Abbotsford – On Monday, Abbotsford Council received the 2018 Financial Report and the numbers don’t lie. The City is in a strong positive mode, as the bills are paid and that includes servicing the debt.
This makes for good optics as the city moves towards 200K with the obvious intent to attract even more investors, domestically and internationally.
Mayor Henry Braun is in New York City this week speaking to the ICF – the group that recognizes “intelligent communities” ie moving forward in investment, growth and marketing awareness and action. This will be a document that could serve the city well when he networks.
A key indicator in assessing the financial health of a local government is its net financial assets (financial assets less liabilities). It is a measurement of the available financial resources the City has to finance future operations. Net financial assets increased by $32.4 million during 2018, from $193.0 million of net financial assets in 2017 to $225.4 million of net financial assets at the end of 2018. This increase is mainly due to higher reserve balances and reduced long-term debt.
Total debt repayments of $3.4 million were made in 2018. As a result, total long-term debt at the end of the year was $55.2 million (2017 -$58.6 million).