Williams Lake mayor and council received 2019 audited financial statements and report during Tuesday’s regular meeting. (Monica Lamb-Yorski photo - Williams Lake Tribune)

City of Williams Lake continues to chip away at debt load

In five years the total owing has been reduced from $14.1 million to $9.3 million

Williams Lake Mayor Walt Cobb was happy to learn the City has reduced its debt to $9.3 million. Five years ago it was $14.1 million.

“We try to set the goals, but we couldn’t have done it with the work of our staff,” Cobb said after he and members of council received the City’s 2019 audited financial statements and a report from Kane Fraser, MNP Chartered Professional Accountants during Tuesday’s regular council meeting.

Fraser said the City had a financial deficit of $5.5 million in 2013 and in 2019 has financial assets of over $8 million,

“That’s a $13.5 million swing, That’s very significant so I think that needs to be recognized and acknowledged,” Fraser said. “I think the City has come a long way in that time period.”

Coun. Scott Nelson credited the City’s financial staff for hard work, innovation and going after grant funding.

He used an example where the City took money from the Bank of Montreal and invested it into the Williams Lake and District Credit Union and made an extra $300,000.

Nelson said the audited financial statements show the community is in a very sound financial position, taking into account recent floods, wildfires, COVID-19, the mountain pine beetle, and tariffs.

“We are probably 40 per cent through a community transition right now and it puts us in a good position to carry through with our long-term goals,” Nelson said.

Every City department has had to shave and trim and find new ways to do things and it’s starting to pay off, Cobb added.

“I for one am an old time fiscal conservative, but when we started out six years ago we were paying almost a million dollars a year in interest alone and I’m sorry, but I prefer to spend it on streets and roads and other things than to the bank for interest.”

The audited financial statements will now be submitted to the provincial government, along with the 2019 statement of financial information.

news@wltribune.com

City CouncilCity HallWilliams Lake

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Big Lake 4-H Club: Meet the club members and projects for 62nd annual show and sale

On Monday, Aug. 10 from 12 to 6 p.m. you are welcome to view the animals at the WL Stockyards

Horsefly 4-H Club: Meet the club members and projects for 62nd annual show and sale

Some of the finest beef, pork, lamb, turkey, small engines, photography and foods will be available

Updated: Province purchases ranch for Interior First Nation as part of ongoing treaty negotiations

Xatsull First Nation to lease ranch initially, ownership will be transferred once treaty is reached

Bats in August may be pups learning to fly

Mid-summer is the time when landowners typically notice more bat activity

Little Britches Rodeo rides ahead in Williams Lake Aug. 7-9

Spectators are not allowed, and COVID-19 safety precautions will be in place

53 new COVID-19 cases, no new deaths cap off week of high infection rates in B.C.

Roughly 1,500 people are self-isolating because they either have COVID-19 or have been exposed to it

Moving on: Tanev scores 11 seconds into OT as Canucks oust Wild

Vancouver beats Minnesota 5-4 to move into first round of NHL playoffs

Gene editing debate takes root with organic broccoli, new UBC research shows

Broccoli is one of the best-known vegetables with origins in this scientific haze

VIDEO: U.S. Air Force pilot does fly-by for B.C. son amid COVID border separation

Sky-high father-son visit plays out over White Rock Pier

3 Vancouver police officers test positive for COVID after responding to large party

Union president says other officers are self-isolating due to possible exposure

New mothers with COVID-19 should still breastfeed: Canada’s top doctor

Dr. Theresa Tam made the recommendation during World Breastfeeding Awareness Week

Collapse of Nunavut ice shelf ‘like losing a good friend:’ glaciologist

The ice shelf on the northwestern edge of Ellesmere Island has shrunk 43 per cent

B.C. wildfire crews have battled 111 blazes in the last seven days

Twenty-nine fires remain active, as of Friday (Aug 7)

B.C. group renews call for protection of newly discovered glass sponge reefs

DFO says public consultation will play heavy role in future protection measures

Most Read