Budget and Financial Statements

Capital Budget

The Capital Budget outlines our investment plans for acquiring, constructing, or improving long-term assets and infrastructure within the community. These assets may include roads, buildings, parks, water and wastewater systems, equipment, and other major projects that contribute to the city's growth and development. The Capital Budget is typically focused on one-time expenditures and projects with long-term benefits, such as infrastructure upgrades or facility expansions. It reflects our commitment to enhancing the quality of life for residents and ensuring the sustainability of essential services and amenities.

2024 Capital Budget Summary

Operating Budget

In contrast, the Operating Budget encompasses day-to-day expenses associated with delivering municipal services, maintaining existing infrastructure, and covering administrative costs. This budget funds ongoing operational activities, including staffing, utilities, maintenance, public safety, recreation programs, and more. The Operating Budget is recurrent and covers the regular expenses necessary to support the city's ongoing operations and service delivery. It represents our ongoing commitment to providing essential services efficiently and effectively while meeting the evolving needs of our community.

2024 Operating Budget Summary

Integration and Alignment

While the Capital and Operating Budgets serve distinct purposes, they are interconnected and mutually supportive. The Capital Budget lays the groundwork for long-term investments and infrastructure development, while the Operating Budget ensures the ongoing maintenance, operation, and sustainability of these assets. By aligning our capital investments with our operational priorities and financial resources, we aim to achieve a balanced approach to fiscal management and service delivery, maximizing the value and impact of our investments for the benefit of our residents.

Our financial statements offer a comprehensive overview of the City's financial performance, position, and activities during a given fiscal year. These statements are prepared in accordance with Canadian Public Sector Accounting Standards (PSAS) and provide detailed information on revenues, expenditures, assets, liabilities, and reserves. By reviewing our financial statements, residents can gain insights into how public funds are utilized, monitor financial health, and assess our stewardship of taxpayer dollars.

2022 City of Iqaluit Consolidated Financial Statements

Transparency and Accountability

Transparency and accountability are fundamental principles guiding our financial management practices. We are committed to providing timely and accurate financial information to the public, fostering trust, and promoting accountability. Our financial reports undergo rigorous review processes, including external audits by independent auditors, to ensure compliance with regulatory requirements and best practices in financial reporting.

Accessibility

We believe that access to financial information should be readily available to all residents. Therefore, we have made our budgets and financial statements easily accessible through this online platform. Whether you are a resident, business owner, or stakeholder, you can explore our financial documents, ask questions, and engage with us to better understand our financial decisions and outcomes.