Municipal staff say audited financial statements show Saint John’s financial health continues to improve.
The city ended the 2024 fiscal year with a small $39,000 surplus, according to the documents made public last week.
“That is actually a 0.02 per cent variance of our operating budget,” Craig Lavigne, the city’s financial controller, told finance committee members.
Total expenses for the year came in at nearly $195.77 million, which was nearly $8 million higher than staff had initially budgeted.
However, year-end revenue totals came in even higher at nearly $195.81 million, according to the financial statements.
Lavigne said the city’s net debt fell to $6 million as of the end of the year, down from a whopping $330 million in 2018.
The city’s long-term debt also continues to decrease — the general fund stands at $71.57 million (down 40 per cent since 2014) and the utility fund is at $62.16 million (down 42 per cent since 2017).
Municipal staff said the city’s reserves also continue to grow after being nearly non-existent just a decade ago. Saint John now has more than $71 million set aside in different reserves, up from $48 million in 2023.
In addition, Lavigne highlighted positive results with the Saint John Trade and Convention Centre, which saw its management transition to OVG360 as of July 1, 2024.
The centre’s year-end deficit came in at $262,683 — less than half of the $553,420 deficit that had been budgeted for, he said.
“The turnaround is a result of the internal audit that was started back in 2019,” said the financial controller.
However, Lavigne said the city’s infrastructure deficit continues to be a significant risk. Saint John had $545 million worth of infrastructure needing immediate attention at the end of 2023.
As we head into the 2026 budget planning, Lavigne said the city faces an unexpected property assessment freeze from the province and “significant wage pressures” from expired protective services contracts.
“Adherence to our financial policies will be key to the continued financial health of the city,” he added
