City of Powell River’s statement of financial information (SOFI) has been approved by city council.
At a July 3 meeting, acting chief administrative officer Mark Brown said SOFI is an annual submission required by the Province of British Columbia, to be sent to the ministry of municipal affairs.
Council carried a motion that the city’s 2024 statement of financial information be approved for submission to the ministry of municipal affairs, and that the mayor and chief financial officer be authorized to sign the statement of financial information approval form.
According to a staff report, the Financial Information Act requires each local government in BC to submit a SOFI report to the ministry of municipal affairs by June 30 of each year. The report stated the city had been granted a three-day extension by the ministry due to staffing shortages.
The SOFI report indicates the city has financial assets of $75,465,076, with liabilities of $56,801.248, for net financial assets of $18,663,828. The city has non-financial assets of $216,897,999, for an accumulated surplus of $235,561,716.
In terms of remuneration to elected officials and staff, remuneration for mayor and council in 2024 was $251,400, with expenses of $43,037.
In terms of city employees earning more than $75,000, there were 73, with remuneration of $8,081,193, and expenses of $48,596. The total remuneration for city employees was $16,185,170, with $249,427 in expenses.
Employer-paid benefits amounted to $4,327,822 for a total in remuneration and expenses of $22,094,837.
In terms of suppliers of goods and services amounting to more than $25,000, the city spent $25,096,795, and an additional $2,241,410 to suppliers of goods and services amounting to less than $25,000.
According to the SOFI report’s contingencies, commitments and contractual rights and obligations section, as of December 31, 2024, there were various legal claims pending against the city arising from the city’s normal course of operations.
The report stated that on April 2, 2024, Graham Infrastructure LP and Graham Infrastructure Ltd, which was the contractor for the consolidated wastewater treatment plant, initiated litigation against the city and others claiming compensation for alleged delay and direct costs under its contracts with the city for the treatment plant, totalling $38,423,718. The report stated that the likelihood of the claim being successful is indeterminable.
On May 6, 2024, Associated Engineering initiated litigation against the city, claiming alleged unpaid fees for consulting services provided to the city during construction of the wastewater treatment plant. The claim is for $1,097,915, and similar to the litigation from Graham Infrastructure, the likelihood of the claim being successful is indeterminable.
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