The City of Lacombe has released its year-end financials for 2024, demonstrating a commitment to Council’s strategic goals of fiscal responsibility and long-term financial sustainability.
While the city reports a modest year-end surplus of $2,659 on a nearly $50 million budget, the real story lies in its strategic approach to financial stewardship. The city has adopted financial policies to automatically direct any year-end surplus funds into reserves.
In 2024, as a result of this practice, Lacombe contributed an additional $1.7 million to reserves beyond what was originally budgeted.
“Council’s commitment to funding our reserves reflects a proactive approach to managing taxpayer dollars,” said Mayor Grant Creasey.
“Building up reserves helps us buffer against uncertainty, minimize debt, and maintain stable tax rates for residents.”
Additional reserve contributions were made possible by higher-than-expected revenues and expense management practices across city departments. These reserves allow the city to reduce future borrowing, provide flexibility for unexpected costs, and soften the impact of inflation-driven increases in construction and service delivery.
“Policies like this, along with council’s commitment to keep taxes at or below the rate of inflation, are key reasons Lacombe remains financially resilient,” said Matthew Goudy, chief administrative officer.
“We’re preparing not just for today, but for the future.”
Council has also endorsed voluntary limits on municipal debt, well below legislated thresholds. The city’s approach allows the council further flexibility to address future challenges and capitalize on opportunities.
For more information on the city’s 2024 audited financial statements, visit the April 28th regular meeting of council agenda available on lacombe.ca.
**With information provided by The City of Lacombe
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