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HomeNewsLloydminster City reports on the first quarter of 2021

Lloydminster City reports on the first quarter of 2021

Lloydminster City Administration is reporting on their financial picture for the three month period ending March 31st.

At the April 19th Government and Priorities Committee session, Council heard that Net Financial assets were around 52 million dollars compared to about 43 million dollars for March last year. The City’s Total Accumulated Surplus and Reserves is at about 534 million dollars when compared to 525 million dollars for March last year.

Administration also reports that the reserves are adequately funded as the balance of total liquid assets, in both cash and investments totaled $78,739,286, and is greater than the balance of total restricted and unrestricted reserves, which was found to be $57,484,735.

Mayor Aalbers speaks to the importance of that detail,as when the city needs it, money will be there.

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‘The good news we had today, is it shows that our reserves are fully funded. I think that’s what’s very important in the community.”

A closer look at the numbers released shows the City has lost about 3 million dollars on it’s Operating Budget. Administration says this is typical for Q1 as the city gets revenue as tax levies come in Q2, with some other losses being attributed to lost revenue. This loss is greater than last year at the same time which was about 1.4 million dollars. The City Administration says that they are still 45 percent under budget for the first quarter of 2021.

Another positive is that long term debt has dropped some 797 thousand dollars in the last year to just over 31 million dollars.

The 2021 Q1 report comes against the backdrop of big ticket items like the Waste Water treatment plant. The Mayor referenced the funding method which will be used in that project.

“A 30 plus million dollar debenture that will be required to complete the waste water treatment plant which will add to our payments. Those payments will be over 20 years. So if you do the math, basically a million and half plus dollars a year will be required for payments to service that debt.”

Council accepted the report as information and will discuss at a subsequent meeting.

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