The City of Quinte West is in good financial shape.
Council’s Corporate and Finance Committee saw several reports outlining the city’s financial position as of the end of 2020 Wednesday night.
Quinte West can easily manage its debt, and reserve funds are growing.
Mayor Jim Harrison says what’s most impressive is that council transferred almost as much money into reserve accounts as it paid out in debt last year. Just under $15 million went into reserves while debt cost was $17 million.
“That tells you that we’re a solid city, we’ve got our finances under control and we’re paying down debt while obviously having to do a lot of work and projects which are very costly so we have to borrow, but we’re balancing well.”
It’s believed that when transfers to reserves equal the amount spent on debt, a community has achieved a sustainable asset management plan long term.
Harrison says staff and council are doing a good job getting important capital projects done while at the same time saving money at every opportunity.
