David Clazie, Director of Corporate and Financial Services for the City of Quinte West. (Photo: Quinte News).
There is good and not so good news regarding the City of Quinte West’s financial picture as it ended 2015.
An auditors report shows Quinte West is in good shape financially and can pay its bills and can handle its debt load easily.
However, despite running a balanced budget, auditors found the city ended the year with a 7 million dollar deficit.
This was due to a 21 million dollar depreciation in the value of equipment and facilities.
Quinte West collected only 14 million of that total in taxes and grants from senior governments.
Director of Finance, David Clazie, said the 7 million dollar accounting deficit was an improvement over past year but that council should continue to put more money into its annual budgets for maintenance and capital spending to eliminate any deficit.
