Skip to content

City of Parksville gets favourable yearly financial audit

City brought in $47 million in revenue in 2023
The Parksville Civic and Technology Centre located at 100 Jensen Ave East. (Kevin Forsyth photo)

The City of Parksville’s finances are looking solid, according to a yearly financial audit by MNP.

The city brought in $47 million in revenue for 2023, an increase from the $43 million in 2022, according to a presentation by Cory Vanderhorst of MNP to council’s May 6 regular meeting.

Vanderhorst said a couple of significant items contributed to the increase, including the city’s investment income and donated assets.

“As some of the development around town finishes up, as a subdivision, or a building finishes, the developer donates the road, water, sewer, sidewalk to the city to manage,” he said.

The city’s expenses were $32.3 million, up from 2022, but below budgeted expenses for the year, Vanderhorst said.

Debt being paid down on schedule by the city is at $4.9 million, he added.

The numbers from MNP are a “snapshot” of what was in the city’s accounts at the end of 2023, according to the presentation.

READ MORE: Benchmark price for single-family Parksville Qualicum Beach home hits $885K

The city’s unrestricted surplus sat at $34.9 million on Dec. 31, 2023, with the restricted surplus in reserves at $25.9 million, Vanderhorst said.

A new liability of asset retirement obligation is in the yearly financial audit, which looks at all the assets the city manages that require mediation or cleanup.

“The liability isn’t huge in the grand scheme of things for the what the city manages, but it’s a $505,000 liability calculated at the end of 2023,” Vanderhorst said.

That number includes $171,000 for wells and $330,000 for cleanup of asbestos and other hazardous materials.

Vanderhorst said MNP is satisfied with the financial statement prepared by city staff and will sign the report after council approval.

Council voted unanimously to approve the audited financial statements.

Kevin Forsyth

About the Author: Kevin Forsyth

As a lifelong learner, I enjoy experiencing new cultures and traveled around the world before making Vancouver Island my home.
Read more