Wednesday, May 04, 2016

Nanaimo Council Approves 2015 Financials

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.  KPMG found the 2015 Consolidated Financial Statements presented fairly the consolidated financial position of the City of Nanaimo at December 31st, 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.

"With the positive results from the audit, residents can be assured their tax dollars are being used in an appropriate manner."

   Bill Yoachim
   Acting Mayor
   City of Nanaimo



  1. The audit has absolutely nothing whatsoever to do with whether or not taxes are used in " an appropriate manner". Only that the information presented meets accounting standards.

  2. So.... Council now says monies spent on Colliery dam are " appropriate"

  3. Why is the "Acting" Mayor quoted with his comments on this? Where is the Mayor? What does he have to say about these statements? Did KPMG audit the financials for the NEDC? Where are those statements?
    Cliff Marcil

  4. According to a comment I think was made by a KPMG rep at the council meeting there needed to be an accrual set up as at Dec 31st for the construction costs of the aux spillway at the Colliery Dam. This confirms my suspicion that the costs we were given in the last update did not include all costs incurred to the end of Dec. When will we be given the real facts and figures for this boondoggle?
    Cliff Marcil


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