Just how good are the citySA国际影视传媒檚 finances right now? According to Kavi Pandoo, the citySA国际影视传媒檚 director of corporate services, theySA国际影视传媒檙e up to snuff.
During the Governance and Priorities Committee meeting at city hall on Monday, Pandoo talked about 2023SA国际影视传媒檚 audited financial statement.
In 2023, the total operating revenues for Yellowknife were $80.5 million, Pandoo said. The financial report notes that the city generates almost half of its operating revenues SA国际影视传媒� 45 per cent SA国际影视传媒� from taxes. Operating expenses for the city were $85.5 million, giving an operating deficit of $5 million.
Not to worry though, necessarily, said Pandoo, as that deficit was absorbed by their existing accumulated surplus balance.
Still, there are some timely issues at play, including last yearSA国际影视传媒檚 wildfire season, he added.
SA国际影视传媒淭he city accrued $10.8 million in wildfire expenses, of which we expect to receive $8.1 million from other orders of governement sometime during this year, hopefully before budget 2025 deliberations.SA国际影视传媒� Pandoo said.
SA国际影视传媒淥ther orders of governementSA国际影视传媒� in this case refers to both territorial and federal, Pandoo noted.
Coun. Rob Warburton asked Pandoo how likely it is for the city to get that money back this year.
In response, Pandoo explained nothing has been confirmed, but the city is silently confident, though he admitted his choice of words may come back to bite him.
During his presentation, Pandoo also noted that the city still plans on spending more than $270 million in infastructure by 2033 as per its capital plan.
Whether they meet their goal has yet to be seen, but PandooSA国际影视传媒檚 words made it sound as if theySA国际影视传媒檙e falling behind.
SA国际影视传媒淲e are already showing a shortfall of $60.8 million, vis-a-vis this 10-year plan,SA国际影视传媒� Pandoo said, referencing a previous presentation he gave to commitee members in January 2024.
Other points in the financial report included the spike in value when it comes to land held for resale. According to the report, land held for resale is a financial asset and has a current estimated market value of $10.9 million. In 2022, that number was $9.2 million.
Staying on the subject of property, the report also mentions the trouble of asbestos in city-owned buildings.
SA国际影视传媒淭he City has recognized an obligation relating to the removal and post-removal care of the asbestos in its buildings,SA国际影视传媒� the report reads. SA国际影视传媒淭he estimated costs at Jan. 1, 2023 are $726,000 based on costing model using formal surveys performed by external engineering firm. The buildings have expected useful lives of up to 40 years.SA国际影视传媒�
The matter will be brought forward to the next city council meeting on May 13.
