CITY COUNCIL APPROVES CONSOLIDATED FINANCIAL STATEMENTS
May 12, 2020 (Iqaluit, Nunavut) – Iqaluit City Council approved its 2019 consolidated financial statements today. The statements reflect the financial position and financial performance of the City as of December 31st 2019.
Councillor Sheppard, chair of the finance committee stated, “for the first time in recent years, all of our funds are out of deficit. While the City does not have the resources to accomplish everything that is needed on its own, the changes made to taxes and fee structures will allow us to start addressing some of the gaps”.
The City ended the year in a strong financial position with its funds all in a positive position. The City achieved a net asset position for the first time since 2013. Its net asset position of $11.3 Million is a significant improvement compared to its net debt position of $1.6 Million in 2018. This change of $12.9 Million represents cash and financial assets less financial liabilities. In addition, its tangible capital assets of $159.8 Million are up compared to $143.4 Million in 2018. The increase is a result of several capital projects including upgrades to the water treatment and waste water treatment plants, site improvements at the Lake Geraldine Reservoir, roads and ditch improvements and the renewal of recreation buildings. These capital investments were funded by Territorial Block Funding, Federal Gas Tax, use of reserve funds, and general operations.
“Fiscal stability and improvements to our financial position allow us to better plan for the future and consider our long term infrastructure needs, like our water supply and distribution”, stated Mayor Bell. “Only with significant investment from our Territorial and Federal government partners, will we be able to address the critical infrastructure needs of the City”.
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City of Iqaluit