Council approves 2012 capital budget
for South Peace News
The numbers have finally been released for High Prairie’s 2012 capital budget, and council voted to accept the budget at its regular May 9 meeting.
Council had already voted to accept the operating budget at its March 28 meeting.
The 2012 capital budget shows a total expenditure of $3,330,712. (For more information on the breakdown of the 2012 capital budget, see last week’s issue of the South Peace News, p.4.) It is expected the money in this budget will be spent on seven main projects, all of which the town hopes to receive grants for.
However, the News was unable to compare this year’s capital expenses with last year’s because the town never actually developed a 2011 capital budget.
The 2012 operating budget, which includes such items as administration, protective services, public works, and development, shows a total expenditure of $8,737,513, which may allow the town to pay some of its debt with the $537,680 surplus projected for the year based on a total $9,275,193 in revenue.
The majority of the revenue comes from tax levies and requisitions, which is projected at $4,223,146, or a net of $3,422,775. This is up from 2011’s tax levies and requisitions, which totaled $3,837,635.26, or a net of $3,083,270.37.
At this point, it is difficult to figure out exactly what the town’s financial status is. Since the numbers for 2011 have not been audited, the financial statements cannot be released. Consequently, the most up-to-date figures are from the Consolidated Financial Statements of Dec. 31, 2010. This particular document shows the town’s long-term debt sitting at $5,500,103. Its assets, however, sit at $3,504,104. Along with other liabilities and bank loans, the town’s total liabilities add up to $7,326,274. After subtracting the assets, this leaves the town’s total debt at $3,822,170 – in 2010.
However, these assets do not include “non-financial assets,” which are over $40 million dollars, and include such things as capital assets (buildings and land) and inventory.
The 2012 capital budget only includes projects that will be paid for by government grants. In 2011, the town never produced a capital budget, although that does not necessarily mean no capital projects were undertaken, whether funded by the province or the town.