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.

Join the Conversation

1 Comment

  1. I hope now we in Iqaluit will get a men shelter to house the guys who are in need for emergency shlter. The current men shetler is run in such a way that only if you have a assign bed/bunk you can get in, in other word on the first floor there are 30 bunks and they are assign to homeless men, and no one else can use the bunks other then the guys assign to the bunk, sometimes a guy will get service restriction (kicked out) due to breaking the rules, lots of the time for a whole month, and the bunk is empty to the duration to the time the guys not allowed into the shelter, rather then giving it to a guy who needs it. So a warning, if a guy for any of the reason have no place to go and hope to get into the men shelter, he will have to go a waiting list, and there are guys who been waiting for so many months.

Leave a comment

Your email address will not be published. Required fields are marked *