Council Meeting/Documents/Town of View Royal 2024 Consolidated Financial Statements Highlights (Presentation)
Presentation
Town of View Royal 2024 Consolidated Financial Statements Highlights (Presentation)
May 13, 2025Pages 70–8011 sections
Staff presentation providing visual highlights of the town's financial position, revenue sources, and expenses for 2024.
Total Revenue: $26.1 MillionTotal Expenses: $21.4 MillionNet financial assets: $31,425,140
Town of View Royal
2024 Consolidated Financial Statements Highlights
Steven Vella, Director of Finance May 13, 2025
Page 70–80
Contents
- Management’s responsibility for financial reporting
- Auditor’s report
- Consolidated Statements:
- Financial Position
- Operations
- Net Financial Assets
- Cash Flows
- Notes
- Segment Disclosures
- Tangible Capital Assets
Page 70–80
Who does what?
Management’s responsibility
- To prepare compliant financial statements that are objective, consistent and have integrity
Auditor’s responsibility
- Conduct independent examination
- Evaluate the systems of internal control
- Express an opinion on the financial statements – do they fairly represent the actual position of the Town?
Mayor and Council’s responsibility
- Make sure management does its job
- Meet with management and auditors to review and discuss matters
Page 70–80
Financial Position
| 2024 | 2023 | |
|---|---|---|
| Financial Assets | $55,425,824 | $51,259,372 |
| Liabilities (excluding MFA Debt) | 20,312,272 | 19,240,856 |
| Municipal Finance Authority Debt | 3,688,412 | 4,146,384 |
| Net financial assets | 31,425,140 | 27,872,132 |
| Tangible capital assets | 123,278,43 | 122,183,649 |
Page 70–80
Revenues - $26.1 Million - Comparison of Budget to Actuals
[Chart: Bar chart comparing Budget, 2024 Actuals, and 2023 Actuals for the following revenue categories: Taxes for municipal purposes, User charges and sales of services, Government grants and transfers, Contributions from developers and others, Development charges earned, Investment income, and Other revenue from own sources]
Page 70–80
Revenues – $26.1 Million - Breakdown by Source
- Taxes for municipal purposes: $12,209,528 (47%)
- User charges and sales of services: $5,842,294 (22%)
- Government grants and transfers: $3,883,449 (15%)
- Investment income: $2,059,442 (8%)
- Contributions from developers and others: $1,049,550 (4%)
- Other revenue and miscellaneous: $1,070,431 (4%)
Page 70–80
Expenses - $21.4 Million - Comparison of Budget to Actuals
[Chart: Bar chart comparing Budget, 2024 Actuals, and 2023 Actuals for the following expense categories: Protective services, Transportation services, Recreation and cultural services, General government services, Environmental health services, and Development services]
Page 70–80
Expense – $21.4 Million - Breakdown by Type
- Goods and services: $9,891,306 (46%)
- Labour and benefits: $7,729,589 (36%)
- Amortization: $3,314,066 (16%)
- Debt interest: $266,198 (1%)
- Change in proportionate share of WSPR: $245,655 (1%)
Page 70–80
Changes in Net Financial Assets
| 2024 | 2023 | |
|---|---|---|
| Annual Surplus (Statement of Operations) | $4,667,880 | $7,356,529 |
| Acquisition of tangible capital assets | (4,753,869) | (2,780,314) |
| Amortization of tangible capital assets | 3,314,066 | 3,164,434 |
| Other items | 324,931 | 248,301 |
| Change in net financial assets | $3,553,008 | $7,988,950 |
Page 70–80
Accumulated Surplus (Note 10)
| Accumulated Surplus | 2024 | 2023 |
|---|---|---|
| Equity in physical assets | $119,662,495 | $118,108,469 |
| Appropriated surplus | 7,725,420 | 7,707,420 |
| Unrestricted accumulated surplus | 8,409,814 | 7,043,418 |
| Restricted surplus | 19,073,220 | 17,343,762 |
| Total Accumulated Surplus | $154,870,949 | $150,203,069 |
Page 70–80
Accumulated surplus
Restricted surplus
| Restricted surplus | 2024 | 2023 |
|---|---|---|
| Capital Renewal | $1,864,669 | $ 1,162,286 |
| Capital Works and Land Acquisition | 1,538,966 | 1,412,971 |
| Cash in lieu of Parking | 521,335 | - |
| Community Amenity Contributions | 2,270,697 | 1,623,239 |
| Fire Department Equipment | 193,381 | 159,125 |
| Future Operating Expenditures | 1,465,086 | 1,244,334 |
| Growing Communities | 3,805,285 | 4,879,515 |
| Machinery and Equipment Depreciation | 219,031 | 288,161 |
| Parks and Open Space | 1,584,354 | 1,505,786 |
| Parks Improvements | 766,039 | 612,952 |
| Police Equipment, Property and Contract | 382,675 | 365,896 |
| Police Operation and Maintenance | 2,890,775 | 2,218,321 |
| Sewer System Capital | 1,201,652 | 1,509,998 |
| West Shore Parks and Rec. Society reserves | 369,275 | 361,178 |
| Total | 19,073,220 | $17,343,762 |
Page 70–80
Document Images
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Extracted from: 2025 05 13 Council Agenda - Agenda - Pdf