The City of Prince Albert has released its first year-end financial report in an effort to increase transparency and accountability of City spending.
In 2022, the City saw a $3.4 million deficit compared to budgeted revenues, expenses, reserve allocations, and capital-related items. The deficit was driven mainly by the transition out of Covid-19, as revenues had not yet recovered. Inflation drove up costs on things like asphalt, power, electricity, and insurance, which were needed in situations where emergency repairs were required.
The good news is, the City’s fiscal stabilization fund will cover the deficit, and the City’s financial health continues to be in good condition. The 2022 audit of the City’s investments has been completed, and auditors issued a clean audit opinion regarding the City’s financial reporting.