Bathurst records surplus in 2024, further reduces net debt
The City of Bathurst presented its audited financial statements for the 2024 fiscal year during the regular public meeting of Bathurst City Council on Tuesday evening.
The 2024 General Fund (operational) presented a surplus of $ 692,153, while the Utility Fund (Water and Sewer services) incurred a $102,120 deficit. Combined, this makes for an overall surplus of $590,033 for the 2024 fiscal year.
GENERAL FUND
Statements show that the General Fund recorded revenues $1,575,439 higher than budgeted. Notable revenue increases were with the building permits ($ 194,297), performance refunds from Worksafe NB ($ 357,347), and a benefits refund from Blue Cross ($ 97,079). Expense savings appeared in Snow and Ice Removal ($274,777) and Debt charges ($147,458). However, an increased contribution to the Bathurst Aquatic Centre contributed to higher expenses than forecasted. This also included a $440,000 transfer to the Operational Reserve Fund.
“Effective financial oversight by our management team allowed us to transfer more money in our reserves, allowing us to be more flexible with future operations. The trend we’re on is definitely encouraging”, said City Treasurer Sonia Gauvin.
UTILITY FUND
Utility revenues were $663,187 more than budgeted. However, expenses were also higher, at $765,307. “The deficit in the Utility Fund is moreso an illusion, as we transferred more cash then planned in our reserves for unforeseen events and future investments. Were it not for that, we would have a balanced budget”, Gauvin said.
CONTINUED DEBT REDUCTION
The city reduced its net debt by another substantial amount, $4,557,123, bringing the net debt down to $18,470,235, a 20% reduction from the 2023 financial statements. Since 2017, the net debt has been cut by $19,324,854, from a high of $37,795,089, a 51% reduction over a seven-year span. “Over 50% debt reduction in seven years is an important milestone. These are solid steps forward as we focus on important infrastructure renewals in the next ten years. We thank our management team and our employees for their unwavering commitment to improvements in services and healthy finances”, said Mayor Kim Chamberlain.
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Information: Luc Foulem
Director of Corporate Communications
506-548-0400, Ext. 502