(File photo/northeastNOW Staff)

By Cam Lee

Audited financial statements

Audited Financial Statements show $4M surplus in Melfort

Aug 13, 2024 | 10:34 AM

The City of Melfort had a $4 million surplus in 2023, but that doesn’t mean they’re flush with disposable cash.

Jonathan Neigum and Taylor Johnson of MNP presented the city’s 2023 Audited Financial Statements at Monday night’s council meeting.

City Manager Adam Homes told northeastNOW the $4 million isn’t really a surplus and wasn’t a surprise.

“That money actually moves into our capital (programs), and then that funds our capital projects every year,” Homes explained. “When we approved last year’s capital program, we…estimated what our surplus was going to be and we came in on that, so we’re quite happy.

Homes said the money will go to funding work on “roads, sidewalks, and facilities, our utilities – our water and sewer, and the landfill as well.”

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He added the previous couple of years saw narrow surpluses which meant less money going into reserves.

Part of the 2023 surplus, according to Homes, was from the dedicated infrastructure fee that residents likely noticed on their water bills. Additional surplus money came from land sales, specifically the sale of land to Redhead Equipment along Highway 41, and regular surplus money.

Coun. Trent Mitchell echoed Homes’ comments at the meeting, saying the surplus money isn’t cash that the city’s hoarding, and that the surplus is how the city funds programs.

The Audited Financial Statements revealed the city has $11 million more in assets than liabilities, and that there were not significant issues or matters stemming from their look at the books.

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Cam.lee@pattisonmedia.com

On X: @northeastNOW_SK