St. John's reports operationing surplus

The City of St. John’s Executive Summary Report on Revenue and Expenditure for Fiscal 2023 was recently presented at the regular meeting of City Council.
The report shows that for 2023 the City had an operating surplus of $9.03M or 2.67 per cent of budget. The report also shows the City has an accumulated cash surplus as of December 31 of $20.6 million. This includes the Fiscal 2023 operating cash surplus, as well as the unused allocation from previous years.
The Recommendation put forth to Council is to approve the use of $10 million from accumulated surplus to reduce the City’s future borrowing needs thereby reducing future principal and interest payments on such debt. It is further recommended the remaining $10.6 million be held as contingency, mitigating future risks of future unforeseen events.
Comentarios