Portage la Prairie has received its third consecutive clean audit opinion for its annual financial statements, marking a significant achievement under the current City Council and administration.
The approval of the 2024 audited financial statements by Council on Monday solidifies this streak, underscoring strong financial management within the Manitoba municipality.
Money well managed
City Councillor and Finance Chair Joe Masi confirmed the results, emphasizing the rigorous process behind the audits.
"These audits are required by law for every municipality," he explains, "you have to do an annual audit, have an outside firm come in, and really do a comprehensive and thorough review of the city's financial statements."
"The audit concluded this year that they had an unqualified opinion, which means that for 2024, the City of Portage had a clean audit and that's the third consecutive year. So in other words - under the term of this Council anyway - we've got 3 consecutive clean audits."
An unqualified opinion, or clean audit, signifies that auditors found no material misstatements and believe the financial statements fairly represent the city's true financial standing according to accepted standards. Auditors specifically examine internal controls, management and council reimbursement practices, and compliance with laws like the Municipal Act.
"On all of those, they had no concerns found," Masi stated.
For residents, this consistent outcome translates to confidence in how their tax dollars are managed.
"I think it really shows the citizens of Portage la Prairie that we are managing our expenses and our assets well," said Masi.
He contrasted Portage's position with previous issues elsewhere, noting, "We've had some news lately with other municipalities, mismanagement of funds and in some cases outright fraud. It shows that Portage la Prairie has no issues concerning how we're handling our funds that the people of Portage la Prairie provide to us; they're in good shape, they're transparent."
Stability and investment mark financial health
The clean audits are not just about accountability; they enable strategic investment.
Masi highlighted significant progress made possible by sound finances, stating, "In 2024, we added $16.7 million in new assets, which the biggest of course, are infrastructure. It shows that we're managing our money. We have good reserves, and we're still able to invest in things that we need, like Saskatchewan Ave. or water treatment plant and such."
This positions Portage well among Manitoba municipalities for continued growth.
Masi was clear that the three-year streak specifically reflects the current council's term and does not imply past problems.
"There were no issues prior. I am speaking as the current Finance Chair, " he noted, adding that Portage has historically maintained solid financial statements.
"We have been very consistent over the years, both this Council and previous Councils. The groundwork that was laid previously by previous Councils and previous administrations continues to show the strength of Portage la Prairie with respect to positive audits.
Credit to administrative team
Masi credited the city's administrative and finance staff for their role in achieving these results. "I want to express my thanks to our city manager, Nicole Chychota, and our director of Corporate Services, Jenn Sandney, and all our finance staff who have done yeoman's work and are very professional in what they do. And I think the proof in the pudding is that we've received our third consecutive clean audit."
The consecutive clean audits affirm the city's commitment to transparency and prudent financial stewardship, providing residents with assurance while enabling crucial investments in Portage la Prairie's infrastructure and future.