Tuesday, May 26, 2020

Langley City 2019 Audited Financial Statements

As per provincial law, local governments must annually prepare independently audited financial statements. These financial statements are incorporated into annual reports which are released in the summer. Langley City council approved the 2019 consolidated financial statements at Monday afternoon’s council meeting which was held over Zoom. These meetings can be viewed on YouTube.

The following interactive charts show the 2019 audited revenue and expenditures less amortization. You can hover over each pie slice to get more information.

Every year, the City takes a portion of the revenue that it receives, and transfer it into reserve accounts. These reserve accounts help fund capital projects such as replacing water mains, improving parks, and resurfacing roads. At the end of 2019, the City had $41.9 million in these reserve accounts.

The City also collects revenue from developers as a required part of the redevelopment process in our community. This is called Development Cost Charges. This collected revenue must be used for specific projects which are approved by the provincial government. The City had $20.9 million at the end of 2019 in Development Cost Charges.

As part of approving the 2019 consolidated financial statements, council must also approve updating the 2019-24 Financial Plan to replace the budgeted amounts with the actual amounts. Council gave first, second, and third reading for this amendment to the financial plan.

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