City Statement of Financial Activities: 2004 and 2007
Lest anyone think that management of City finances is trivial, look at the following:
Income and Expenditures 2004 2007 %Change
Income ($ millions) 110.19 136.33 +23.72
Expenditures ($ millions) 113.91 165.05 +43.14
Sources: City of Nanaimo Statement of Financial Activities for the year ending Dec. 31, 2004, and City of Nanaimo Statement of Financial Activities for the year ending Dec. 31, 2007
The City's Financial Assets in 2007 were $741,076,635, nearly 3/4 of a Billion dollars.
Source: City of Nanaimo Statement of Financial Position as at Dec. 31, 2007
Details of these and other important aspects of City Finances can be found on the City's web site under the Finance Department in the Annual Financial Reports.
The Statement of Financial Information for the City of Nanaimo
Each year Nanaimo is required to produce a document which contains the following information:
· - the salaries of city employees making more than $75,000 in the year;
· - the beneficiaries of all city contracts greater than $25,000 in the year.
The figures obtainable from this document offer some insight into what is happening inside the city administration.
For example, in the three years between 2004 and 2007 when the BC Cost of living index grew by 5.6%):
1. Council’s salaries increased 27%;
2. The City Manager’s salary increased by 36%;
3. The Deputy City Manager’s salary increased by 46%;
4. The number of City Staff making more than $75,000 increased by 86%;
5. Remuneration to Staff making more than $75,000 increased by 102%;
6. Remuneration to all staff increased by 19%;
7. The sum paid to suppliers over $25,000 increased by 38%;
8. Grants given out increased by 31%;
Source: Statement of Financial Information for the City of Nanaimo, 2004-2007
Comparing these figures to the cost of living figures for the same period in BC (5.6%) raises serious questions about the cost/benefits of growth and fiscal management at City Hall.