Council Approves 2021 Audited Consolidated Financial Statements for the City of Kenora
Back to SearchToday Council approves the 2021 Audited Consolidated Financial Statements. The City received an unqualified audit report and has maintained financial stability in 2021.
The 2021 Financial Statements continue to reflect the healthy financial position currently enjoyed by the City of Kenora despite the financial challenges of COVID-19. The City continues to work to improve the current infrastructure deficit while maintaining an appropriate balance between services and property tax rates.
Highlights from the Consolidated Statement of Financial Position include:
- Cash and temporary investments on hand as at December 31, 2021 totalled $38.9 million;
- Investment in Synergy North Corporation totalled $10 million;
- In 2021 the City invested over $11 million in infrastructure and capital.
- The Kenora Citizens’ Prosperity Trust Fund balance was $43.7 million at the end of 2021 on the Consolidated Statement of Financial Position. In 2020 the balance was $31.9 million with actual investments of $43.5 million. The difference arose because the City issued debentures to the Trust Fund to finance capital projects. The Canadian generally accepted accounting principles dictate that the Trust Fund be consolidated in the City of Kenora’s financial statements. As a result the investment in the Trust Fund and the corresponding debenture debt and interfund balance in the City were eliminated on consolidation. The debenture and interfund balance at the end of 2020 was $11.6 million. In 2021 the debentures were moved to TD Canada Trust and are recorded as long-term debt of $10.6 million on the Consolidated Statement of Financial Position.
- The balance of the City’s reserves and reserve funds was $31.9 million at the end of 2021.
- The City’s accumulated surplus totals $257.5 million, (see tangible capital assets discussion below)
The City is required to include tangible capital assets in its accumulated surplus total. Therefore, the City’s Statements include assets like roads, bridges, water and wastewater networks, and City facilities and equipment to name just a few. The offsetting net investment in these assets is shown as a surplus on the City’s Consolidated Statement of Financial Position. The City’s surplus includes the Tangible Capital Assets recorded at cost less accumulated amortization. At the end of 2021, the investment in capital assets, before an adjustment for long-term debt, included in the City’s surplus is $183.3 million.
The Consolidated Audited Financial Statements will be available to the public for viewing along with the Auditors Report on October 18, 2022, both on the City’s website, as well as at the front desk at City Hall and the Library.
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