The City of Campbell River ended 2022 with a surplus of just over $8 million.
The surplus is not as big as the previous year when it was $11 million in 2021.
The city brought in $84 million in revenue last year (compared to $78.7 million in 2021). Most of increase was due to more tax dollars as well as new properties coming on the assessment roll. There was also a $1.3 million increase in service revenue from items like airport fuel sales and development fees.
On the expense side, the city spent $75.8 million (compared to $67.7 million in 2021).
City Controller Alan Ha explained to council a couple of items pushed expenses up $5.6 million due to bookkeeping issues.
“That is largely due to expense of the roofing for the museum and the sportsplex. Those expenses did not meet the definition of a tangible capital asset and therefore they were (an) expense in the year. That’s kind of why that number is just a bit higher than what we would expect,” Ha said.
Had those items not been in there, the city would have been $700,000 under budget.
The city did not take on any new debt in 2022.
Campbell River added about $350,000 in assets to its portfolio like roads, water and sewer infrastructure, mostly due to the new subdivision on Perth Road. In previous years, the number has been closer to $4 million, council heard.
Council endorsed the audit with no questions following Thursday’s presentation by Ha and a representative from auditing firm MNP.
As for the surplus, it has been divvied up into various dedicated reserve accounts.
The city was expected to submit the audit to the Ministry of Municipal Affairs by today as part of the rules under the Community Charter.