City of Parksville receives favorable financial audit for 2022

The City of Parksville looks to be in solid financial shape, according to a yearly financial audit by MNP.

The city brought in $41.1 million in 2022, up considerably from $32.8 million in 2021, according to a presentation by Cory Vanderhorst of MNP to the council’s May 1 regular meeting.

“A few things caused that increase,” he said. “There was significant donated assets, with some of the developments, private developments being wrapped up during the year.”

Vanderhorst said that when a project wraps up, the developer donates infrastructure such as roads, water and sewer to the city for it to manage, which in 2022 adds up to about $6 million. Parksville also received grant funding for a number of capital projects.

The city is paying down its debt on schedule — it’s down to $5.1 million from $5.4 million the previous year.

Parksville’s expenses went up a bit to $28.3 million, from $26.7 million, but still under budget.

When asked how Parksville compares to similar communities, Vanderhorst said the city is “basically in the middle of the pack.”

Vanderhorst said MNP is satisfied with the financial statement prepared by city staff and will sign the report after council approval.

The Council voted unanimously to approve the audited financial statements.

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