Lethbridge City Council last week voted unanimously to receive an Audit Committee report with highlights of the 2020 General Fund, Utility Fund and Reserve Fund Operations for the year ended December 31, 2020.
Part of the report involves a $14 million Line of Credit from the Municipal Revenue Stabilization Reserve to fund the commitments for the expansion of the Sherring Industrial Park and the Airport Commercial Development – and that the funds be repaid from future industrial lot sales and revenues.
"This is the most detailed financial report for our municipality and shows excellent transparency and financial stewardship," Mayor Chris Spearman. "As our City Treasurer outlined last Tuesday, this goes above and beyond the financial reporting requirements for a municipality."
Also included is the approval of the Municipal Operating Support Transfer (MOST) Funding eligible costs and funding allocations as outlined in the 2020 MOST Grant Funding Schedule of the unaudited financial report.
The unaudited financial report for 2020 was reviewed by the Audit Committee on March 3. The audited financial statements are scheduled to come to the April 20 City Council meeting. The financial statements and the auditor's report of the financial statements are to be made available to the public by May 1 (Section 276 of the Municipal Government Act).
All other City financial documents can be viewed here: https://www.lethbridge.ca/City-Government/Financial-Documents/Pages/default.aspx