HomeMy WebLinkAbout2014 Annual Report - long version
2014
ANNUAL FINANCIAL REPORT
COUNTY OF NEWELL, ALBERTA, CANADA
FOR THE YEAR ENDING DECEMBER 31, 2014
Photo by Russ Siedel
C OUNTY OF N EWELL, A LBERTA, C ANADA
2014 ANNUAL FINANCIAL REPORT
F OR THE FISCAL PERIOD ENDING D ECEMBER 31, 2014
Produced by the Finance Department in cooperation with all County departments
For information on programs and services, or to obtain a copy of this document, contact:
ADMINISTRATION
Telephone: 403-362-3266
E-Mail: administration@newellmail.ca
The 2014 Annual Financial Report is available online at www.countyofnewell.ab.ca
Photo by Newell Regional Tourism Association
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TABLE OF CONTENTS
SECTION 1
T HE C OUNTY OF N EWELL
Vision & Mission 7
County Council 9
Organizational Chart 10
SECTION 2
R EPORT FROM THE M ANAGER OF F INANCE
Introduction 14
GFOA Canadian Award for Financial Reporting 14
Management Reporting & Control 15
Financial Indicators Discussion & Analysis 16
SECTION 3
C ONSOLIDATED F INANCIAL S TATEMENTS
ManagementÓs Responsibility for the Consolidated Financial Statements 29
Independent AuditorsÓ Report 30
Consolidated Statement of Financial Position 32
Consolidated Statement of Financial Activities 33
Consolidated Statement of Change in Net Financial Assets 34
Consolidated Statement of Cash Flows 35
Notes to Consolidated Financial Statements 36
Schedule of Segmented Disclosures 52
SECTION 4
F INANCIAL & S TATISTICAL S ECTION
Demographic Statistics 56
Expenses by Function 57
Expenses by Object 57
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SECTION 1
THE COUNTY OF NEWELL
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Photo by Michelle Marshall
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VISION & MISSION STATEMENT
VISION STATEMENT
To encourage and support sustainable growth and quality of life.
MISSION STATEMENT
The County of Newell
through leadership and policy
provides services, structure and stability.
Photo by Michelle Marshall
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COUNTY PROFILE
The County of Newell is a rural municipality (5900 sq. km.) located in southeast Alberta in an area
northeast of the City of Lethbridge. The largest urban communities within the County are the City of
Brooks and the Town of Bassano.
The County provides a number of services Î directly or jointly with other municipalities Î to the residents
protection, garbage disposal, planning and development administration, agricultural services, recreation
and parks, family and community support services and bylaw enforcement.
The County has a dynamic and diverse economy driven by three pillars: Agriculture; Oil and Gas; and
Tourism. There are approximately 500 primary agricultural producers in the County, and approximately
1500 non-agricultural business enterprises within the County and its municipalities.
The County of Newell has a thriving
and extensive agricultural base with
ready access to Calgary and its
global transportation linkages. With
a younger work force and average
farm receipts in the range of $100,000
to $249,999, the region is home to
Alberta.
The County has one of AlbertaÓs most
roughly 30,000 wells in the County,
which accounts for half of all wells in
Alberta, and 37% of all wells in Canada.
Approximately 170 production and
service companies employ 4,000 to
5,000 people in the energy sector in
the region.
Key tourism anchors include Lake
Newell - one of CanadaÓs largest man-
made lakes, Dinosaur Provincial Park
and recreation activity as diverse as
hunting, and wildlife watching.
Business costs are low. Quality of life
is high Î with a full range of recreation,
health and cultural amenities.
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COUNTY COUNCIL
DIVISION 1 Rolling Hills DIVISION 2 Tilley DIVISION 3 Patricia/Millicent DIVISION 4 Rainier/Scandia/Bow City DIVISION 5 Cassils/Lake Newell Resort
Clarence Amulung Councillor Gordon Simpson Councillor Anne Marie PhilipsenCouncillor Tracy Fyfe
(403) 964-2292(403) 377-2596(403) 793-2076
amulungc@newellmail.casimpsong@newellmail.caphilipsena@newellmail.cahammergrenw@newellmail.cafyfet@newellmail.ca
DIVISION 6 Bassano DIVISION 7 Rosemary DIVISION 8 Duchess DIVISION 9 Gem DIVISION 10 Brooks
Councillor Kelly ChristmanCouncillor Ellen UnruhCouncillor Brian de JongReeve Molly DouglassCouncillor Lionel Juss
(403) 641-2274(403) 641-2562
christmank@newellmail.caunruhe@newellmail.cadejongb@newellmail.cadouglassm@newellmail.cajussl@newellmail.ca
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ORGANIZATIONAL CHART
DIRECTOR OF
MANAGER OF
AGRICULTURAL
AGRICULTURAL
REEVE
SERVICES
CHIEF
SERVICES
ADMINISTRATIVE
&
OFFICER
COUNCIL
DIRECTOR OF
INFORMATION
& TECHNOLOGY
MANAGER OF
PLANNING &
EXECUTIVE
DEVELOPMENT
ASSISTANT
MANAGER OF
DIRECTOR OF
DIRECTOR OF
OPERATIONS
MUNICIPAL
CORPORATE
SERVICES
MANAGER OF
SERVICES
CORPORATE
SAFETY
SERVICES
MANAGER OF
ENGINEERING
MANAGER OF
SERVICES
FINANCE
MANAGER OF
MUNICIPAL
FIRE &
ENFORCEMENT
EMERGENCY
MANAGER OF SUPERVISOR
SERVICES
ECONOMIC
DEVELOPMENT
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SECTION 2
REPORT FROM THE
MANAGER OF FINANCE
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REPORT FROM THE MANAGER OF FINANCE
I NTRODUCTION
activities and available resources. It also provides an opportunity to analyze and comment on the
GFOA C ANADIAN A WARD FOR F INANCIAL R EPORTING
In order to be awarded a Canadian Award for
Financial Reporting, a government unit must
contents conform to program standards.
Such reports should go beyond the minimum
requirements of generally accepted
accounting principles and demonstrate an
effort to clearly communicate the municipal
municipal governments, and address user
needs.
A Canadian Award for Financial Reporting
is valid for a period of one year only. We
believe our current report continues to
conform to the Canadian Award for Financial
Reporting program requirements, and we
are submitting it to GFOA.
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REPORT FROM THE MANAGER OF FINANCE
M ANAGEMENT R EPORTING & C ONTROL
process, accounting procedures, external audit, investment and purchasing policies which are described
below.
Budget Process
adopts the operating and capital budgets for the coming year. The budget process involves council,
department heads, staff and the public. Council approves the budget taking into account current
economic conditions, provincial policy changes and service needs within the County. It should be noted
After the budget is adopted by Council, expenditures are controlled against budget by formal purchasing
Accounting Procedures
The CountyÓs accounting system and related internal controls are designed to provide reasonable
loss from unauthorized use or disposition. The CountyÓs Purchasing and Budget Variance policies
ensure that controls and reporting requirements are appropriate. Generally accepted accounting
principles for local governments are adhered to.
External Audit
Council is required by the Municipal Government Act to engage independent auditors to express an
records and they meet periodically with staff to discuss matters arising from the audit or from new
policies and procedures. The auditors also provide the County with a management letter providing
comments on internal controls.
Investment Policy
The CountyÓs excess funds are invested in accordance with Investment Policy 2014-PAD-032. This
policy has as its objectives the preservation of capital, maintenance of liquidity and the realization of
a competitive rate of return. Municipal investments are governed by restrictive legislation under the
Municipal Government Act. The CountyÓs investment policy meets all of these requirements.
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REPORT FROM THE MANAGER OF FINANCE
Purchasing Policy
The County ensures that consistent procedures are followed for purchases through Purchasing Policy
2011-PAD-051 which sets expenditure limits for the County. The policy ensures that items purchased
have been approved through the budget process or by separate resolution of Council.
F INANCIAL I NDICATORS D ISCUSSION & A NALYSIS
The 2014 Consolidated Financial Statements are prepared in compliance with Public Sector Accounting
by applying PSAB issued Statement of Recommended Practices (SORP) 4: Indicators of Financial
the County in maintaining the programs and services it currently provides, as well as the policy and
This SORP is not part of generally accepted accounting principles (GAAP) and there is no requirement
for governments to implement its recommendations. Although there are numerous indicators to assess
and vulnerability
well as a selection of indicators related to each.
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REPORT FROM THE MANAGER OF FINANCE
SUSTAINABILITY
Sustainability measures the ability of the County to maintain its existing programs and services,
The following indicators have been selected to assess sustainability.
This annual result indicates the extent to which the CountyÓs revenue is more than its expenses during
over time, expenses are less than revenues. In essence, this requires current taxpayers to fully meet
the cost of services.
cost of asset replacement in the future. On an annual basis 50% of the annual amortization charge for
facilities and infrastructure, and 100% of the annual amortization charge for vehicles, machinery and
equipment is raised from municipal tax revenues and transferred to restricted surplus funds. Taking
into account future replacement costs in determining the appropriate level of surplus is a critical step
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REPORT FROM THE MANAGER OF FINANCE
Financial Assets-to-Liabilities
This indicator shows the extent to which the CountyÓs future revenues will be required to pay for past
revenues or increasing debt to pay for past decisions.
Although this ratio decreased slightly in 2014 the County remains in a relatively strong position with
in 2015 as an additional $6,000,000 in debentures may be issued to fund the rural water project, after
which the ratio is expected to improve as annual principal payments on that debt decrease the liability
balance.
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REPORT FROM THE MANAGER OF FINANCE
Taxes Receivable as a % of Tax Levies
Every year, a percentage of property owners are unable to pay property taxes for a variety of reasons.
If this percentage increases over time, it may indicate an overall decline in the CountyÓs economic
health. Additionally, as uncollected property taxes rise, liquidity decreases.
2008200920102011201220132014
Total Tax Levy (includes requisitions) 38,077,534 40,131,740 37,906,610 37,798,648 38,571,559 40,464,388 41,536,602
Taxes Receivable (before allowance)
Current 297,544 279,540 389,320 427,744 411,923 588,708 600,093
Arrears 386,589 436,631 532,931 452,891 498,988 627,660 770,179
684,133 716,171 922,251 880,635 910,911 1,216,368 1,370,272
Taxes Receivable as a %
of the Current Levy
Current 0.78%0.70%1.03%1.13%1.07%1.45%1.44%
Arrears1.02%1.09%1.41%1.20%1.29%1.55%1.85%
Taxes Collected - Current Year99.22%99.30%98.97%98.87%98.93%98.55%98.56%
Taxable Assessment3,814,704,390 4,151,150,920 3,898,515,520 3,879,853,980 3,990,255,860 4,209,007,890 4,324,192,910
Municipal Tax Rates
Residential and Farmland3.33%3.33%3.33%3.33%3.33%3.33%3.33%
Non-residential6.69%6.70%6.70%6.71%6.71%6.71%6.71%
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REPORT FROM THE MANAGER OF FINANCE
FLEXIBILITY
Flexibility is the degree to which the County can change its debt burden or raise taxes to respond to
to changing circumstances.
Debt Servicing Costs-to-Revenues
The ratio of debt servicing costs-to-revenues indicates the amount of current revenue that is required to
service past borrowing decisions and, as a result, is not available for programs and services.
2008200920102011201220132014
Debt servicing costs 990,667990,6672,942,755
Revenues 31,595,64230,061,64235,375,534
Ratio 3.16%3.07%3.29%3.30%9.05%14.23%
costs-to-revenues. Debt servicing costs rose in conjunction with the issuance of debentures to fund the
rural water project and a series of local improvement projects. This ratio may increase further in 2015
as the County contemplates issuing an additional $6,000,000 in debentures for the rural water project
is yet to be determined and depends on whether the County is successful in securing additional grant
funding for the project.
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REPORT FROM THE MANAGER OF FINANCE
Debt Limits and Debt Payments
Regulation 255/00. The maximum allowable debt the County could hold within this regulation is
approximately $54.6 million. The County held outstanding debt balances representing 55.0% of this
maximum allowable amount at the end of 2014. This leaves the County with approximately $24,615,000
of borrowing room.
2008200920102011201220132014
Debt limit
Maximum allowable debt45,193,52945,092,463
Total debt6,737,9716,104,9145,445,21221,594,16130,054,422
Percentage used15.1%13.5%12.1%44.3%44.0%55.0%
Maximum allowable annual debt payment7,532,2557,515,4119,111,471
Annual payments on existing debt990,667990,6672,942,755
Percentage used12.3%12.3%13.2%13.2%36.2%34.3%56.9%
1,0699497673,4014,210
Population*7,1017,1017,101
* Source: Alberta Municipal Affairs Statistics Profile
Council has passed bylaws 1731-11 and 1797-14, authorizing debt issues of up to $22,400,000 and
$14,000,000 respectively, to assist with constructing the rural water distribution system. As at December
of the debt limit has been used. The rise in debt per capita is expected to steadily decrease as these
debentures are scheduled to be repaid by 2023.
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REPORT FROM THE MANAGER OF FINANCE
R ESTRICTED S URPLUS
Restricted Surplus funds are included as part of the CountyÓs accumulated surplus and details of these
Stabilize tax rates in the face of variable and uncontrollable factors (consumption, interest rates,
unemployment rates, changes in subsidies)
and utility rates
Make provisions for replacement or acquisitions of assets and infrastructure that are currently
establishes specific restricted surplus funds to:
being consumed and amortized
Avoid spikes in funding requirements of the
Restricted Surplus Balance
capital plan by reducing the reliance on long-
60
term debt borrowings
50
Millions
40
30
Provide for future liabilities incurred in the
20
current year but paid for in the future
10
-
2008200920102011201220132014
Restricted surplus offers liquidity which enhances
fund capital projects internally, allowing it time to access debt markets and take advantage of favourable
conditions. The level of restricted surplus funds required will vary for a number of reasons including:
Services provided by the County
Economic conditions and projections
Internal debt and restricted surplus policies
surplus funds listed below. The County is in compliance with this policy as at December 31, 2014.
Balance at Minimum Balance % of minimum
Dec. 31, 2014Required balance held
Infrastructure13,633,51611,607,720117%
Vehicles, Machinery & Equipment114%
Stabilization2,742,495104%
Facilities1,133,647
Fire Apparatus250,000474%
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REPORT FROM THE MANAGER OF FINANCE
Tangible Capital Assets
with a net book value of $599,150.
¤ $3,162,329 Î Paving projects
¤ $3,002,276 Î Regional Water System
¤ $933,240 Î EID Drainage Partnership
¤ $343,390 Î IT Network Redundancy, Backup & Disaster Recovery
Net Book Value of Tangible Capital Assets-to-Cost of Tangible Capital Assets
Net book value of TCA compared to total cost of TCA measures the extent to which the estimated useful
lives of the CountyÓs tangible capital assets are available to provide its products and services.
As at December 31, 2014 approximately 79% of the CountyÓs assets useful lives remain available to
provide its services.
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REPORT FROM THE MANAGER OF FINANCE
VULNERABILITY
Vulnerability is the degree to which the
County becomes dependent on, and therefore
vulnerable to, sources of funding outside its
own-source revenue is, the more it relies on
Government Transfers-to-Total Revenue
This indicator demonstrates the level of
government transfers compared to total
revenues. The higher the percentage, the more
reliance the County puts on receipt of funds from
other levels of government. These transfers
are dependent on policy decisions which are
outside the control of the County.
transfers. It is important to note that the majority of these government transfers have been used for
Rural Water Distribution System. The CountyÓs ability to undertake such projects is dependent in large
part on grant funding from other levels of government.
2008200920102011201220132014
26,771,7309,710,706
2,141,5791,733,2101,601,6701,073,512
Total transfers 14,925,51711,005,5207,414,210
Total revenue 40,733,24949,326,774
Government transfers-to-total revenue 25.9%47.6%33.1%39.4%25.6%16.1%24.1%
79.7%93.9%93.6%91.0%
20.3%6.1%10.7%6.4%12.0%9.0%
its reliance on government transfers for operating to support its products and services.
Respectfully Submitted,
Matt Fenske, CA
Manager of Finance
March 19, 2015
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Photo by Michelle Marshall
Photo by Russ Seidel
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SECTION 3
CONSOLIDATED
FINANCIAL STATEMENTS
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Photo by Michelle Marshall
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CONSOLIDATED FINANCIAL STATEMENTS
MANAGEMENTÓS RESPONSIBILITY FOR THE CONSOLIDATED FINANCIAL STATEMENTS
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CONSOLIDATED FINANCIAL STATEMENTS
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CONSOLIDATED FINANCIAL STATEMENTS
Photo by Michelle Marshall
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CONSOLIDATED FINANCIAL STATEMENTS
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CONSOLIDATED FINANCIAL STATEMENTS
Photo by Newell Regional Tourism Association
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CONSOLIDATED FINANCIAL STATEMENTS
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CONSOLIDATED FINANCIAL STATEMENTS
C OUNTY OF N EWELL - 2014 A NNUAL F INANCIAL R EPORT
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CONSOLIDATED FINANCIAL STATEMENTS
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CONSOLIDATED FINANCIAL STATEMENTS
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CONSOLIDATED FINANCIAL STATEMENTS
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CONSOLIDATED FINANCIAL STATEMENTS
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CONSOLIDATED FINANCIAL STATEMENTS
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CONSOLIDATED FINANCIAL STATEMENTS
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CONSOLIDATED FINANCIAL STATEMENTS
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CONSOLIDATED FINANCIAL STATEMENTS
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CONSOLIDATED FINANCIAL STATEMENTS
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CONSOLIDATED FINANCIAL STATEMENTS
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CONSOLIDATED FINANCIAL STATEMENTS
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CONSOLIDATED FINANCIAL STATEMENTS
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CONSOLIDATED FINANCIAL STATEMENTS
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CONSOLIDATED FINANCIAL STATEMENTS
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CONSOLIDATED FINANCIAL STATEMENTS
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CONSOLIDATED FINANCIAL STATEMENTS
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SCHEDULE OF SEGMENTED DISCLOSURES
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Photo by Michelle Marshall
Photo by Russ Seidel
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SECTION 4
STATISTICAL SECTION
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STATISTICAL SECTION
Demographics & Other Statistics
2008200920102011201220132014
Population*7,1017,101
2,9573,145
Area in hectares623,537623,537623,537623,537623,537619,600619,600
Continuous full-time employees 57555455556061
Debt supported by property taxes504,421425,150349,69117,115,01727,134,749
Debt supported by notes receivable6,233,5505,679,7645,095,5214,479,1442,919,673
Debt per capita1,0699497673,4014,210
Annual surplus22,190,32421,011,05923,396,133
Accumulated surplus221,455,146
Net financial assets51,696,05455,022,92653,214,93453,559,23042,553,30340,412,495
Permits Issued:
Building Permit1017669907694
Electrical Permit223360201166202169163
Gas Permit11257616797
Plumbing Permit543930325156
Private Sewage Permit251717212221
557340445393431
*Source: Alberta Municipal Affairs Statistics Profile
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STATISTICAL SECTION
Expenses by Function & Expenses by Object
2008200920102011201220132014
Legislative$$419,156$$456,142$433,035$456,097$494,612
Administration5,020,9402,900,4743,592,537
Corporate safety services216,334236,523251,127260,472
Fire and bylaw enforcement953,9911,060,690
Disaster and emergency services91,73312,314133,965145,619197,126
Roads, streets, walks and lighting9,722,194
Airport--90,641112,29792,701
Water and waste water6,612,3542,906,2611,376,277
Waste management233,743249,413255,619
Family and community support41,21743,94964,466
Municipal planning216,496
Community and agricultural services1,300,551
Subdivision land and development15,700166,050171,491174,056265,710342,342
Recreation and parks674,439701,270733,752731,661
Culture and library123,720137,222139,473151,400
Other51,649(9,634)76,24537,4542,600,0131,469,629
$20,074,374$32,034,619$$23,126,924$20,101,723$$25,930,641
2008200920102011201220132014
Salaries, wages and benefits$5,395,633$5,499,995$5,731,502$$$$
Contracted and general services4,314,2916,532,5964,949,447
Materials, goods, supplies and utilities2,217,3142,009,7291,935,9612,495,2964,007,534
Transfers to organizations5,932,0342,530,290
Bank charges and short-term interest563497596
Interest on long-term debt391,030357,911325,913442,926700,535
Other expenditures70,262225,294125,92654,114
Amortization3,329,3254,422,416
$20,074,374$32,034,619$$23,126,924$20,101,723$$25,930,641
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STATISTICAL SECTION
Revenues by Source
Revenues by Source
REVENUES2008200920102011201220132014
Net municipal property taxes$$27,529,024$25,357,073$25,337,414$26,174,091
Special levies725,363711,4652,045,909
User fees and sale of goods
Government transfers2,141,5791,733,2101,601,6701,073,512
Penalties and cost of taxes76,391250,591
Investment income1,371,0131,736,9931,541,3431,654,240
Licenses and permits31,49527,12530,70070,292166,302
Other revenue122,375271,6551,565,7152,119,165
Gain (loss) on disposal of tangible capital assets91,464130,537(123,751)365,342-5,403
Operating revenues31,595,64230,061,64135,375,534
Other:
Insurance proceeds-----1,450,00062,969
Contributed from other local government-----2,795,262-
Contributed assets710,670624,4201,667,917106,193--
Government transfers26,771,7309,710,706
Other------2,006,616
9,137,60727,396,15014,991,76417,754,93610,773,330
$40,733,249$$$$$$49,326,774
Photo by Michelle Marshall
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