COUNCIL APPROVES 2018 AUDITED FINANCIAL STATEMENTS

April 24, 2019

 

COUNCIL APPROVES 2018 AUDITED FINANCIAL STATEMENTS

At the Council meeting held April 23, 2019, Mayor Redfern and Council accepted and approved the City’s audited financial statements as presented by Councillor Sheppard, the Chair of the Finance Committee.

“Our 2018 audited financial statements clearly show that the hard work of our employees, directed by strong leadership in Council, is bringing the city’s finances back on track,” said Mayor Redfern.

Councillor Sheppard, Chair of the Finance Committee explained, “Through tough choices and prudent fiscal planning in 2018, the City came very close to being deficit free in 2018. Our sanitation fund deficit in 2018 was $76,280 compared to $1,564,614 in 2017. Our water and sewer fund deficit was also reduced in 2018 to $592,000 from $2,350,883 in 2017. With the increases in sanitation rates, and the phased decreases in the residential water subsidy, the City will achieve its goal of being deficit free in 2019. This is a huge accomplishment and will enable the City to fund the much needed improvements of service and infrastructure.”

The City’s 2018 audited financial statements can be found on the City’s website, at www.iqaluit.ca/city-hall/departments/corporate-services.