White Rock ended 2021 in a sound financial position.
That’s according to the statement of financial information (SOFI) submitted to council Monday from recently appointed financial services director Candice Gartry and former acting financial services director Shannon Johnston.
The SOFI, based on audited financial statements, shows that operating activities during the year contributed a surplus of $11,166,768, based mainly on an increase in investment in tangible capital assets (items such as roads, buildings, land, equipment, vehicles and the water utility), as well as planned contributions to reserves.
The city finished the year with a total accumulated surplus of $229,662,974, the statement shows, in which, again, the largest component was the city’s investment in tangible capital assets, which amounted to $134,703,982 at the end of 2021.
Rounding out the surplus, Johnston said, were reserves and other surplus funds.
Council voted to approve and authorize the statement.
Another sign of financial health pointed to in the SOFI was an increase in net financial assets of $10,360,151, bringing the overall total to $71,361,326 as of Dec. 31.
Outstanding debt, net of sinking funds (money set aside to pay down debt), stood at $21,900,837 at year’s end, down from the $22,626,177 total reported at the end of 2020.
The long-term debt is largely attributable to the purchase of property and assets of the city’s water utility, and subsequent water system infrastructure improvements, Johnston commented in her summary.
Mayor Darryl Walker noted that city staff had also won kudos for financial management last week, as White Rock received the Distinguished Budget Presentation Award from the Government Finance Officers Association of the United States and Canada, recognizing excellence in meeting the highest levels of governmental budgeting in preparing the city’s annual budget.
alex.browne@peacearchnews.com
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