Town of Coaldale Releases Its 2021 Annual Report

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The report will be submitted for consideration of a fourth consecutive national award for financial reporting.

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The Town of Coaldale has officially released its 2021 Annual Report. In addition to providing residents, businesses, and potential investors with an up-to-date overview of the Town’s financial performance, the report once again goes beyond financial accounting requirements by highlighting many of the Town’s ongoing projects, as well as by shining a spotlight on Coaldale Town Council’s 2021-2025 Strategic Plan.

When it comes to the Town’s financial performance, the report shows that 2021 was a successful year. Financial assets totaled $34.2 million, financial liabilities totaled $26.8 million, and the Town’s accumulated surplus grew by 9.26%, reaching $133 million. The Town also saw a significant increase in demand for commercial land in its North East Industrial Park. Land sales increased from $0.7 million in 2020 to $3.4 million in 2021, which means that the Town remains in a strong position to capitalize on sustainable growth and investment into 2022.

“Overall, the Town is in a healthy and financially stable position”, said Kyle Beauchamp, Chief Financial Officer & Deputy CAO for the Town of Coaldale. “Balancing service levels with fiscal responsibility is always a challenge, but as the report shows, Coaldale not only continues to benefit from sustainable growth and investment, but also, to utilize its limited resources in innovative, cost-conscious ways.”

As for the Town’s major projects, the report highlights many including the opening of the RCMP detachment building; the construction of the Town’s joint multi-use recreation facility; the soon to be completed Civic Square building on Main Street; and the Town’s lagoon upgrade project.

The report also previews some of the capital projects and advocacy efforts that the Town’s newly elected Council is determined to advance over the next few years. “2021 was a year marked by both continuity and change,” said Town of Coaldale Mayor, Jack Van Rijn. “As a newly elected Council we not only inherited a number of important ongoing capital projects but also had the opportunity to develop and launch a new strategic plan identifying all of the capital and advocacy projects we’re determined to pursue moving forward. These include expediting improvements in Coaldale’s infrastructure, improving pedestrian safety around Highway 3, and advocating for the return of urgent care to Coaldale’s Health Centre, and advocating for the appropriate AHS EMS response times to medical emergencies in Coaldale.”

Now that the report has been released, it will be submitted for consideration of the Canadian Award for Financial Reporting from the Government of Finance Officers Association of the United States and Canada. “For the past three years, the Town has submitted its Annual Report for consideration of this award and each time has received it,” explained Beauchamp. “The 2021 Annual Report meets the same high standards as our previous award-winning reports, so we are hopeful that the Town will once again be recognized for its commitment to financial transparency.”

To read the full report, click here: https://www.coaldale.ca/annual-report.