The Regional District of Nanaimo has $9.2 million in net financial assets, a drop of $4.3 million since 2010. However, says a report by financial reporting manager Wendy Idema, its total financial assets increased by $5.5 million during the same period.
In her report to the RDN board, Idema said almost all of the change comes as a result of borrowing $8 million on behalf of the Vancouver Island Regional Library for construction of a North Nanaimo branch at their headquarters on Hammond Bay Road.
Liabilities for the RDN also increased over the past 12 months by $9.7 million. Of this figure, $2.7 million went to the purchase of Moorecroft Regional Park. As well, unfunded liabilities increased by $2.6 million due to future landfill closure and maintenance costs. Long-term debt increased by $3.8 million.
In all, the district has just over $1.36 million in reserves on hand and $13,462,834 in outstanding debt.
It also has assets of $170,727,216, an increase of $5.1 million between 2010 and 2011.