Castlegar’s current finances are “enviable” according to the city’s 2010 Annual Report.
Don Simpson of BDO Dunwoody told city council Monday night the city has more than $9.7 million in net financial assets, which he found while calculating Castlegar’s 2010 annual financial report.
“Most municipalities have a net financial deficit,” he explained, meaning most municipalities have to borrow money to maintain infrastructure.
“We have increased almost $2 million in the financial health of this city,” he said. “That is a significant asset base.”
Andre Buss, director of finance, wrote in his report to council debt has been reduced from $1 million in 2009 to $721,000 last year.
“The city has healthy levels of reserves, low debt, a competitive tax and utility user fee environment, and the appropriate capital infrastructure work as specified in the Five Year Financial Plan,” Buss wrote.
He expects the city to be debt-free by 2014.