Campbell River Audit Shows The City Is In Good Financial Shape

A recent audit of Campbell River’s financial statements show the City is in pretty good shape.

The audit, for the year ended December 31st, was completed by the City’s auditors, MNP.

The audit showed that Campbell River is in a strong financial position, living within its means, and that the City consistently invests annually in its critical infrastructure.

Financial assets have increased by approximately $7.6 million (to a total of $142.4 million), which includes a $20 million increase related to the growth of investments, which generated $5.6 million in revenue for the City.

That money will help fund ongoing operations, keep taxation low and support infrastructure enhancement and renewal.

The City’s annual surplus was $16.5 million last year, down from $18.9 million the previous year.

The majority of the surplus is due to funding received from the Canadian Mortgage and Housing Corporation’s Housing Accelerator Fund and capital asset transactions.