The 2024 audited financial statements for Clearwater County were completed and issued on April 22, 2025, receiving a clean audit opinion from Metrix Group LLP, Chartered Professional Accountants. The statements present fairly the County's consolidated financial position as at December 31, 2024, in accordance with Canadian public sector accounting standards.[1]
Financial Position Summary
Assets and Financial Strength
As of December 31, 2024, Clearwater County maintained a strong financial position with total assets of $518.3 million:[1]
Financial Assets | 2024 | 2023 | Change |
Cash and cash equivalents | $55.7M | $52.6M | +$3.2M |
Accounts receivable | $7.9M | $13.2M | -$5.3M |
Land held for resale | $6.0M | $5.7M | +$0.3M |
Investments | $50.0M | $52.0M | -$1.9M |
Total Financial Assets | $119.7M | $123.4M | -$3.8M |
The County's tangible capital assets totaled $392.2 million, representing the largest component of total assets and reflecting significant infrastructure investments in roads, bridges, water systems, and facilities.[1]
Liabilities and Debt Management
Total liabilities decreased significantly to $23.7 million in 2024 from $31.1 million in 2023:[1]
Liabilities | 2024 | 2023 | Change |
Accounts payable and accrued liabilities | $7.3M | $7.1M | +$0.2M |
Deferred revenue | $7.5M | $13.5M | -$6.0M |
Long-term debt | $0.2M | $0.7M | -$0.4M |
Asset retirement obligations | $8.7M | $9.8M | -$1.1M |
The debt-to-assets ratio improved to 4.8% in 2024 from 6.3% in 2023, indicating strong debt management.[1]
Revenue Performance
Total Revenue Growth
Clearwater County achieved strong revenue growth of 6.5% in 2024, with total operating revenue reaching $68.2 million compared to $64.0 million in 2023.[1]
Revenue Sources Breakdown (2024)
Revenue Source | Amount | % of Total |
Net municipal taxes | $56.0M | 82.0% |
Government transfers (operating) | $4.1M | 6.0% |
Investment income | $3.9M | 5.7% |
User fees and sales | $2.8M | 4.1% |
Other sources | $1.5M | 2.2% |
Municipal taxes remained the dominant revenue source at 82% of total revenue, generating $55.97 million in 2024 versus a budget of $54.19 million. Investment income exceeded budget by $1.46 million, reaching $3.88 million due to favorable interest rates on the County's investment portfolio.[1]
Government transfers for operating significantly exceeded budget, totaling $4.1 million versus a budgeted $1.7 million, primarily due to additional provincial funding.[1]
Expenditure Analysis
Total Expenses
Operating expenses totaled $69.9 million in 2024, representing controlled spending despite revenue growth.[1]
Major Expense Categories (2024)
Expense Category | Amount | % of Total |
Amortization | $24.1M | 34.5% |
Roads, streets, walks and lighting | $14.5M | 20.7% |
Administration | $7.2M | 10.3% |
Fire, ambulance, and protective services | $6.3M | 8.9% |
Agricultural services | $3.1M | 4.4% |
Wastewater treatment and disposal | $2.4M | 3.4% |
Land use planning and development | $2.3M | 3.3% |
Transportation infrastructure (roads, streets, walks and lighting) represented the largest operational expense at $14.5 million, reflecting the County's commitment to maintaining its extensive rural road network.[1]
Cash Flow and Capital Investment
Operating Cash Flow
The County generated strong operating cash flows of $29.7 million in 2024, providing substantial resources for capital investments and debt service.[1]
Capital Expenditures
Capital investments totaled $28.9 million in 2024, down from $38.0 million in 2023. Major capital activities included:[1]
- Infrastructure improvements and maintenance
- Equipment and vehicle purchases
- Building improvements and new facilities
- Technology upgrades
The County received $9.0 million in government transfers for capital projects, supporting major infrastructure initiatives.[1]
Family and Community Support Services (FCSS)
FCSS expenses totaled $1.07 million in 2024, representing a significant increase from $0.56 million in 2023. This increase reflects expanded community programming and services following the amalgamation with the Village of Caroline.[1]
Special Considerations
Caroline Amalgamation Impact
The financial statements reflect the successful amalgamation with the Village of Caroline effective January 1, 2025. While the amalgamation occurred after the 2024 year-end, the County prepared for this transition throughout 2024.[2]
Asset Retirement Obligations
The County maintains $8.7 million in asset retirement obligations, primarily related to landfill closure and post-closure activities ($8.5 million) and building remediation requirements ($0.2 million). These obligations decreased by $1.1 million in 2024 due to revised estimates.[1]
Financial Outlook
Accumulated Surplus
Clearwater County's accumulated surplus increased to $494.6 million in 2024 from $490.2 million in 2023, demonstrating continued financial strength and capacity for future investments.[1]
Restricted Surplus Reserves
The County maintained $110.9 million in restricted surplus for specific purposes, including:[1]
- Broadband infrastructure: $20.7 million
- Administration facilities: $16.9 million
- Bridge reconstruction: $9.1 million
- Vehicles and equipment: $8.2 million
- Resource roads: $8.0 million
Audit Opinion and Compliance
The independent auditors issued an unqualified (clean) opinion, confirming that the consolidated financial statements present fairly, in all material respects, the financial position and results of operations in accordance with Canadian public sector accounting standards.[1]
The 2024 financial statements demonstrate Clearwater County's continued financial stability, effective debt management, and strategic positioning for future growth and service delivery to residents.
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- https://clearwatercounty.ca/Home/DownloadDocument?docId=6ed85dfe-860d-4bdb-808d-13c5c6a7669e
- https://www.clearwatercounty.ca/Home/DownloadDocument?docId=291add8f-6aa3-431c-97f3-3523cd05bf7a
- https://www.oag.ab.ca/reports/audit-of-2023-2024-consolidated-financial-statements/
- https://ppl-ai-code-interpreter-files.s3.amazonaws.com/web/direct-files/576264acfe0bec30f2ad26643a5f79bd/e06abe5a-8b60-42ef-95ef-71d7dbb16f68/7c7bbf40.csv
- https://ppl-ai-code-interpreter-files.s3.amazonaws.com/web/direct-files/576264acfe0bec30f2ad26643a5f79bd/e06abe5a-8b60-42ef-95ef-71d7dbb16f68/5250f8b9.csv
- https://ppl-ai-code-interpreter-files.s3.amazonaws.com/web/direct-files/576264acfe0bec30f2ad26643a5f79bd/e06abe5a-8b60-42ef-95ef-71d7dbb16f68/8e8cbdda.csv
- https://ppl-ai-code-interpreter-files.s3.amazonaws.com/web/direct-files/576264acfe0bec30f2ad26643a5f79bd/e06abe5a-8b60-42ef-95ef-71d7dbb16f68/2871d223.csv
- https://ppl-ai-code-interpreter-files.s3.amazonaws.com/web/direct-files/576264acfe0bec30f2ad26643a5f79bd/e06abe5a-8b60-42ef-95ef-71d7dbb16f68/edf482b8.csv
- https://www.clearwatercounty.ca/Home/DownloadDocument?docId=6ebdb452-46ed-4f2f-b4fa-eada37fa7bbf
- https://www.clearwatercounty.ca/Home/DownloadDocument?docId=b78598a2-45a5-4f89-98c4-1e42d96f6630
- https://www.alberta.ca/government-and-ministry-annual-reports
- https://www.clearwatercounty.ca/p/corporate-services
- https://www.clearwatercounty.ca/p/budget
- http://www.municipalaffairs.alberta.ca/mc_financial_tax_bylaws
- https://www.clearwatercounty.ca/p/financial-services
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