Melfort audit shows surplus with revenue and spending increasing

By Aaron Schulze
July 4, 2018 - 12:00pm

Financial activity in Melfort was greater than the budget projected, but in the end 2017 showed a surplus of a little over $1.5 million.

The City of Melfort’s audit showed roughly $13.7 million in revenue, about $1.4 million greater than the budget predicted, although the city spent around $2 million over budget.

Mayor Rick Lang told northeastNOW the operating, or even the capital budgets aren’t designed to bring in more revenue.

“It is to provide adequate services at a reasonable cost,” Lang said. “I don’t think that there is anything in the budget that makes more revenue because our sole source of revenue is property taxes.”

Melfort’s net financial assets decreased by over $700,000 in contrast to the budget’s expected gain of over $500,000 and 2016’s increase of over $1.7 million.

While the net financial assets dropped, the non-financial assets grew by over $2 million.

“Net financial assets include work that is in progress such as the Skateboard Park and Wellness Centre, so as we develop these assets our cash position will generally decrease,” Lang said. “As our net financial assets decrease our tangible capital assets (roads, buildings, equipment, systems) increase.”

Lang said there’s no concern with the 2017 budget at this time and credits the city’s treasurer.

 

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