10/13/2026
𝐊𝐀𝐌𝐋𝐎𝐎𝐏𝐒: 𝐖𝐇𝐀𝐓 𝐇𝐀𝐏𝐏𝐄𝐍𝐒 𝐀𝐅𝐓𝐄𝐑 𝐋𝐀𝐒𝐓 𝐏𝐋𝐀𝐂𝐄?
Kamloops was ranked 156th out of 156 municipalities for Net Financial Assets (Debt) in the Province of B.C.'s 2024 Summary Statement of Financial Position - the lowest possible position.
That figure has declined further since then.
According to the City's audited financial statements:
2023: -$8.57 million
2024: -$52.47 million
2025: -$74.40 million
This means the City has $74.4 million more in financial liabilities than it has in financial assets.
The 2024 figure was recorded before the City took on long-term borrowing for the PAC and Multiplex.
The greater that gap becomes, the more future revenues are needed to cover existing liabilities, including debt - increasing pressure on City budgets and everyday services like infrastructure maintenance, road repairs and recreation.
For taxpayers, that can mean higher taxes and fees, less funding available for services and infrastructure, or both.
When asked about the ranking, City Financial Services Manager Lewis Hill pointed out that this measure doesn't include physical assets such as roads, buildings and water infrastructure, and that some liabilities are future obligations rather than bills due today.
That's important context, but Kamloops isn't the only city with roads, buildings, water systems and other major infrastructure. Vancouver, Surrey, Kelowna and other B.C. municipalities also own significant capital assets and report under the same accounting standards.
We're already paying substantially more in property taxes, while the City continues borrowing and taking on major new projects as the gap between its financial assets and liabilities grows.
𝐓𝐡𝐞 𝐪𝐮𝐞𝐬𝐭𝐢𝐨𝐧 𝐢𝐬 𝐡𝐨𝐰 𝐦𝐮𝐜𝐡 𝐦𝐨𝐫𝐞 𝐭𝐚𝐱𝐩𝐚𝐲𝐞𝐫𝐬 𝐜𝐚𝐧 𝐫𝐞𝐚𝐬𝐨𝐧𝐚𝐛𝐥𝐲 𝐛𝐞 𝐞𝐱𝐩𝐞𝐜𝐭𝐞𝐝 𝐭𝐨 𝐜𝐚𝐫𝐫𝐲.
𝑁𝑜𝑡𝑒:
The reporting model will change in 2027 to include the value of roads, buildings and infrastructure for municipalities. However, municipalities will still report the gap between their financial assets and financial liabilities.
Links to sources in comments.
