2023 Annual Report

Message from the Deputy Director of Finance

Financial Assets: • Financial assets increased by $20.6 million from 2022. • Cash and investments increased by $21.8 million over 2022. • Accounts receivable increased by $9.1 million from 2022. Liabilities: Total liabilities increased by $10.4 million over 2022. Changes to individual liability accounts are as follows: • Accounts payable and accrued liabilities increased by $7.6 million. • Asset retirement obligations increased by $0.8 million. • Deferred revenues increased by $0.9 million. • Restricted revenues increased by $2 million. • Refundable performance deposits increased by $3.5 million. • Debt decreased by $4.1 million due to scheduled principal payments. Non-Financial Assets: Non-financial assets are comprised of the tangible capital assets held for use in service provision, undeveloped land bank properties, supplies inventories and prepaid expenses. These represent economic resources available to the City for service provision, rather than a funding source to support the day-to-day operations of the City. In 2023 non-financial assets increased by $36.45 million over 2022, due primarily to a net increase in tangible capital assets of $36.3 million. 2. Consolidated Statement of Operations – Page 47 This statement reports the City’s changes in economic resources and accumulated operating surplus for 2023, compared with budget and with 2022 results. Since annual revenues exceeded expenses, the City increased its accumulated operating surplus during the year. Included in this statement is information about the gain or loss on the disposal of capital assets. If tangible capital assets are disposed of before the end of their estimated useful life, any remaining book value associated with them is written off, resulting in an accounting loss, not a cash loss.

Consolidated Revenue Compared to previous year (2022)

Overall revenues in 2023 increased by $32 million from 2022, driven primarily by increases in most revenue sources. The following provides some commentary on specific revenue items: • Revenue from general taxation increased $6.9 million through a combination of higher tax levies and growth of the assessment roll. • User fees and other revenues increased by $4.3 million, primarily as a result of an increases in Protective Services and the Sewer and Water Utilities. • Government transfers increased by $18.3 million, mainly attributable to the receipt of $16.6 million from the Growing Communities Grant Fund. • Development revenues, often linked to capital projects, increased by $3.6 million over 2022. Typically, year-over year changes in these revenues are related to changes in capital expenditures, reported on the Statement of Change in Net Financial Assets. • Investment revenue increased by $3 million as a result of an increase in interest rates. • Revenue for contributed subdivision infrastructure decreased by $3.1 million as a result of less developer constructed infrastructure turned over to the City in 2023 • and losses on disposal of tangible capital assets increased by $1.1 million due to more replacement of infrastructure ahead of estimated end of useful lives.

Continued >

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