Bathurst has near $1.5 million surplus in 2023, further reduces net debt
The City of Bathurst presented its audited financial statements for the 2023 fiscal year during the regular public meeting of Bathurst City Council on Monday evening.
The 2023 General Fund (operational) presented a surplus of $ 1,524,004, while the Utility Fund (Water and Sewer services) incurred a $61,873 deficit. Combined, this makes for an overall surplus of $1,462,131 for the 2023 fiscal year.
GENERAL FUND
Statements show that the General Fund recorded revenues $801,895 higher than budgeted. Notable revenue increases were with the Tourism Accommodation Levy ($69,559 over expected $200,000), Provincial / Federal Grants and Transfers ($168,242) and gained interest on cash reserves ($130,710). This was combined with $722,109 in expense savings, notably in Snow removal (356,268), lower insurance payments ($97,673), road surfacing ($106,168), and Incentive Programs ($73,652).
“The primary focus for 2023 was to normalize our operations with the new city boundaries from the Local Governance Reform, integrating the funding/expenses from the added territories. This was a major effort and we had to be mindful of these adjustments in our budget process. That said, we incurred major savings in many sectors compared to the budgeted amounts. This will greatly enhance our Capital reinvestment strategy to pay more in cash for Capital purchases while continuing to reduce our net debt”, said City Treasurer Sonia Gauvin.
UTILITY FUND
Utility revenues were $166,070 less than budgeted, notably because of a budget shortfall of $265,683 in residential water use. But this was leveraged with $104,197 in expense savings in many operational areas. “For us, a $61,000 deficit is akin to a balanced budget, considering the shortfall in residential water use revenues. We can’t be disappointed with this result”, Gauvin said.
CONTINUED DEBT REDUCTION
The city paid another substantial amount towards its net debt. $3,617,733 was paid, bringing the net debt down to $23,027,358, a 14% reduction from the 2022 financial statements. Since 2017, the net debt has been cut by $14,767,731, from a high of $37,795,089. “We cannot overstate the importance of these strong financial performances. This demonstrates our commitment to citizens to improving our financial standing, this allowing for enhanced operational performance and strategic capital investments. We commend our management team and our employees for their continuous efforts to ensure success in our financial and operational strategies”, said Mayor Kim Chamberlain.