Annual financial statement for the year 2022

The annual financial statement of the Natural Science Institute of the Westfjords for the year 2022 was approved at the institution’s 141th board meeting on Wednesday, March 1. The institute´s yearly turnover was approximately ISK 147 million. Activity has been increasing in recent years, outcomes have improved, and income has been higher than expenses. Thus, the institute´s financial position has improved accordingly.

The Natural Science Institute of the Westfjords has been in operation since 1997. Between its conception and 2022, the institute´s combined income has been between ISK 1.6 and 1.7 billion. Operating expenses have been relatively constant, and the difference between income and expenses over this time span is approximately ISK 230,000 in the negative. The total salary and salary-related expenses to date are approximately ISK 1.25 billion.

The Natural Science Institute of the Westfjords is one of 8 natural science institutes in Iceland. Founded by the municipality of Bolungarvík and the Icelandic government in 1996, the administration of the natural science institutes was eventually transferred to the municipalities in 2003. The municipality of Bolungarvík was the sole operator of the institute initially, but the institute’s membership expanded in 2007 when Súðavík and Ísafjörður joined, followed by Tálknafjörður, Strandabyggð, and Vesturbyggð.

The Natural Science Institute´s aim is to conduct natural science research, especially in its area of operation, and to provide recommendations on land use and the natural environment. Income is sourced from commissioned contracts, project grants, and fixed funding from the Icelandic government. The breakdown of the income for 2022 is presented in Figure 1.

The Natural Science Institute of the Westfjords has a team of 10 permanent employees, some of whom work remotely while others operate from the institute’s two offices in Bolungarvík and Patreksfjörður. Previously, the institute operated at 3 offices, but currently no employee fills the position in the Strandabyggð location. During the summer, additional temporary employees are hired for several months, and the institute also recently began providing internships to foreign students.

In 2022, the Natural Science Institute of the Westfjords focused on monitoring various key natural aspects, including birdlife and marine organisms. Furthermore, ecological, archaeological, and environmental baseline studies were conducted due to construction projects (Figures 2-9).

Figures 2-9. The projects and staff of the Natural Science Institute of the Westfjords.