Gull Lake Finances: Stability, Growth, and Planning Ahead

On June 10th, Town Council received the audited financial statements for 2024. To make the numbers easier to understand, I have pulled out the key points.” These statements are detailed and technical, but behind the numbers is a simple story: our community is financially stable, investing in the right places, and preparing for the future.

Here’s what the latest statements tell us.

💰 Where the Money Comes From

In 2024, the Town brought in about $2.8 million in total revenues (Statement of Operations, p. 2 of 45):

• Property taxes: $1.2 million

• Fees and charges (utilities, services): $1.0 million

• Grants: $200,945 (conditional $145,557 + capital $55,388)

• Investment income: $115,000

👉 Takeaway: Our revenues are steady and reliable, with less dependence on unpredictable grants.

📌 Sidebar: Why Do Grants Go Up and Down?

Grants — and their availability — fluctuate from year to year.

• 2021 total grants: $344,676 (conditional $169,783 + capital $174,893)

• 2022 total grants: $151,813 (conditional $87,170 + capital $64,643)

• 2023 total grants: $678,660 (conditional $336,240 + capital $342,420)

• 2024 total grants: $200,945 (conditional $145,557 + capital $55,388)

This doesn’t mean the Town is “losing” money. It reflects changing provincial and federal programs. Some years, municipalities qualify for infrastructure or stimulus funding; other years, those programs aren’t offered. That’s why Gull Lake relies on stable revenues like taxes and fees to cover core services.

🛠️ Where Gull Lake Money Goes

The Town spent $2,215,002 in 2024 to deliver services and maintain infrastructure (Statement of Operations, p. 2 of 45):

• General Government Services – $403,249

  Administration, council, and office operations: staff salaries and benefits, audit fees, office expenses, insurance, and building operations.

  
  

• Roads and Transportation – $564,188

  Maintenance and operation of all public roads and infrastructure: road grading and patching, snow removal and sanding, street lighting costs, sidewalk repair, and wages for public works staff.

  
  

• Utilities – $364,417

  Essential water, sewer, and waste services: operating and maintaining the water treatment/distribution system, managing the sewage collection and disposal system, covering fees for garbage/recycling collection, and utility staff wages.

  
  

• Recreation and Culture – $356,924

  Community quality‑of‑life services: operating the local arena or recreational complex, maintaining parks and green spaces, running community programs, and supporting the library and cultural facilities.

  
  

• Protective Services – $314,575

  Public safety and emergency services: the operating budget for the volunteer Fire Department, contract costs for police services (RCMP), and costs associated with local emergency measures (EMO) and bylaw enforcement.

  
  

👉 Takeaway: These categories show that most of the Town’s spending goes directly into the services residents see and use every day —from safe roads and reliable utilities to recreation, culture, and public safety.

🧩 What General Government Services Actually Cover

Of the $403,249 spent on General Government Services, $374,337 (92.8%) went to core administrative operations that keep the Town functioning year‑round:

• Salaries and benefits for administrative staff (CAO, clerks, etc.)

• Audit fees paid to the independent auditor who prepares the annual financial statements.

• Office expenses, supplies, and communications.

• Building operations and maintenance for the Town office

• Insurance and other essential administrative costs

• Council remuneration of about $29,000 total for all members combined

👉 Takeaway: Council remuneration represents just 7.2% of the General Government Services budget. The rest funds the staff, services, and systems that support municipal operations.

📊 Surpluses and Savings

Even after covering all expenses, the Town finished 2024 with a $636,000 surplus.

• Accumulated surplus (Town’s net worth): $10,638,025 (Statement of Financial Position, p. 1 of 45)

• Cash and short‑term deposits: about $3.0 million — available for operations, emergencies, or future projects (Statement of Financial Position, p. 1 of 45)

  
  

• Debt: just $25,000 — far below the borrowing limit of nearly $2 million

  
  

👉 Takeaway: Gull Lake is not only building long‑term value but also maintaining healthy cash reserves while keeping debt under control.

💡 Where Did the Surplus Come From?

The surplus isn’t a windfall—it’s the result of:

1. Steady local revenues—$1.2M in taxes and $1.0M in fees—covered most day‑to‑day costs

   
   

2. Growing investment income—$115K earned from reserves

3. Disciplined spending—services delivered without overspending

🏦 Surplus vs. Cash: What’s the Difference?

It’s important to note: the $10.6 million accumulated surplus is not cash in the bank.

• Cash on hand: about $3.0 million (Statement of Financial Position, p. 1 of 45)

• Tangible Capital Assets: $7,390,822 — long‑term infrastructure like roads, water lines, and buildings.

  
  

👉 Think of it like your household: your bank account is cash, but your house, car, and savings make up your net worth. You can’t spend your house tomorrow, but it’s still part of your financial picture.

🛠️ Planning for What’s Ahead

Gull Lake’s surplus and savings give us a strong foundation—but major infrastructure projects like the replacement of the aging water plant, downtown sidewalks, and residential sidewalk renewal will require long‑term planning. We’re in a good position to pursue solutions, which could include exploring grants, partnerships, and phased approaches over time to make it happen.

🌟 The Bottom Line

Gull Lake’s 2024 financial statements show the Town is in good shape. Revenues were steady, expenses stayed under control, and the year closed with a healthy $636,000 surplus. With about $3 million in cash reserves, a net worth (accumulated surplus) of $10.6 million, and just $25,000 in debt, the community ended 2024 on solid financial ground

This stability gives Gull Lake the flexibility to plan ahead for major needs—like the replacement of the aging water plant and the renewal of downtown and residential sidewalks—while continuing to deliver the services residents rely on every day.

👉 Takeaway: The 2024 audit confirms Gull Lake was financially stable at year‑end and well‑positioned to invest in the community’s future.

💬 Closing Thoughts

Here’s the story behind the numbers—clear, straightforward, and focused on what matters most to our community. The 2024 financial statements show that Gull Lake ended the year on solid financial ground, with steady revenues, low debt, and reserves to help support future needs.

By sharing these highlights in plain language, the goal is to make the Town’s finances easier to follow and invite residents to share their perspectives.

Blake Campbell

Gull Lake Events

📚 Source

Read the full audited financial statements:Town of Gull Lake – 2024 Audited Financial Statements

Gull Lake Events

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