July meeting. The gazebo in Redcliff’s Lion’s Park is featured in this photo.

Southern Alberta Newspapers

Redcliff Corporate Services Department recently presented Redcliff councillors the town’s 2024 annual financial report outlining the town’s performance and financial status, as well as reviews of important projects from 2024.

According to the report the more important infrastructure project last year was upgrades to Fifth Street SE that included a water, sewer and storm infrastructure upgrade as well as repaving the road.

Another noteworthy achievement was the successful award of the Community Facility Enhancement Program Grant in collaboration with the Redcliff Minor Hockey Association, for the funding of a new ice plant at the Rec-Tangle Arena.

The report also highlights additional funding the province made available through the School Construction Accelerator Program that will be accessed as the Prairie Rose School Division works on the design for a new school in the Eastside subdivision.

To complement the new school and potential economic development opportunities, Eastside Phase Two plans for residential growth are underway in the form of development of residential lots.

In 2024 Redcliff also made strides collaborating with Medicine Hat and Cypress County to complete an updated Tri-Area Inter-Municipal Development Plan that was approved earlier this year.

The plan considers existing and potential land uses for the region and looks at present needs while considering future opportunities.

In the report, councillors say last year’s achievements were “based on collaboration with town staff, local industries, businesses and economic development, along with regional partners, all making a success of positive change and practical innovation for the Town of Redcliff.”

According to the report, 2024 was a year with continuing financial challenges due to inflation and the rising cost of living, which has impacted the demands on the town.

Despite these challenges, the 2024 municipal tax levy only increased by 4.27 per cent, less than other municipalities in the province.

“Other economic development prospects continue to engage staff with growth opportunities,” said Shanon Simon, municipal manager. “Some initiatives the town has implemented include the Residential Cash Incentive Policy and the Residential Tax Incentive Bylaw.”

The report highlights several policies adopted in 2024 designed to ensure proper investment and responsible spending of taxpayer money.

The town’s investment and purchasing policies are highlighted within the report, established to provide general investment principles and rules for managing municipal investments and provide direction for council for signing authority for purchases.

According to the statement of financial position for the town, financial assets have grown by more than $1 million from 2023, to $38 million in 2024.

Financial liabilities have also increased by more than $300,000 from 2023 to more than $9.8 million. Liabilities include accounts payable, employee benefits and long-term debt.

The town experienced revenue growth of more than $100,000 from 2023 to more than $14 million. Additionally, town expenses dropped by more than $1.3 million from 2023 to more than $13.3 million. The largest expense detraction last year came from the town’s water, wastewater and waste management.

The report also covers Redcliff’s budget policy that was established to help council pass the three-year operating budget and five-year capital plan.

Also included is the town’s Tangible Capital Asset Policy, which provides guidelines and a dollar value threshold to be used for capitalizing various classification of assets like buildings, machinery, land and land improvements.

Redcliff plans to submit its 2024 annual financial report to the Government Finance Officers Association of the United States and Canada for the Canadian Award for Financial Reporting.

“We believe the completeness of our current report conforms to the Canadian Award for Financial Reporting program requirement,” said Mike Davies, corporate services director.