File photo of the Town of Coaldale office. (Lethbridge News Now)

By Justin Goulet

2021 Annual Report released by Town of Coaldale

Jul 21, 2022 | 10:54 AM

COALDALE, AB – The Town of Coaldale has released its 2021 Annual Report.

The report focuses on the town’s financial performance, as well as ongoing projects and council’s 2021-2025 Strategic Plan.

The report shows that 2021 was a successful year financially.

Financial assets totaled $34.2 million, financial liabilities totaled $26.8 million and the town’s accumulated surplus grew by 9.26%, reaching $133 million. Additionally, the town saw an increased demand for commercial land in its North East Industrial Park. Land sales increased from $0.7 million in 2020 to $3.4 million in 2021.

Kyle Beauchamp, Chief Financial Officer and Deputy CAO for the Town of Coaldale said, “Overall, the Town is in a healthy and financially stable position.”

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“Balancing service levels with fiscal responsibility is always a challenge, but as the report shows, Coaldale not only continues to benefit from sustainable growth and investment, but also, to utilize its limited resources in innovative, cost-conscious ways,” he said.

MAJOR PROJECTS

As for the town’s major projects, the report cites highlights like the opening of the RCMP detachment building, the construction of the joint multi-use recreation facility, the soon-to-be-completed Civic Square building on Main Street, and the town’s lagoon upgrade project.

The annual report also previews some of the capital projects and advocacy efforts that the town’s newly elected council is determined to build on over the next few years.

Mayor Jack Van Rijn said, “2021 was a year marked by both continuity and change.”

“As a newly elected Council we not only inherited a number of important ongoing capital projects but also had the opportunity to develop and launch a new strategic plan identifying all of the capital and advocacy projects we’re determined to pursue moving forward,” Van Rijn stated.

He continued, “These include expediting improvements in Coaldale’s infrastructure, improving pedestrian safety around Highway 3, and advocating for the return of urgent care to Coaldale’s Health Centre, and advocating for the appropriate AHS EMS response times to medical emergencies in Coaldale.”

With the report now released, it will be submitted for consideration of the Canadian Award for Financial Reporting from the Government of Finance Officers Association of the United States and Canada.

Kyle Beauchamp said for the past three years, the town has submitted its Annual Report for consideration of the award, “and each time has received it.”

He stated, “The 2021 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.”

The 2021 Annual Report can be seen at the Town of Coaldale website.