Cochrane 2025 audit shows $56.2M asset growth

The Town of Cochrane added more than $56 million in assets in 2025, reflecting continued growth in infrastructure and development, according to its latest audited financial statements.

Council reviewed the audit during a special meeting April 27, where it was reported that $56.2 million in new assets had been added to the Town’s portfolio.

“You’re definitely adding to your asset pool, replacing and adding new infrastructure,” said Jeff Alliston, engagement partner with Metrix Group LLP, the Town’s independent auditor.

Tangible capital assets refer to non-financial, physical assets with useful lives extending beyond one year, used to deliver services. In Cochrane, these include projects such as the River Heights pump station and servicing work at Horse Creek Sports Park.

“From an audit standpoint, we’re looking at what was approved in the budget for capital projects and what the actual results are,” Alliston said. “We’re also looking at how these projects are being funded — whether through levies, grants, reserves or taxation — to make sure those are all in line with expectations.”

The $56.2 million total includes about $10 million in contributed assets and roughly $46 million in additions. By comparison, 2024 saw $4.9 million in contributed assets and $21.2 million in additions.

Mayor Morgan Nagel said the increase reflects planned investment to support growth surge Cochrane has been experiencing.

“The $56.2 million increase in capital assets reflects the Town’s ongoing investment in infrastructure to support responsible growth,” he said. “These investments are critical to maintaining service levels and enabling continued development across the community.”

Nagel said projects contributing to the increase include the River Heights pump station, Horse Creek Sports Park servicing, James Walker Trail Stage 3, wastewater pipeline twinning and upgrades to Glenpatrick Drive.

“As our population grows, these systems must expand to support new neighbourhoods and increased demand,” he said. “Overall, this increase reflects planned, responsible growth and ensures the Town is building the infrastructure needed to support both current and future residents.”

The financial statements are required under Alberta’s Municipal Government Act and must comply with Canadian Public Sector Accounting Standards, including an external audit by an independent firm.

“Our opinion on the financial statements is that they present fairly, in all respects, in accordance with Canadian Public Sector Accounting Standards,” Alliston said.

Other key takeaways from the audit include 2025’s Net Financial Assets $46 million compared to $64 million in 2024 and an Annual Surplus $25.1 million compared to $15.3 million in 2024.

Council unanimously approved the audited statements, which are now being finalized for submission by the May 1 deadline.