The City of Parksville looks to be in solid financial shape, according to a yearly financial audit by MNP.
The city’s operations brought in $15 million in 2021, with $5.6 million used on capital investments, $7.7 million transferred to investments and $262,717 went to debt repayment, leaving the city with a net cash flow of approximately $1.5 million, according to a May 16 presentation to council by Cory Vanderhorst of MNP.
Total revenue was $32.8 million, up from $31.4 million in 2020, which is below budget, but not unexpected in a pandemic year, Vanderhorst said. City expenses were up slightly from 2020, but still under budget.
Vanderhorst said MNP is satisfied with the financial statement prepared by city staff and will sign the report after council approval.
When asked how Parksville compares to similar communities, Vanderhorst said the city’s financial statements compare favourably with other Island municipalities.
Council voted unanimously to approve the audited financial statements.