By Steve Hubrecht
steve@columbiavalleypioneer.com
The District of Invermere’s financial information statements for the past year show the district’s revenues outpacing expenses by a healthy margin.
The statements, which were received and reviewed by council earlier this summer, show revenue for 2020 of $11. 4 million; with $5.1 million raised from taxes, $2.1 million, almost $350,000 from services and penalties, $21,000 from sale of services, and more than $3.5 million from contributions and other revenue.
Expenses, on the other hand, totalled a bit more than $9.6 million, including more than $2.9 million in salaries and wages, almost $3.8 million in goods and services, more than $300,000 in interest, and more than $2.5 million in mortgage.
The statements also indicated that the ongoing COVID-19 pandemic has played a role in the district finances, as it has just about every other aspect of life during the past year.
“There is uncertainty as to the full impact (of the pandemic) on the district, its citizens, employees, suppliers and other third party business associates that could impact the timing and amounts realized on the district’s assets and future ability to deliver services and projects,” read the statements. “Although the disruption from the virus is expected to be temporary, given the dynamic nature of these circumstances, the duration of disruption and the related financial impact cannot be reasonably estimated at this time. The district’s ability to continue delivering non-essential services and employ staff will depend on the legislative mandates from the various levels of government. The district will continue to focus on collecting receivables, managing expenditures, and leveraging existing reserves and available credit facilities to ensure it is able to continue providing essential services to its citizens.”
