Summerland Reveals Completed Audited Financial Statements: What You Need to Know

The municipality of Summerland has wrapped up its audited financial statements for 2024. These statements, showcasing the financial health of the community as of December 31, were reviewed by BDP Canada LLP.

In a recent update to the Summerland council, Renee Belyk, the financial services manager, noted that the community’s financial standing is similar to last year’s. By the end of 2024, Summerland’s net financial assets stood at $7.9 million, which is a slight dip of $341,148 from 2023. This was despite the municipality taking on a loan of $3.7 million for important upgrades, including Prairie Valley Road and a primary clarifier.

Summerland’s financial reserves in 2024 were impressive, totaling $30.2 million, which included $7 million from development charges and $11.3 million allocated for specific statutory purposes. Statutory reserves are designated for particular uses mandated by local bylaws.

Overall reserves saw an increase from $45.1 million in 2023 to $48.5 million in 2024. Notably, the municipality also recorded a surplus of $10.9 million this year.

The budget for 2024 included plans for $27.9 million in capital acquisitions, with $16 million slated to come from reserves. However, actual capital spending was lower than anticipated at $14.3 million, with $7.5 million drawn from reserves.

Additionally, the financial statements revealed that Summerland’s tangible capital assets had a net book value of $160.1 million. The municipality invested $13.8 million in capital asset acquisitions in 2024, a decrease from $21.7 million in 2023. Developer contributions to these assets were significantly lower, totaling just $130,100 this year, compared to $2.1 million last year.

These figures reflect ongoing trends in municipal finance, where many communities are balancing growth with fiscal responsibility. As local governments face increasing pressures from infrastructure needs and community demands, understanding these financial statements is crucial for residents and stakeholders.

According to a recent survey by the Canadian Municipalities Association, 72% of Canadians believe local governments should prioritize sustainable development while managing public funds wisely. This sentiment underlines the importance of transparency and accountability in municipal finances, as residents want assurance that their money is being used effectively.

For more insights on municipal finance trends, you can visit [Canadian Municipalities Association](https://www.cma.ca).

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