Wilkinson Livingston Stevens LLP delivered their external audit of the financial statements for the City of Lloydminster to City Council on Monday.
The presented clean, unqualified audit, left Council as pleased as they could be.
“You can’t really be happier that when you get a clean, unqualified audit. That just basically means that all of the hoops have been jumped through properly and everything checked out well when the external auditor came to check things out,” says Councillor Jonathan Torresan.
“They didn’t see outstanding issues from a financial accounting position and that’s good to see, because we have a staff that works very hard, and we appreciate their efforts throughout the year and this is just the reinforcement that we do things right,” says Mayor Gerald Aalbers.
The financial audit saw a decrease in revenues and expenditures as of December 31, 2016 from 2015.
- Revenues 2016-$95, 760, 202/2015-$100, 510, 232
- Expenditures 2016-$76, 625, 980/2015-$79, 505, 646
However, there was an increase in financial assets of $11.1 million, compared to 2015 and an increase of $12.3 million to the tangible assets bringing the tangible assets to $475, 834, 342. Mayor Aalbers says while there is nearly half a billion dollars in assets, it needs to be put into perspective.
“When I look at it from a farmers perspective, I look at assets have tangible value, that can be sold or liquidated if required. Certainly we’re not going to liquidate our streets and things like that, so when we talk about a half a billion dollars worth of assets, that’s what we do have as a city. We have half a billion dollars worth of assets, but when you realize that’s the water lines, the sewer lines, the water inlet, as well as the hockey rinks, as well as the trucks that drive around, I think people get a better perspective of that whole arrangement.”
Council accepted the financial audit as presented on Monday.