The City of Prince George has published its 2018 annual report for 2018, which show the city had a good year financially.
According to the audited financial statements included in the report, the city reported a surplus of $33.9 million in 2018, considerably better than what was budgeted ($22.9 million) and better than the $20.2 million surplus recorded in 2017.
The city reported actual revenue of $203.1 million, while it has budgeted $180 million in revenue. The extra $20 million came from higher than expected revenues in a variety of areas including taxation, sales of service, and investment. However, most of the extra revenue came from $14 million in contributions from other government when they budgeted only $7.5 million and a $6.0 million contribution from tangible assets, which was not in the 2018 budget.
The city reported expenses of $169.1 million, the bulk of those in protective services ($52.1 million); transportation services ($38.5 million); parks, recreation and cultural services ($26 million); general government ($22 million); and water and sewer ($17.6 million).
The annual report includes audited financial statements, tax exemptions, services and operations for the previous year, the city’s objectives and priorities, and measures of its activities and objectives.
“This year, we are especially eager to support council’s priority regarding infrastructure renewal,” said city manager Kathleen Soltis. “Compiling and providing comprehensive asset management information will help us to make infrastructure investment decisions that will contribute to long-term sustainability. In fact, this annual report is an important part of quantifying our infrastructure assets for residents and showing how reinvestment is part of our work plan and council’s priorities.”
The report shows the city spent $60.1 million on capital projects in 2018.
Prince George City Council will consider the 2018 Annual Report at its June 24, 2019 regular meeting to be held at 6:00pm in the City Hall Council Chambers. The annual report is available for review by the public on the city’s website: www.princegeorge.ca/annualreport. Paper copies are available for review Monday to Friday between the hours of 8:30 a.m. and 5 p.m. at the Service Centre – First Floor, City Hall and the 5th Floor – City Hall.
Written submissions regarding the 2018 Annual Report will be accepted until 4 p.m., Tuesday, June 18 for presentation to council. Submissions may be sent by email to email@example.com. Members of the public are welcome to attend the regular meeting on June 24 to present submissions or ask questions.