WESTLOCK - The Town of Westlock had its financial records audited by an external independent firm, and the results show a clean financial record for the ninth year in a row.
At the April 14 council meeting, Edward Cheung, auditor with Doyle and Company, presented the findings to council, noting the town met all requirements and will file its statements with the province ahead of the May 1 deadline.
“For 2024, we are issuing a clean, unqualified audit opinion. That’s a good thing,” said Cheung.
“It is to put assurances in your books for the people of Westlock that they can be more comfortable looking at these numbers, knowing that we are independent.”
Cheung explained that the audit is a “random audit with a combined approach,” where auditors examine various areas without the administration knowing which components will be reviewed. Auditors meet with administration at the start, midway, and end of the process and assess relationships between council, administration, and the finance team.
The 30-page audit report does not explicitly state that the opinion is “unqualified,” Cheung said.
Auditors conducted payroll testing, expenditure reviews, revenue checks, and examined balance sheet items. No disagreements were noted between auditors and town management regarding internal controls.
Cheung also shared several highlights from the town’s 2024 financial statements. Westlock reported approximately $11 million in financial assets and $13.1 million in financial liabilities, resulting in net financial debt of just over $2.1 million. Non-financial assets—which include tangible capital assets, inventory, and prepaids—totaled around $65.7 million. Altogether, this brings the town’s accumulated surplus to roughly $63.6 million.
For the year, the town reported total revenues of $18.4 million and expenditures of $18.9 million, resulting in a shortfall of about $525,000 before capital transfers. However, with nearly $980,000 in capital government transfers, the town ended 2024 with an overall surplus of around $450,000.
The town’s accumulated surplus changed in a few key ways. The unrestricted surplus began the year at just under $3 million and ended at approximately $2.6 million, representing a decrease of about $340,000. The restricted surplus also decreased significantly—from $5.8 million to $3.6 million—for a change of roughly $2.1 million. Meanwhile, equity in tangible capital assets rose from $54.3 million to $57.3 million, an increase of nearly $3 million.
Tangible capital asset acquisitions totaled about $6.4 million for the year, with engineering structures making up the largest share. Annual amortization amounted to just over $3 million. The net book value of the town’s assets increased from roughly $50.1 million to $53.1 million.
All financial documents will be made publicly available online.
Coun. Murtaza Jamaly noted this marked nine consecutive years of a clean audit opinion during his time on council. He also expressed interest in providing council orientation on financial reporting and benchmarking Westlock against other Alberta municipalities.
Coun. Randy Wold praised the town’s approach to borrowing and repayment, while Coun. Laura Morie said the results reflect the team’s effort to balance growth with infrastructure renewal. Coun. Curtis Snell added that a measured approach to debt has been key, and Simone Wiley noted that council’s investments—such as residential lot development—require time to pay off but will benefit the community in the long run.
Mayor Jon Kramer said he has heard appreciation from residents and builders who are now taking renewed interest in Westlock.
“People have said someone needed to give it a nudge—and I think we’re hearing the gratitude now,” said Kramer.
