The 2018 audited financial statements, the 2018 municipal public accounts, a grant application for the airport and the first phase of servicing for the South East Industrial Park are some of the items city council will discuss during tomorrow night’s meeting.
Audited financial report
The audited financial statements report looks at Moose Jaw’s financial assets, liabilities and net financial assets, according to a report from the finance department. Last year, the municipality had assets of more than $169 million, liabilities of more than $94 million and net financial assets of $74 million.
The net financial assets represent money that would be left over if Moose Jaw paid all of its outstanding obligations.
The financial assets are up about $13 million from 2017, the report continued. This increase relates to an increase in cash as a result of the municipality borrowing funds in 2018.
The financial liabilities increased roughly $31.7 million over 2017 levels. This increase is due to increased debt of $26.8 million for waterworks infrastructure and an increase in accounts payables and accrued liabilities of roughly $3.7 million. The difference between the financial assets and the financial liabilities is the net financial assets.
The municipality’s net financial assets represent its net worth. In 2018, the city’s net financial assets decreased $18,272,861 over 2017 levels. The decrease in net financial assets is attributable to the factors detailed above.
Assets, liabilities and net assets are one area the audited financial statements report reviews. Other areas include comparisons of the municipality’s financial position during the last five years; long-term debt; operations and accumulated surplus; comparison of municipal taxation; and revenues and expenses.
Public accounts report
The public accounts report incorporates the audited financial statements of the municipality; shows the remuneration paid to each employee, council member and member of any committee or body that council establishes; remuneration paid to any organization or body that receives the majority of its funds from the municipality; travel expenses and other expenses incurred by municipal employees and council members; contract expenditures; and grants and contributions of goods and services.
Airport grant
The Moose Jaw Municipal Airport Authority (MJMAA) has submitted a grant application under the federal ICIP Infrastructure Funding Program for $500,000 to help extend the runway.
The MJMAA has been active at the provincial and federal levels in seeking funding for the extension of the existing runway at the Moose Jaw Municipal Airport, according to a report in the council agenda package. The founding MJMAA Working Group has committed to a matching loan of $500,000 toward the cost of extending the runway.
Council is being asked to approve the grant application.
South East Industrial Park
City council is being asked to authorize the engineering department to proceed with procuring a qualified contractor to perform the work required to expend the Clean Water and Wastewater Fund (CWWF) in the South East Industrial Park for $1,213,951, with the source of funding be Capital Account LD-3 Southeast Industrial.
This construction will use the CWWF funding that requires the project be completed by March 31, 2020.
City council’s meeting begins at 5:30 p.m. on Monday, July 22.
