Town of Coaldale Releases Its 2022 Annual Report

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

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The Town of Coaldale has officially released its 2022 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 prioritizing readability and shinning a spotlight on the recent completion of Coaldale’s new Town Hall.

When it comes to the Town’s financial performance, the report shows that on the whole, 2022 was another successful year. Financial assets totaled $29.5 million, financial liabilities totaled $25.3 million, and the Town’s accumulated surplus grew by 6.48% - up from $133 million in 2021 to $141.6 million in 2022.

“Once again, I’m happy to report that the Town remains in a financially healthy and 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 this was especially true in 2022. Like individual households, municipalities are not immune from inflation, and 2022 was a year marked by high inflation. With increasing costs for construction, materials, supplies and services, it became all the more difficult to maintain adequate service levels for residents while maintaining fiscal responsibility. But as the report shows, we’ve largely succeeded in meeting this challenge. Coaldale not only continues to benefit from sustainable growth and investment, but also, to utilize its limited resources in innovative, cost-conscious ways.”

According to Mayor Jack Van Rijn, pulling off this financial balancing act was no small feat. “Looking back on 2022, I am proud of what our Council and Town staff have managed to accomplish, especially while contending with the financial realities of high inflation”, said Van Rijn. “Thankfully, our diligent financial planning and prudent management have allowed us to provide essential services and maintain a high standard of living for our residents, while keeping the burden on taxpayers as minimal as possible.”  

As for the completion of Coaldale’s new Town Hall, the report details a number of construction highlights which, taken together, provide insightful context for understanding the building’s design and appearance. Designed to have two distinct appearances, the east-side of Civic Square features classic brick and arches, while the west side has a modern look with wood and metal panels. The brick selected has a paper-cut finish, which combined with the regular spaced archways and pilasters give it a more traditional or historic feeling. The contrast between the two sides gives the building a better sense of scale and adds to the visual appeal of a more dynamic downtown. It also serves as a wayfinding tool, a visual cue separating the public side of the building from the business side.

“Civic Square – which was recently given the Blackfoot name Natosooyis (‘Sun Lodge’) – stands as a testament to our commitment to providing efficient and accessible services to our community”, said Mayor Van Rijn. “It will serve as a central hub for civic engagement, decision-making, and collaboration between our dedicated council members and the residents they represent. I extend my heartfelt gratitude to all those involved in bringing this project to fruition.”

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 four years, the Town has submitted its annual report for consideration of this award and each time has received it,” explained Beauchamp. “The 2022 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.”

Coaldale’s 2022 Annual Report can be found on the Town’s website at: https://www.coaldale.ca/annual-report.