Every year, every municipality in BC must prepare year-end consolidated financial statements. Langley City Council approved its 2024 statements last night.
Kristine Simpson from BDO Canada, the City's external auditor, found that our year-end statements fairly present the City's financial position.
Overall, the City received more revenue than expected. While property taxes were lower than expected, user fees from water and sewer usage, gaming proceeds, interest payments, and transfers from other levels of government were higher.
For expenditures, the City was under budget. One of the large drivers was lower debt servicing costs, as the City did not receive its loan until halfway through the year. Labour costs were also lower due to staff vacancies caused by new positions, people seeking other opportunities, and delays in re-hiring those positions.
The City transferred an additional $7.4 million into reserve accounts due to the difference between revenue and expenditures. These will be used to fund future capital projects or debt servicing costs.
One of the indicators of investment into community assets such as public buildings, roads, sewers, and water mains is the "equity in tangible capital assets," which grew from $293 million to $310 million.
At the end of 2024, the City had $21.7 million in long-term debt.
The City collects development cost charges from each new development. The City allocates these funds for specific projects. At the end of 2024, the City had $40.6 million in these charges, which will be used for specific future capital projects required to accommodate population growth.
The City also had $64.7 million in reserve accounts at the end of 2024, which will be used for capital projects per the City's Capital Improvement Plan.
You can download the 2024 Year-End Consolidated Financial Statements for more information.
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