Finance
The finance function is to provide stewardship of the City of Humboldt’s financial assets.
It provides financial reporting and control – including overseeing accounting, budgeting, purchasing and revenue services – and is responsible for the implementation of financial management policies that ensure the City is able to meet Council’s future service expectations.
Budgets
What is the municipal budget?
The municipal budget prioritizes projects, programs and service levels based on anticipated revenues and expenses for the next calendar year. Essentially, the budget is a carefully prepared document that outlines spending allowances while ensuring there are adequate funds available to support the municipal services for the community.
Within the municipal budget, there are two major components:
- The operating budget accounts for the day-to-day expenses for operations, such as staffing, facility maintenance, and utilities.
- The capital budget plans for the construction of new assets or improvement of existing assets, such as the wastewater treatment facility, and equipment used in operations.
How to fund the prioritized projects, programs and service levels is a challenging task that requires consideration of several factors, including the impact to ratepayers, the development of fair and equitable user fees and the evaluation of reserve balances.
How is the municipal budget created?
The municipal budget is created in a series of steps and processes. Ultimately, it is City Council’s decision to approve the municipal budget that outlines the operating requirements of the city to provide municipal services. The budgetary process is repeated annually to ensure services are adequately met and that the community’s voice is heard and considered.
How are services funded?
Municipal services are funded through the following sources of revenue sources:
- Provincial or federal grants
- User fees
- Municipal taxes
Pre-planning the sources of revenue ensures there are no interruptions in service delivery for the community. Grant opportunities are maximized to reduce the dependence on the ratepayer. Similarly, user fees capture revenue from the individuals and organizations that use City amenities. Where as, municipal taxes fund general operations that benefit the entire community as a whole.
The municipal taxes fund essential services, such as transportation, recreation and other municipal services. Educational taxes are established by the provincial government to support public and catholic school operations.
Approved 2024 Consolidated Budget
Approved 2023 Consolidated Budget
Approved 2022 Consolidated Budget
Approved 2021 Consolidated Budget
Audited Financial Statements
Each year, the City of Humboldt is responsible for preparing and presenting annual financial statements. The City’s annual financial statements are independently audited by a chartered accounting firm to ensure that they are presented fairly and in accordance with public sector accounting standards.
City of Humboldt – 2023 Audited Financial Statements
City of Humboldt – 2022 Audited Financial Statements
City of Humboldt – 2021 Audited Financial Statements
City of Humboldt – 2020 Audited Financial Statements
City of Humboldt – 2019 Audited Financial Statements
City of Humboldt – 2018 Audited Financial Statements
All City of Humboldt Public Accounts are available to the public and copies can be obtained at City Hall located at 715 Main Street, Humboldt, SK.