The municipality of Summerland has completed its 2024 audited financial statements.
The statements, reflecting the municipality’s financial position as of Dec. 31, 2024, were audited by BDP Canada LLP.
In a report to Summerland council, Renee Belyk, manager of financial services, said the community's financial position was comparable to the previous year.
Summerland’s net financial assets at the end of 2024 were $7.9 million, a decrease of $341,148 from the same time in 2023. The net assets come despite the municipality borrowing $3.7 million for the Prairie Valley Road and primary clarifier upgrades for the municipalities.
The reserve funds in 2024 included $30.2 million in reserve accounts, $7 million from development charges and $11.3 million in statutory reserves. The statutory reserves can only be used for the purposes specified in the bylaw.
Summerland also held $48.5 million in reserves, compared to $45.1 million a year earlier.
In 2024, the municipality recorded a surplus of $10.9 million.
In addition, the 2024 budget included $27.9 million in capital acquisitions, with $16 million to be transferred from reserves.
The actual capital spending was lower, at $14.3 million, with $7.5 million transferred from reserves.
The financial statements also show Summerland’s tangible capital assets had a net book value of $160.1 million.
Capital asset acquisitions were $13.8 million in 2024, compared with $21.7 million in 2023. These included developer-contributed assets of $130,100 in 2024, compared with developer-contributed assets of $2.1 million in 2023.
