The numbers are in for the Town of Taber, and it appears we’re not in too bad a shape.
Last Monday at town council, Mark DeBlois, chartered accountant for KPMG, provided his auditor’s report and accompanying financial statements for the year ending Dec. 31, 2009.
Due to some big capital projects however, namely the wastewater and stormwater work, the town’s financials do not look as impressive as they did a year ago in terms of financial liabilities.
With just over $10.6 million in long-term debt added last year, the town went from just over $6 million in the black in terms of financial liabilities, to a debt of $3.5 million, which will have to be paid out of future revenues.
To put that in perspective, over the next five years, which include 2010, the town will be paying over $1 million, principle and interest combined, to help pay off its debt. In all, the $10.6 million in debt will cost the town over $16.6 million, when interest is factored in.
The town does have more room to borrow, DeBlois explained, as the total debt limit is just over $25.7 million. As such, should the need arise, Taber can still borrow just over $15.1 million.
In terms of revenue verses expenses, the town brought in over $17.1 in revenues in 2009, compared to $16.7 million in 2008. Expenses totaled nearly $19.6 million in 2009, and just over $18.6 in 2008. Nearly one million of that increase came from wastewater treatment and disposal.
An examination of the town’s expenses show salaries, wages and benefits took up $6.9 million last year, up from just under $5.9 million in 2008. A million more was also spent on contracted and general services last year, compared to 2008, while transfers to local boards and individuals dropped from over $2.3 million in 2008 to $289,365 last year.
When it comes to reserves, the numbers show Taber has just under $5.9 million in reserves.
The town’s full financial statements are available on request at the town office, and can also be downloaded from Taber’s website, at www.taber.ca.