Audit finds Red Deer’s financial books in good standing

External auditors are showing the City of Red Deer’s financial books for 2011 are in good standing.

External auditors are showing the City of Red Deer’s financial books for 2011 are in good standing.

Coun. Tara Veer, part of the internal audit committee, said overall the city is in a healthy financial position as noted by Deloitte and Touche, based in Edmonton.

“Generally, we see some economic recovery in 2011 over 2010,” Veer said after Monday’s approval of the books. “But in moving forward, we have to exercise cautionary budgeting.”

The internal audit committee is doing a Value for Money audit involving city utilities. It’s looking at the charges applied, as well as the revenues and expenditures.

The audit committee will also look at the city’s reserves.

“We’ll be looking at how much we keep in financial reserves and how that relates to our debt,” said Veer. “My hope is that we’ll be able to establish some benchmarks in the coming year around financial flexibility, sustainability and vulnerability.”

Sustainability measures the degree to which the city can maintain its existing service and financial commitments without increasing debt or tax burdens on its citizens. Flexibility will measure the degree to which the city uses debt instead of increased taxation to meet its capital commitments.

The vulnerability measure indicates the degree that the city depends on other levels of government for operating funding.

Council authorized the 2011 financial statements so they can go to Alberta Municipal Affairs by May 1. Staff was also asked to give a summary of grants annually from the federal and provincial governments.

City manager Craig Curtis said the city hasn’t seen cuts in provincial Municipal Sustainability Initiative funding, but there hasn’t been an increase significantly either.

Just Posted

High-speed chase led to fatal collision, jury hears

A Delburne man charged with manslaughter chased his victim at high speed… Continue reading

Red Deer city managers and non-unionized professionals get small raise

It’s needed to attract qualified staff, says HR director

No one injured in Olds cannabis production facility fire

A room in a licensed cannabis production facility in Olds went up… Continue reading

UPDATED: Red Deer Festival of Trees raises more than $1 million

Festival of Trees held last month at Westerner Park

No bending the rules for Red Deer’s cannabis locations

City council sticks to approved setback distances

Sebastian Giovinco, Jonathan Osorio and Adriana Leon up for top CONCACAF awards

Toronto FC’s Sebastian Giovinco and Jonathan Osorio are up for CONCACAF male… Continue reading

Huitema, Cornelius named 2018 Canadian Youth International Players of the Year

TORONTO — Canada Soccer has named striker Jordyn Huitema and defender Derek… Continue reading

Review: Too much Spider-Man? Not in the Spider-Verse

You might be forgiven for feeling superhero overload this holiday season. Had… Continue reading

‘Modern Family’s’ Sarah Hyland had second kidney transplant

LOS ANGELES — “Modern Family” star Sarah Hyland says she had a… Continue reading

Orlando SC acquires Canadian Tesho Akindele in trade with FC Dallas for cash

ORLANDO, Fla. — Canadian forward Tesho Akindele was traded to Orlando City… Continue reading

Koskinen notches third shutout, McDavid gets winner as Oilers blank Flames 1-0

EDMONTON — The Edmonton Oilers appear to have shored up their defence… Continue reading

Beyonce performs at pre-wedding party in India

Beyonce brought her star power to a pre-wedding party for the daughter… Continue reading

Kirk Douglas celebrates 102nd birthday

LOS ANGELES — Actor Kirk Douglas got to celebrate his 102nd birthday… Continue reading

Most Read