Armstrong’s finances are in good shape.
Chief financial officer Terry Martens released his 2013 financial results report to city council.
The city collected more revenue in 2013 than budgeted for.
“The actual revenue was 102.8 per cent of budget,” wrote Martens. “Most of the additional $112,072 in revenue was due to parks and recreation and developer contributions for park land, which was transferred to general reserves.”
The city was a smidge over in its general expenses last year, 100.8 per cent of budget. The overage of $33,477, said Martens, is the net effect of a variety of favourable and unfavourable variances.
“There is a general fund surplus of $78,595 which represents two per cent of the budget,” said Martens. “That’s good news. The surplus was calculated after carrying over $47,000 for programs and projects not finished in 2013.”
The city is working on its 2014 financial plan. The major expenditure will be a $740,000 capital project for Dunn Road, which will feature road, water and sewer upgrades.
Martens’ good work was confirmed by an audit conducted by KPMG.
“Because of all the pre-work Terry does, we’re one of the first communities in B.C. to have their financial statements done,” said Coun. Kelly Rowe of the city’s finance committee.
“We have no new debt, we’re paying down our old debt and, overall, we’re in a good financial position.”