Quinte West is under budget for the 2022 fiscal year, the seventh year in a row.
During Wednesday’s Quinte West council meeting, staff presented council a summary of an audit of the previous year’s financial statements.
That summary pointed to a $9.8 million surplus.
The financial report by staff says the surplus primarily comes due to contributions by the provincial and federal government.
The report goes on to state that the city is very liquid with its funding and has the ability to cover all its short term liabilities with current cash on hand. The city’s debt ratio is staying within the provincial required limits and is below a ratio of 0.5, which is considered healthy.
The city also expanded its capital assets during the 2022 year, from $403 million in assets to $412 million. A new boat launch, improvements to the docks, Frankford water plant expansion, and roadwork infrastructure make up the majority of the asset value increase.
In the report’s conclusion, city staff highlighted how building such a large surplus is a major accomplishment for the city.
Council accepted the report, and took no action at this time.
