During the April 29th council meeting, Langley City’s independent auditor gave the City’s 2018 financials the all clear. At that time, I also posted about the year-end financial results of Langley City. On Monday night, further financial information was made available. This information ends up being rolled into an annual report which is released mid-year. This reporting is mandated by provincial legislation.
This following image shows an overview of Langley City’s 2018 consolidated financial statements. The complete set of statements can be downloaded from the City’s website.
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| Langley City 2018 Consolidated Statement of Operations. Select image to enlarge. |
Langley City council’s remuneration, expenses, and benefits are disclosed annually. Last year was a bit unique as it was an election year, so it includes the costs for both the current council and past council. Expenses include items like paying for the registration and travel costs for attending conferences like the Union of BC Municipalities. Benefits include medical, and travel & accident insurance.
| Elected Official | Remuneration | Expenses | Benefits | Total |
|---|---|---|---|---|
| Schaffer Ted J. | $79,800.00 | $7,401.00 | $3,148.00 | $90,349.00 |
| van den Broek, Valaria | $51,869.00 | $6,051.00 | $133.00 | $58,053.00 |
| Albrecht, Paul E. | $43,955.00 | $4,862.00 | $4,047.00 | $52,864.00 |
| Arnold, Jack | $36,825.00 | $3,869.00 | $111.00 | $40,805.00 |
| James, Teri L. | $6,475.00 | - | $460.00 | $6,935.00 |
| Martin, Gayle M.E. | $45,394.00 | $3,428.00 | $2,068.00 | $50,890.00 |
| Pachal, Nathan J. | $43,170.00 | $2,979.00 | $133.00 | $46,282.00 |
| Storteboom, Rudolph | $43,955.00 | $6,345.00 | $2,427.00 | $52,727.00 |
| Wallace, Rosemary H.M | $6,475.00 | $70.00 | $657.00 | $7,202.00 |
| Total | $357,918.00 | $35,005.00 | $13,184.00 | $406,107.00 |
As a note, the total cost of council represents about 0.9% of the total 2018 expenditures in the City. To put that into perspective, it is about the same cost as operating Al Anderson Memorial Pool during the summer season.
On another financial matter, council authorized investing up to $80,000 to support the recommendations of the City’s Economic Development Task Group. This funding will be used as follows:
- Develop an Executive Summary of the Economic Development Strategy along with a branding and marketing campaign.
- Enhance economic development website site.
- Explore and develop web-based GIS capabilities to support economic development data with an interactive map.
- Retain a contract retail recruiter to actively recruit destination stores to further expand and diversify the retail cluster in the City.
- Retain a retail recruitment specialist to undertake a targeted investment attraction campaign to draw a desired anchor tenant to the downtown.
- Host Urban Development Institute breakfast and luncheon, Chamber of Commerce Dinner and other functions.
- Meet with KPU, TWU and the School District to explore the possibility of hosting an education summit.
- Meet with KPU to explore the potential concept of an innovation hub, and what such a hub would involve and engage other interested partners in bringing together a firm development concept.
Tomorrow, I’ll be posting about the remaining items that were on the agenda of Monday night’s council meeting.
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