The Town of Drayton Valley is in good financial shape.
At Drayton Valley’s April 13 town council meeting, council received their audited financial statements for 2021.
The audited statements were presented by Phil Dirks of Metrix Group, LLP.
In the audited statements, Dirks pointed out that tax revenue and revenues from user fees were down. He attributed that to the pandemic.
Dirks also noted that expenses were up, a move he attributed to amortization of the Town’s assets.
The Town also has no worries about going into too much debt. Currently, the Town has $2.3 million in debt and $16 million in long term debt. As the Town has only used about 40 per cent of its allowable debt, Dirks reported that the Town is at no risk of exceeding its debt limit.
Councillor Amila Gammana wanted to know if Drayton Valley’s tax revenue was on par with municipalities of similar size. Based on some of the other audits he had done, Dirks was confident in saying that they are. However, he added if the Town wants an exact comparison, that information is easily available on the Alberta Municipal Affairs website.
Gammana was pleased with the report.
“It is great to see that we have our financial side doing good, and we are where we should be.”
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