The City of Ottawa has more than $9 billion worth of assets, a recent financial update estimates.
City treasurer Marian Simulik made the announcement Tuesday at a meeting of the audit, budget and finance committee.
This figure represents the value of the city’s property, capital and resources, minus the cost of acquiring those assets. For example, the report estimates the city has $2.7 billion of land, but its market value is about $20 billion, said Simulik.
“The public should know . . . the city is not broke,” said Coun. Eli El-Chantiry.
The $9-billion figure is more than cities such as Montreal, which has a net value between $7 billion and $8 billion, said Simulik.
“This is the first time since I’ve been chair of this council,” said Mayor Larry O’Brien, “that I’ve seen numbers like this.”