The MD of Bonnyville grew its financial resources in 2009, thanks largely to a double-digit percentage boost in tax revenue.
The 14.1 per cent hike in municipal tax revenue is one of the numbers that pops out from the MD's 2009 audited financial statements, which were presented to MD council last week.
Municipal tax revenue not passed on to the province or school boards jumped from $30.04 million in 2008, to $34.28 million in 2009. With that $4.24 million hike in tax revenue, the MD was able to grow its net financial assets at the end of 2009 to $33.4 million, an increase of almost $2 million from where it finished 2008.
The tax revenue hike wasn't felt as significantly as the 14.1 per cent figure would suggest because of real growth in the number of assessable properties.
The MD's tangible capital assets — everything from buildings and pipelines to roads and bridges — grew in value by about $15.4 million in 2009, and were valued at $78.9 million at year end.
Aside from some of the eye-catching data, the statements and an accompanying letter from the accounting firm of Hawkins Epp Dumont also offered some reassurance to MD council.
The $38,550 audit did not identify any significant weaknesses in internal controls, nor did it find any material misstatement arising from error.
In presenting the statements to council, auditor Michael Epp said the statement format is significantly different from previous years to conform to new standards for public sector bodies. He said statements for municipalities now more closely resemble those for private businesses than they did in the past.
The statements reflect increases in spending in several areas, including parks, recreation and libraries (from $3.05 million in 2008 to $4.86 million in 2009).
Unlike many Alberta municipalities, the MD carries relatively little long-term debt. Its long-term debt total fell from $2.1 million in 2008 to $1.9 million at the end of 2009. That's only a small fraction of its allowable debt limit under provincial legislation. The Town of Bonnyville's debt for the year ending Dec. 31, 2008, in contrast, was $3.86 million, and it anticipates borrowing $2 million or more to finance its share of the new RCMP detachment.
The MD's statements note that its single largest liability is post-closure landfill costs, which were estimated to be in the range of $3.8 million at the end of 2009.
Council expenditures up 7.3 per cent in 2009
Spending on salaries and expenses for MD council members increased by 7.3 per cent in 2009, from $474,521 in 2008 to $509,187 in 2009.
Those totals include all amounts paid for salaries, meeting fees, travel and benefits.
Reeve Ed Rondeau was paid $71,000 in salary and meeting fees, and claimed for benefits and travel reimbursement of $18,881, for a grand total cost to taxpayers of $89,881, up about 3.8 per cent from 2008.
Other councillors received between $30,700 and $63,700 in meeting fees and salaries, and between $8,076 and $19,681 in travel and benefits costs. Total councillor costs jumped about 8.0 per cent.
The MD's chief administrative officer, Ryan Poole, was paid $158,414 in total compensation in 2009, based on $134,167 in salary and $24,247 in benefits costs.