The district’s finances are in the black, according to a quarterly financial report submitted to council on Monday.
As of June 30, the district’s total investment portfolio, which includes a short-term bond fund, intermediate fund and a money market fund, is $33.7 million.
As well, there is $20.2 million in the general bank account, totalling roughly $54 million in combined finances.
The investment portfolio includes general and capital reserve funds, surpluses and restricted revenues, such as development cost charges (DCCs).
The district’s director of finance, Ken Bjorgaard, told council Monday that reserves have never been so high.
According to the district’s 2010 annual report, general reserve funds have grown from about $9 million in 2006 to over $14 million last year, and there was nearly $40 million in all reserves and surpluses.
Bjorgaard said in an interview that the reason for reserves is they’re meant to be used at some point, so there is some natural fluctuation in the accounts based on capital projects.
Mayor James Atebe said Monday that he hopes this will change the public rumours that the district is bankrupt.