Monday, May 12, 2014

Snippets from the Accountants outline lesser known revenue stream amounts for the City

The City's Financial Officer will turn math teacher tonight at Prince Rupert City Council, as she provides a review of the recently received Audited Financial Statement for 2013.

When Corinne Bomben turns on the overhead projector in the Council chamber, she will relay some of the key points from the report provided by Carlyle Shepherd and Company.

Providing an overview of some of the findings from the report and seeking the acceptance of the Statements by Council.

The review will begin with an examination of the Financial Statements and providing some observations as to the highlights of the Report.

The opening review of revenues will probably provide the most interesting aspect of the presentation, featuring the final numbers of the delivery of a 4.1 million dollar increase in Cash and Equivalents for the City.

An amount largely as a a result of $2.1 million dollars in payments from the Prince Rupert Port Authority in 2013.

Ms. Bomben will then review a variety of topics from the Statements, an accounting review steeped with much in the way of accounting terminology that will require some background in financials to decipher.

It is a review however which does provide for some interesting glimpses as to a few revenue streams for the city, cash delivery agents for the City which many may not gain much notice regularly.

And while they may not make the grade for a in depth look at tonight's presentation by Ms. Bomben to Council. Some of those revenue streams do make for interesting reading, offering up a look at where the City gets some of its cash requirements from:

Among some of the more intriguing of items:

An increase in funds from Small Communities provisions with the province, with the city receiving 409,463 dollars in 2013 compared to 321,075 in the year before.

Traffic fines continue to generate income for the City, with 2013 traffic enforcement providing for 279,423 dollars, an increase of close to 56 thousand dollars from 2012's level of $223,114.

Casino revenue however declined in 2013, with Chances delivering 492,303 in the last year, compared to $517,268 in 2012.

The Hotel Tax however returned an increase in 2013 with 223,419 dollars provided to the City coffers, compared to the 2012 amount of $170,151.

You can review those items and a number of other smaller amount comparisons from Schedule 3 found on page 35 of the report from the Accountants.

The full audited report can be found on page 15 of the Monday evening Agenda package.

We will offer up a full review of Ms. Bomben's presentation to Council later this week as part of our regular council overview, for more on developments at City Hall see our Archive page.

No comments:

Post a Comment