2024 audit shows City of Kenora is good financial shape
The City of Kenora seems to be in pretty good financial shape.
The audited financial statements for 2024 have been released.
Director of Finance Ryan Marsh says for the city’s purposes, had a surplus of almost a million dollars last year.
“The close out for the year end surplus was $928,883,” explained Marsh during the Committee of the Whole meeting on Tuesday.
“So, that surplus was driven primarily by high than budgeted interest earnings, due to the spike in market rates, and increased recycling revenues.”
That surplus will be put back in a Contingency Reserve Fund.
Marsh says they also posted a surplus in the sewer and water department, and $400,000 in solid waste.
“The Water and Wastewater recorded a surplus of $3,605,784. That also has been transferred to the Water and Wastewater reserve. Those surpluses were budgeted for, and those support capital works in those utilities.”
Those surpluses have been put back into reserve funds for future capital improvements.
