City Council approves 2020 consolidated financial statements
Iqaluit City Council approved its 2020 consolidated Financial Statements at a council meeting on August 10, 2021. The statements reflect the financial position and financial performance of the City as of December 31, 2020.
The City managed to maintain an overall positive financial position for its funds despite the challenges encountered due to the impacts of COVID-19. In 2019, the City recovered from a deficit position and maintained a positive positon in 2020.
In response to the pandemic, the City allocated $659,047 in COVID-19 specific funding to community organizations, $1.5 million under the Reaching Home program to entities supporting homelessness reduction and $383,000 under the Government of Nunavut Community Wellness program.
“The City was able to adapt to changing priorities to support our community during the COVID-19 pandemic,” stated Mayor Bell. “The positive financial position demonstrated in our 2020 consolidated financial statements is an important achievement for the City of Iqaluit. The City is on the right track to financial stability to be able to make improvements to our services and with the help of our partners, is prepared to make significant investments in infrastructure to support our growing capital city”.
The City’s net asset position increased by $10 million from 2019, representing cash and financial assets less financial liabilities. In addition, tangible capital assets increased to $166.5 million from $159.8 million in 2019. This increase is a result of the completion of capital projects including upgrades to water and sewer infrastructure, new solid waste facility planning, City Hall leasehold improvements and machinery and equipment purchases. Territorial Block Funding, Federal Gas Tax, reserve funds and the general operation budget funded these capital investments.
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