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City of Iqaluit comes out of 2020 in positive financial shape; net assets up by $10 million

City’s net asset position increased by $10 million since 2020
In response to the pandemic, the City of Iqaluit allocated funding to numerous community organizations. Trevor Wright/NNSL photo

Despite the onset of COVID-19 earlier in the year, the City of Iqaluit has managed to weather 2020 in an overall positive financial position.

From 2019, the municipality’s net asset position has increased by $10 million, representing cash and financial assets and fewer financial liabilities.

In addition, capital assets increased to $166.5 million from $159.8 million in 2019.

In response to the pandemic, the city allocated $659,047 in COVID-19 specific funding to community organizations, $1.5 million under the Reaching Home program to entities supporting homelessness reduction and $383,000 under the Government of Nunavut Community Wellness program.

“The city was able to adapt to changing priorities to support our community during the COVID-19 pandemic,” Mayor Kenny Bell stated following the Aug. 18 release of some details from the municipality’s 2020 consolidated financial statements.

“The positive financial position demonstrated in our 2020 consolidated financial statements is an important achievement for the City of Iqaluit,” the mayor added. “The city is on the right track to financial stability to be able to make improvements to our services and, with the help of our partners, is prepared to make significant investments in infrastructure to support our growing capital city.”

This increase in capital assets is the result of the completion of capital projects, such as upgrades to the water and sewer infrastructure, new solid waste facility planning, City hall leasehold improvements as well as machinery and equipment purchases.

Funding these capital investments are Territorial Block Funding, the Federal Gas Tax, the reserve fund and the general operation budget.

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