The City of Airdrie has released its 2016 Annual Report.

"Our annual report is an open and transparent overview of the projects and work that happened in the city last year," said Paul Schulz, City Manager, "It contains all the City's financial performance information along with service costs, infrastructure projects and other programs to keep residents informed."

The report shows that the City's total revenue for last year was $176 million while its total expenses were $121 million. The balance, $55 million, is used to fund capital assets and contribute to reserves.

Overall value for tangible capital assets grew by $50 million to approximately $679 million, while reserve balances increased by $9.4 million.

Airdrie's long-term debt levels did increase by $4.1 million to a total of $59.3 million.

Finally, the City's equity as of December 31 of last year is $726 million.

"At year end, net financial assets had increased by 13 per cent and financial results demonstrated continued growth and development activity," said Lucy Wiwcharuk, Director of Corporate Services. "The 2016 financial results indicate the City remains in a strong financial position."

You can find the full report here.

 

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