Skip to content

City needs a better commercial tax base: auditor

Parksville is doing well, but it could be better

The City of Parksville is “doing very well” financially, according to Mark McGorman of McGorman MacLean Chartered Accountants, of the required annual financial audit.

“It’s our job to form an opinion on the financial statements,” he said and reported that the city is in good shape with $12 million in net financial assets.

The city has $146 million in capital assets, including infrastructure like sewers and sidewalks.

McGorman had nothing but nice things to say about the financial situation, even when councillor Marc Lefebvre pressed, “I ask you this every year — what’s wrong, what are we doing wrong?”

McGorman pointed to some of the city’s recent issues such as staff shortages and the complexities of a whole new computer system but said it appears any problems are being dealt with. Pressed for a letter grade he said he’d give the city’s overall financial position a C.

“Just a C?” someone asked.

“Well I’m an auditor, I don’t give anything higher than a C,” he quipped.

He pointed out that while the city has $12 million in assets, some cities have none or even negative balances.

Asked about the common complaint that the city needs more of a commercial tax base, McGorman agreed that in his personal opinion a city needs a good commercial tax base for the overall health of the community.

He agreed the city is still adjusting to new provincial requirements for financial reporting, but all cities are in the same position and Parksville appears to be adjusting and in the long run the new system will provide better standardization and give a clearer picture of their assets for long term planning.