Distributed May 4, 2016 10:00 AM
Council approves 2015 Financial Statements
During its May 2, 2016 meeting, Council approved the City of Nanaimo’s 2015 Annual Consolidated Financial Statements. At the same meeting, Council heard from the City’s External Auditors, KPMG in a presentation that highlighted the City’s financial position and results at the end of 2015.
As of December 31, 2015 the City had:
* $15.8 million in accumulated operating unallocated surplus,
* $122.7 million in reserve funds held,
* $47.8 million in outstanding debt, and
* $670.0 million of net book value tangible capital assets.
Last year $98.2 million in municipal taxes were collected to operate the City’s many functions, $26.8 million in capital projects were completed or substantially completed, and the Water Treatment Plant came into operation.
Strategic Link: Taking responsibility to be an excellent Municipal Government
- The City of Nanaimo remains in a strong, stable and sustainable fiscal position.
- KPMG found the 2015 Consolidated Financial Statements presented fairly the consolidated financial position of the City of Nanaimo at December 31st, 2015.
- The City of Nanaimo has never received a qualified audit opinion on its financial statements. Meaning it has always produced financial statements in accordance with PSAB standards.
- The audit was conducted by KPMG LLP in accordance with Canadian Auditing Standards.