Regina’s 2020 annual report was approved on Wednesday, highlighting the city’s operational successes and accomplishments over the past year.
“Over the past year, the COVID-19 pandemic has brought change to our homes, workplaces and neighbourhoods without exception,” said Mayor Sandra Masters in a news release on Thursday. “City Administration is to be commended for their leadership and continued commitment to providing reliable and efficient services for residents. This was done all while making progress on important infrastructure projects, environmental sustainability and community wellbeing initiatives that will benefit our community for generations to come.”
In 2020, Regina ran an operating surplus of $2.3 million and a consolidated annual surplus of $102 million, including all assets and some non-cash items. The general operating surplus is transferred to the General Fund Reserve, which is used mainly to fund planned capital projects and assist with emergency situations. Reserves also ensure flexibility to address unexpected needs.
Regina was recently awarded its third consecutive AAA credit rating from S&P Global, which the City says validates its strong financial management and long-term financial planning policies.
The City says by effectively managing financial pressures felt during the COVID-19 pandemic, and through financial support from other government levels, a COVID-19 Recovery Reserve of $15.9 million was established to help fund future pandemic costs. The release adds that about $20 million in cost savings and efficiencies have been identified since 2018 through continuous improvement efforts.
The full 2020 report can be viewed at the city’s website.