The City of Kimberley is in good financial health.
This from the city`s Chief Financial Officer Jim Hendricks, as the city reviewed their consolidated financial statements for 2017.
City council reviewed their consolidated financial statements for 2017, which saw increases in assets and reserve funds while decreasing their debt load.
Chief Financial Officer Jim Hendricks says this is partly due to some successful grant applications, including money received for the Gerry Sorenson Way project.
“We invested more in capital assets in 2017 then we recorded in depreciation,” Hendricks says. “Our reserve position also increased by about $1.4 million to about $8 million in 2017, which leaves us with some money to invest in the capital program over the next five years.”
Hendricks says they were also able to pay down some debt, which reduces liability on the city.
– Kimberley’s Chief Financial Officer, Jim Hendricks