News

City surplus eyed for projects

Parksville released its required annual Statement of Financial Information at last week’s council meeting, breaking down the 2010 fiscal year with all the final number in.

The statement shows the city had financial assets of $28.7 million and liabilities of $16.1 million for a net financial worth of $12.5 million at the end of 2010. 

The city also had non-financial assets like infrastructure worth $146.6 million.

The city’s largest source of revenue was $10.2 million from taxation, followed by water and sewer fees ($3.6 m), capital grants ($2.1 m) and the sale of other services ($1.3 m).

The main expenses were transportation ($3.5 m), police ($2.8 m), parks and cultural services ($2.2 m), water services ($1.8 m), general government services ($1.9 m) and sewer services ($1 m).

All that balanced out to an annual surplus of $4.8 million, which is budgeted toward ongoing and future capital works projects.

writer@pqbnews.com

 

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