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2024-07-24 Finance Committee Agenda Packet - Open Session Finance Committee Meeting Open Session May 22, 2024 MINUTES OPEN SESSION FINANCE COMMITTEE MEETING MAY 22, 2024 AT 4:30 PM MEETING CONDUCTED BY ELECTRONIC PARTICIPATION Present: Mayor D. Noade Reardon Councillor G. Sullivan Councillor G. Norton Councillor P. Radwan Absent: Councillor D. Hickey Also Present: Chief Administrative Office B. McGovern Commissioner of Finance and Treasurer K. Fudge Fire Chief R. Nichol Solicitor J. Boucher Commissioner Human Resources S. Hossack Commissioner Utilities & Infrastructure I. Fogan Commissioner Growth & Community Services A. Poffenroth Director Financial Services J. Forgie Director Financial Services C. Lavigne Intermediate Accountant V. Parikh Director Corporate Performance S. Rackley-Roach Senior Financial Manager, Police F. Szalai Senior Manager Transit & Fleet K. Loughery Energy Manager S. Yammine Manager Customer Service & Operations C. Smith Corporate Asset Management Coordinator B. Neal Administrative Assistant A. MacLean Administrative Assistant K. Tibbits 1. Meeting Called to Order Councillor Sullivan called the Finance Committee open session meeting to order. 2. Approval of Minutes 2.1 Minutes of February 28, 2024 Moved by Mayor Noade Reardon, seconded by Councillor Radwan: RESOLVED that the minutes of February 28, 2024 be approved. MOTION CARRIED. 3. Approval of Agenda Moved by Mayor Noade Reardon, seconded by Councillor Norton: RESOLVED that the agenda of May 22, 2024 be approved. MOTION CARRIED. 4. Disclosures of Conflict of Interest Finance Committee Meeting Open Session May 22, 2024 No disclosures. 5. Consent Agenda 5.1 RESOLVED that as recommended in the submitted report Proposed Remaining Meeting Dates for Finance Committee 2024, the Finance Committee approve the meeting dates as submitted. 5.2 RESOLVED that as recommended in the submitted report Saint John Non-Profit Housing Sinking Fund, the Finance Committee endorse Saint John Non- Saint John Non-Profit Housing Sinking fund and forward the report to Common Council for approval. 5.3 RESOLVED that as recommended in the submitted presentation 2025 Budget Timelines and Process, the Finance Committee endorse the timelines and plan set out in this presentation for the 2025 Operating budget process. 5.4 RESOLVED that as recommended in the submitted presentation 2025 Capital Budget and Five- Year Capital Investment Plan, the Finance Committee endorse the timelines and plan set out in this presentation for the 2025 Capital budgets and the Five-Year Capital Financial Plan. Moved by Mayor Noade Reardon, seconded by Councillor Radwan: RESOLVED that the recommendation set out in each consent agenda item respectively be adopted. MOTION CARRIED. 6. Business Matters 6.1 nagement Systems S. Yammine, Energy Manager, reviewed the submitted presentation Maintenance Management Systems. Moved by Mayor Noade Reardon, seconded by Councillor Radwan: RESOLVED that the submitted presentation Management Systems be received for information. MOTION CARRIED. 6.2 Housing Accelerator Funding 2024 Budget Amendment C. Smith, Program Manager, reviewed the submitted report Housing Accelerator Funding 2024 Budget Amendment. Moved by Mayor Noade Reardon, seconded by Councillor Norton: RESOLVED that as recommended in the submitted report Housing Accelerator Funding 2024 Budget Amendment, the Finance Committee approve the 2024 Budget recommendation for funding received as part of the Housing Accelerator Funding. MOTION CARRIED. 6.3 Transit Purchase Electric Vehicles Request for 2023-2024 Capital Budget Adjustment K. Loughery, Manager Transit & Fleet, reviewed the submitted report Transit Purchase Electric Vehicles Request for 2023-2024 Capital Budget Adjustment. Moved by Mayor Noade Reardon, seconded by Councillor Radwan: RESOLVED that as recommended in the submitted report Transit Purchase Electric Vehicles Request for 2023-2024 Capital Budget Adjustment, the Finance Committee approve an adjustment to the 2023 and 2024 capital budgets to enable the residual lease buyout of six (6) twenty-foot Karsan E-Jest Electric Buses from Damera Leasing Canada Corp. at a total cost of $1,662,111.24 plus HST. MOTION CARRIED. Finance Committee Meeting Open Session May 22, 2024 6.4 2023 Unaudited General and Utility Fund Year-End Results C. Lavigne, Director Financial Services, reviewed the submitted presentation December 31, 2023 Unaudited Financial Results General Fund and Utility Fund. Moved by Mayor Noade Reardon, seconded by Councillor Radwan: RESOLVED that the submitted presentation 2023 Unaudited General and Utility Fund Year-End Results be received for information and any questions be directed to staff. MOTION CARRIED. 6.5 April 2024 Year-to-Date Financial Results General and Utility Fund C. Lavigne, Director Financial Services, reviewed the submitted presentation April 2024 Year-to-Date Financial Results General and Utility Fund. Moved by Mayor Noade Reardon, seconded by Councillor Norton: RESOLVED that the submitted presentation April 2024 Year-to-Date Financial Results General and Utility Fund be received for information and any questions be directed to staff. MOTION CARRIED. 7. Adjournment Moved by Mayor Noade Reardon, seconded by Councillor Norton: RESOLVED that the Finance Committee meeting be adjourned. MOTION CARRIED. The Finance Committee open session meeting held on May 22, 2024, was adjourned at 5:35 p.m. The City of Saint John Report to the Finance Committeeon the 2024audit July 19, 2024 00 Deloitte LLP P.O. Box 20094 Brunswick Square Saint John NB E2L 5B2 Canada Tel: 506-632-1080 Fax: 506-632-1210 www.deloitte.ca July 19, 2024 To the Finance Committee of the City of Saint John Report on audited annual financial statements Dear Finance Committee Members: We are pleased to submit this report on the status of our audit of the City of Saint John (“the City”) for the 2023 fiscal year. This report summarizes the scope of our audit, our findings of the 2023 fiscal year and reviews certain other matters that we believe to be of interest to you. We are continuing to work with management to complete the outstanding matters summarized on page one of this report. As agreed in our master service agreement (“MSA”) dated June 17, 2024, and any previous confirmation letters issued pursuant to the MSA and all as may be updated or amended from time to time, we have performed an audit of the financial statements of the City of Saint John as at and for the year ended December 31, 2023, in accordance with Canadian generally accepted auditing standards (“Canadian GAAS”) and expect to issue our audit report once all work is finalized and the financial statements are approved. This report is intended solely for the information and use of the Finance Committee, management and others within the City and is not intended to be, and should not be, used by anyone other than these specified parties. We look forward to discussing this report summarizing the outcome of our audit with you and answering any questions you may have. Yours truly, Chartered Professional Accountants The City of Saint John | Table of contents Table of contents Significant audit risks and events 4 Areas of audit focus 6 Significant accounting policies, judgments and estimates 7 Appendix 1 – Communication requirements and other reportable matters 8 Appendix 2 – Group Audit Appendix 3 – Deloitte resources a click away 13 Additional required communication – Draft Management Representation Letter 14 i © Deloitte LLP and affiliated entities. The City of Saint John | Executive summary Executive summary Audit scope and terms of engagement We have been asked to perform an audit of the City’s financial statements(the “financial statements”) in accordance with CanadianPublic Sector Accounting Standards (“PSAS”)as at and for the year endedDecember 31, 2023. Our audit wasconducted in accordance with Canadian generally accepted auditing standards (“Canadian GAAS”). The terms and conditions of our engagement are described in the master service agreement, and any previous confirmation letters issued pursuant to the MSA and all as may be updated or amended from time to time. We have developed appropriate safeguards and procedures to eliminate threats to our independence or to reduce them to an acceptable level. Significant risksStatusUncorrected misstatements 1 Management override of controls Materiality $6.9M Presumed risk of fraud relating to revenue recognitionfor property 2 taxes, unconditional grants, Uncorrected government transfers, and other misstatements $0 revenue New from prior Continued from Removed from Materiality levels are determined on the basis of total yearprior yearprior year expenses. Our materiality for the year ended December 31, 2023, was $6,900,000 (2022, $6,400,000). Our clearly trivial threshold for reporting uncorrected misstatements was $345,000 (2022, $320,000). Outstanding Matters & Next Steps Resolution of minor consolidation discrepancies Receipt of signed Management’s representation letter with management Resolution ofminorasset retirement sample Completion of our subsequent events procedures discrepancies with management Final audit partner review of select working papers Completion of the Concurring Review 2 © Deloitte LLP and affiliated entities. The City of Saint John | Executive summary Going Concern Results Management has completed its assessment of No restrictions have been placed on the scope of the ability of the City to continue as a going our audit. We intend to issue an unmodified audit concern and in making its assessment did not report on the financial statements of the City for identify any material uncertainties related to the year ended December 31, 2023 once the events or conditions that may cast significant outstanding items referred to above are doubt upon the City’s ability to continue as a completed satisfactorily and the financial going concern. We agree with management’s statements are approved by the Finance assessment. Committee. 3 © Deloitte LLP and affiliated entities. The City of Saint John | Significant audit risks and events Significant audit risksand events The significant audit risks identified as part of our risk assessment, together with our planned responses and conclusions, are described below. Significantrisk dashboard Legend Significant level of management judgment involved Minimal/No management judgment involved D+I: Planned testing of the design and implementation of key controls OE:Planned testing of the operating effectiveness of key controls Management override of controls Fraud RiskControl Testing Level of management Specialist, Expert or PlannedjudgementInnovationInvolvement YESNot applicable No Analysis of risk Audit Response and Results Under Canadian Auditing Standards, it is the We discussed fraud with management. responsibility of the management, with the oversight We asked the Finance Committee for their views of those charged with governance to place a strong about the risk of fraud, whether they know of any emphasis on fraud prevention and detection. actual or suspected fraud affecting the City and their Oversight by those charged with governance role in the oversight of management’s antifraud includes considering the potential for override of programs. controls or other inappropriate influence over the We tested a sample of journal entries made financial reporting process. throughout the period, and adjustments made at the Management override of controls is present in all end of the reporting period. entities. It is a risk of material misstatement We evaluated the business rationale for any resulting from fraud and therefore is considered as a significant unusual transactions. significant risk. We determined whether the judgements and decisions related to management estimates indicate a possible bias, which included performing retrospective analysis of significant accounting estimates. We obtained sufficient audit evidence to conclude that there were no material misstatements. 4 © Deloitte LLP and affiliated entities. The City of Saint John | Significant audit risks and events Presumed risk of fraud on revenue recognition for property taxes, unconditional grants, and other revenue Fraud RiskControl Testing Level of management Specialist, Expert or PlannedjudgementInnovationInvolvement YESD+I No Analysis of risk Audit Response and Results Under Canadian GAAS, we are required to evaluate We evaluated the design and implementation of the risk of fraud in revenue recognition. We have the internal controls that address this risk. We evaluated the revenue transactions, and we have did not rely on controls. concluded that the significant risk is that the revenue We confirmed balances with third parties when may have been recorded in the incorrect period. possible,to ensure that the revenue recorded This represents a fraud risk for the 2023 audit. was appropriate. When not possible, we detail tested the revenue streams and ensured that the proper revenue recognition criteria were met and that the transactions were recorded in the proper period. We concluded that the internal controls were designed and implemented appropriately. A summary of uncorrected financial statement misstatements isincluded in additional required communication. 5 © Deloitte LLP and affiliated entities. The City of Saint John | Areas of Audit Focus Areas of Audit Focus Asset retirement obligations – summary On August 1, 2018, new Section PS 3280 was issued to the PSA Handbook. This new Section establishes standards on how to account for and report a liability for asset retirement obligations. The main features of the new Section are: An asset retirement obligation is a legal obligation associated with the retirement of a tangible capital asset. Asset retirement costs associated with a tangible capital asset controlled by the entity increase the carrying amount of the related tangible capital asset (or a component thereof) and are expensed in a rational and systematic manner. Asset retirement costs associated with an asset no longer in productive use are expensed. Measurement of a liability for an asset retirement obligation should result in the best estimate of the amount required to retire a tangible capital asset (or a component thereof) at the financial statement date. Subsequent measurement of the liability can result in either a change in the carrying amount of the related tangible capital asset (or a component thereof), or an expense, depending on the nature of the remeasurement and whether the asset remains in productive use. A present value technique is often the best method with which to estimate the liability. Analysis of risk Audit Response and Results Due to the adoption of the new standard the risksWe obtained an understanding of management’s associated are:process to identify and measure asset retirement obligations and reviewd their conclusions. Accuracy of the assets, liabilities and assumptions. We reviewed the third-party engineering reports that were used to support management’s Completeness of the assets and obligations. conclusions. Rights and obligations of the assets. We reviewed the asset listing to identify potential Existence of legal and contractual requirements. asset retirement obligations. Our team included members that specialize in the implementation of the asset retirement obligations standard with directly relevant experience in other municipalities and governments across Canada. Working with our specialists, we challenged managent’s assumptions and methodology for identifying and measuring asset retirement obligations. We also challenged assumptions made by management’s engineering experts. We recalculated the balance to ensure mechanical accuracy. We reviewed third party estimates and invoices. We determined whether the judgement and decisions related to management estimates indicate a possible bias. We concluded that the estimate made for asset retirement obligations was reasonable. 6 © Deloitte LLP and affiliated entities. The City of Saint John|Areas of Audit Focus We obtained sufficient appropriate audit evidence to conclude that there were no material misstatements related to management’s estimates. We did not identify any indications of any possible bias in management’s estimates. We suggestupdating the GIS database information to align and support the asset retirement obligation calculation. 7 © Deloitte LLP and affiliated entities. The City of Saint John | Significant accounting policies, judgments and estimates Significant accounting policies, judgments and estimates The accounting policies described below are those that are most important and representative of the City’s financial condition and financial performance. In the course of our audit of the financial statements, we considered the qualitative aspects of the financial reporting process, including items that have a significant impact on the relevance, reliability, comparability and understandability of the information included in the financial statements. We believe the City’s significant accounting policies to be: Allowance for doubtful accounts Tangible capital assets – useful lives, amortization, and impairment Accounts payable accruals Assumptions related to pension plans In our judgment, the significant accounting practices and policies, selected and applied by management are, in all material respects, acceptable under PSAS and are appropriate to the particular circumstances of the City. Accounting estimates are an integral part of the financial statements prepared by management and are based on management’s current judgments. These judgments are normally based on knowledge and experience about past and current events, assumptions about future events and interpretations of the financial reporting standards. During the year ended December 31, 2023, management advised us that there were no significant changes in accounting estimates or in judgments relating to the application of the accounting policies. 8 © Deloitte LLP and affiliated entities. The City of Saint John | Appendix 1 – Communication requirements and other reportable matters Appendix 1 – Communication requirements and other reportable matters Required communication Refer to this report or document described below Audit Service Plan 1. Our responsibilities under Canadian GAAS, including Master Service Agreement forming and expressing an opinion on the financial statements 2. An overview of the overall audit strategy, The audit was conducted in accordance with our audit addressing: plan. We confirm that there have been no significant amendments to the audit scope and approach a. Timing of the audit communicated in the audit plan from prior year b. Significant risks, including fraud risks, names, locations, and planned responsibilities of other independent public accounting firms or others that perform audit procedures in the audit 3. Significant transactions outside of the normal course We have not identified any related party transactions of business, including related party transactions that were not in the normal course of operations and that involved significant judgments by management concerning measurement or disclosure Enquiries of those charged with governance 4. How those charged with governance exercise Review of returned fraud inquiries oversight over management’s process for identifying and responding to the risk of fraud and the internal control that management has established to mitigate these risks 5. Any known suspected or alleged fraud affecting the We were not made aware of any suspected or alleged City fraud that would affect the City Year End Communication 6. Fraud or possible fraud identified through the We are not aware of any fraudulent events audit process 7. Significant accounting policies, practices, unusual Significant Accounting practices, judgements transactions, and our related conclusions and estimates 8. Alternative treatments for accounting policies and Significant Accounting practices, judgements practices that have been discussed with management and estimates during the current audit period 9. Matters related to going concern Executive summary 9 © Deloitte LLP and affiliated entities. The City of Saint John | Appendix 1 – Communication requirements and other reportable matters Required communication Refer to this report or document described below 10. Use of the work of specialists As planned, Deloitte specialists and experts assisted in the audit to the extent we considered necessary: IT Participated in evaluating internal specialists: controls and in using our computerized audit applications Actuarial Helped assess the adequacy of the experts: defined benefit obligation Assurance Helped assess the appropriateness of specialists: the asset retirement obligation 11. Consultation with other accountants Management has informed us that the City has not consulted with other accountants about auditing or accounting matters 12. Management judgments and accounting estimates Significant Accounting practices, judgements and estimates 13. Significant difficulties, if any, encountered during the We did not encounter any significant difficulties while audit performing the audit. There were no significant delays in receiving information from management required for the audit nor was there an unnecessarily brief timetable in which to complete the audit 15. Material written communications between Management representation letter management and us, including management representation letters 16. Circumstances that affect the form and the content Draft auditor’s report of the auditor’s report 17. Other matters that are significant to the oversight of No other matters to report. the financial reporting process 18. Modifications to our opinion(s) Executive summary 19. Other significant matters discussed with For further details, please see the Significant Risks and management Events section. 20. Under our professional standards we are required to Our limited procedures did not identify any areas of communicate, unless we are prohibited by a law or material non-compliance with laws and regulations by regulation, matters involving non-compliance by the the City, that are not otherwise prohibited to disclosed Company with applicable laws and regulations, by law or regulation. including illegal or possibly illegal acts that come to our attention 21. Litigation No litigation matters to report 22. Significant deficiencies in internal control, if any, No deficiencies to report identified by us in the conduct of the audit of the financial statements 23. Uncorrected misstatements and disclosure items In accordance with Canadian GAAS, we request that all misstatements be corrected Other reportable matters 24. Changes to the audit plan The audit was conducted in accordance with our audit plan. We confirm that there have been no significant amendments to the audit scope and approach communicated in the audit plan 10 © Deloitte LLP and affiliated entities. The City of Saint John | Appendix 1 – Communication requirements and other reportable matters Required communication Refer to this report or document described below 25. Concerns regarding management competence and We have not determined any concerns regarding integrity management competence and integrity 26. Disagreements with management In the course of our audit, we did not encounter any disagreements with management about matters that individually or in the aggregate could be significant to the financial statements 27. Subsequent events At the date of finalizing this report, we are not aware of any significant post balance sheet events 28. Reliance on service organizations Not applicable 29. Limitations when sending confirmations Not applicable 11 © Deloitte LLP and affiliated entities. The City of Saint John | Appendix 2 – Group Audit Appendix 2 – Group Audit The audit of the City is considered to be a group audit, in which portions of the audit, were conducted by another auditor. Entity Significance Other auditors Materiality The City of Saint John General Operating Fund Significant Deloitte $6,900,000 (includes Saint John Police Commission) The City of Saint John Capital and Loan Fund Significant Deloitte $6,900,000 The City of Saint John Water and Sewerage Utility Significant Deloitte $6,900,000 Operating Fund The City of Saint John Water and Sewerage Capital and Significant Deloitte $6,900,000 Loan Fund Harbour Station Commission Significant Deloitte $187,400 Saint John Transit Commission Significant Deloitte $475,000 Power Commission of Saint John Significant Deloitte $2,320,000 Saint John Trade and Convention Centre Nonsignificant Deloitte $25,700 Lord Beaverbrook Rink Nonsignificant Ashe Casey & N/A Mills Saint John Aquatic Centre Commission Nonsignificant Deloitte $144,000 Saint John Free Public Library Nonsignificant Deloitte $30,720 As described above, significant parts of the audit will be performed by other auditors. We have determined that it is appropriate for us to serve as the City’s principal auditor and, as such, for us to report on the City’s financial statements. 12 © Deloitte LLP and affiliated entities. The City of Saint John | Appendix 3 – Deloitte resources a click away Appendix 3 – Deloitte resources a click away At Deloitte, we are devoted to excellence in the provision of professional services and advice, always focused on client service. We have developed a series of resources, which contain relevant and timely information. Register hereto receive practical insights, invitations to Deloitte events/webcasts, and newsletters via email and other electronic channels. You will be able to select business topics and industries that align with your interests. 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Box 6549 Brunswick House th 44 Chipman Hill, 7 Floor Saint John, NB E2L 4R9 Dear Mr. Lund: Subject: Consolidated financial statements of The City of Saint John for the year ended December 31, 2023 This representation letter is provided in connection with the audit by Deloitte LLP (“Deloitte” or “you”) of the consolidated financial statements of the City of Saint John (the “Organization” or “we” or “us”) as of and for the year ended December 31, 2023, the notes to the consolidated financial statements and a summary of significant accounting policies (the “Financial Statements”) for the purpose of expressing an opinion as to whether the Financial Statements present fairly, in all material respects, the financial position, results of operations, and cash flows of the Organization in accordance with Public Sector Accounting Standards (“PSAS”). Certain representations in this letter are described as being limited to matters that are material. Items are considered to be material if they, individually or in the aggregate, could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements. We confirm that, to the best of our knowledge and belief, having made such inquiries as we considered necessary for the purpose of appropriately informing ourselves: Financial statements 1. We have fulfilled our responsibilities as set out in the terms of the engagement letter between the Organization and Deloitte dated June 17, 2024 for the preparation of the Financial Statements in accordance with PSAS. In particular, the Financial Statements are fairly presented, in all material respects, and present the financial position of the Organization as at December 31, 2023, and the results of its operations and cash flows for the year then ended in accordance with PSAS. 2. Significant assumptions used in making estimates, including those measured at fair value, are reasonable. 14 © Deloitte LLP and affiliated entities. The City of Saint John | Additional required communication – Draft Management Representation Letter In preparing the Financial Statements in accordance with PSAS, management makes judgments and assumptions about the future and uses estimates. The completeness and appropriateness of the disclosures related to estimates are in accordance with PSAS. The Organization has appropriately disclosed in the Financial Statements the nature of measurement uncertainties that are material, including all estimates where it is reasonably possible that the estimate will change in the near term and the effect of the change could be material to the Financial Statements. The measurement methods, including the related assumptions and models, used in determining the estimates, including fair value, were appropriate, reasonable and consistently applied in accordance with PSAS and appropriately reflect management's intent and ability to carry out specific courses of action on behalf of the entity. No events have occurred subsequent to December 31, 2023 that require adjustment to the estimates and disclosures included in the Financial Statements. There are no changes in management’s method of determining significant estimates in the current year. 3. We have determined that the Financial Statements are complete as of the date of this letter as this is the date when there are no changes to the Financial Statements (including disclosures) planned or expected. The Financial Statements have been approved in accordance with our process to finalize financial statements. 4. We have completed our review of events after December 31, 2023 and up to the date of this letter. 5. The Financial Statements are free of material errors and omissions. Uncorrected misstatements detected that relate to the prior year 6. We believe the effects of the uncorrected financial statement misstatements detected in the current year (as summarized in Appendix A) that relate to the prior year presented, when combined with those misstatements aggregated by you during the prior-year audit engagement and pertaining to the prior year presented, are immaterial, both individually and in the aggregate, to the Financial Statements for the prior year ended, December 31, 2023 taken as a whole. Internal Controls 7. We acknowledge our responsibility for the design, implementation and maintenance of internal control to prevent and detect fraud and error. 8. We have disclosed to you all known deficiencies in the design or operation of internal control over financial reporting identified as part of our evaluation, including separately disclosing to you all such deficiencies that we believe to be significant deficiencies in internal control over financial reporting. Information provided 9. We have provided you with: a. Access to all information of which we are aware that is relevant to the preparation of the Financial Statements, such as records, documentation and other matters. b. All relevant information as well as additional information that you have requested from us for the purpose of the audit; c. Unrestricted access to persons within the entity from whom you determined it necessary to obtain audit evidence; and, 15 © Deloitte LLP and affiliated entities. The City of Saint John | Additional required communication – Draft Management Representation Letter d. All minutes of the meetings of directors and committees of directors, or summaries of actions of recent meetings for which minutes have not yet been prepared. All significant board and committee actions are included in the summaries. 10. We have disclosed to you the results of our assessment of the risk that the Financial Statements may be materially misstated as a result of fraud. 11. We have no knowledge of any information in relation to fraud or suspected fraud that we are aware of and that affects the entity and involves: a. Management; b. Employees who have significant roles in internal control; or c. Others where the fraud could have a material effect on the Financial Statements. 12. We have no knowledge of any information in relation to allegations of actual, suspected or alleged fraud, or illegal or suspected illegal acts affecting the Organization. 13. There have been no communications with regulatory agencies concerning actual or potential noncompliance with or deficiencies in financial reporting practices. There are also no known or possible instances of non- compliance with the requirements of regulatory or governmental authorities. 14. We have disclosed to you the identities of the entity’s related parties and all the related party relationships and transactions of which we are aware, including guarantees, non-monetary transactions and transactions for no consideration. Independence matters For purposes of the following paragraphs, “Deloitte” shall mean Deloitte LLP and Deloitte Touche Tohmatsu Limited, including related member firms and affiliates. 15. Prior to the Organization having any substantive employment conversations with a former or current Deloitte engagement team member, the Organization has held discussions with Deloitte and obtained approval from the Finance Committee. 16. We have ensured that all non-audit services provided to the Organization have been pre-approved by the Audit Committee. Further, we have adhered to all regulatory requirements regarding the provision of non- audit services by Deloitte to the Organization in accordance with applicable laws, regulations and rules that apply to the Organization, including the Finance Committee approval requirements. 17. We have ensured that all services performed by Deloitte with respect to this engagement have been pre- approved by the Audit Committee in accordance with its established approval policies and procedures. Other matters Except where otherwise stated below, immaterial matters less than $330,000 collectively are not considered to be exceptions that require disclosure for the purpose of the following representations. This amount is not necessarily indicative of amounts that would require adjustment to or disclosure in the Financial Statements. 18. All transactions have been properly recorded in the accounting records and are reflected in the Financial Statements. 19. The Organization has identified all related parties in accordance with Section PS 2200, Related Party Disclosures (“PS 2200”). Management has made the appropriate disclosures with respect to its related party transactions in accordance with PS 2200. 16 © Deloitte LLP and affiliated entities. The City of Saint John | Additional required communication – Draft Management Representation Letter 20. There are no instances of identified or suspected noncompliance with laws and regulations. 21. We have disclosed to you all known, actual or possible litigation and claims, whether or not they have been discussed with our lawyers, whose effects should be considered when preparing the Financial Statements. As appropriate, these items have been disclosed and accounted for in the Financial Statements in accordance with PSAS. 22. All events subsequent to the date of the Financial Statements and for which PSAS requires adjustment or disclosure have been adjusted or disclosed. Accounting estimates and disclosures included in the Financial Statements that are impacted by subsequent events have been appropriately adjusted. 23. We have disclosed to you all liabilities, provisions, contingent liabilities and contingent assets, including those associated with guarantees, whether written or oral, and they are appropriately reflected in the Financial Statements. 24. We have disclosed to you, and the Organization has complied with all aspects of contractual agreements that could have a material effect on the Financial Statements in the event of non-compliance, including all covenants, conditions or other requirements of all outstanding debt. 25. The Organization has satisfactory title to and control over all assets, and there are no liens or encumbrances on such assets. We have disclosed to you and in the Financial Statements all assets that have been pledged as collateral. Accounting Policies 26. The selection and application of accounting policies are appropriate. 27. The City’s accounting policies and their method of application have been applied on a basis consistent with that of the audited Financial Statements as of and for the year ended December 31, 2023. Going Concern 28. Management has completed its assessment of the ability of the City to continue as a going concern and in making its assessment did not identify any material uncertainties related to events or conditions that may cast significant doubt upon the City's ability to continue as a going concern, which would require disclosure in the Financial Statements. In assessing whether the going concern assumption is appropriate, management took into account all available information about the future, which is at least, but is not limited to, twelve months from the statement of financial position date, their plans for future action and the feasibility of these plans. Fair value 29. With regard to the fair value measurements and disclosures of certain assets and liabilities, we believe that: a. The completeness and adequacy of the disclosures related to fair values are in accordance with Public Sector Accounting Standards (“PSAS”). b. No events have occurred subsequent to December 31, 2023 that require adjustment to the fair value measurements and disclosures included in the Financial Statements. c. They appropriately reflect management's intent and ability to carry out specific courses of action on behalf of the City when relevant to the use of fair value measurements or disclosures. 17 © Deloitte LLP and affiliated entities. The City of Saint John | Additional required communication – Draft Management Representation Letter Plans or intentions affecting carrying value/classification of assets and liabilities 30. We have disclosed to you all plans or intentions that may materially affect the carrying value or classification of assets and liabilities reflected in the Financial Statements. Various matters 31. The following have been properly recorded and, when appropriate, adequately disclosed and presented in the Financial Statements: a. losses arising from sale and purchase commitments; b. agreements to buy back assets previously sold; c. provisions for future removal and site restoration costs; d. financial instruments with significant individual or group concentration of credit risk, and related maximum credit risk exposure; e. arrangements with financial institutions involving compensating balances or other arrangements involving restriction on cash balances and line-of-credit or similar arrangements; f. all impaired loans receivable; g. loans that have been restructured to provide a reduction or deferral of interest or principal payments because of borrower financial difficulties. Management’s responsibilities 32. All transactions and events have been carried out in accordance with law, regulation or other authority. Investments 33. With regard to the City’s investment in Saint John Energy, we have disclosed to you any events that have occurred and facts that have been discovered with respect to such investment that would indicate impairment of the investment’s value Notes, loans and receivables 34. We have identified to you all forgivable loans and loans with concessionary terms and have appropriately reflected these instruments in the financial statements. Communications with taxation agencies 35. We have disclosed to you all communications from taxation authorities concerning assessments or reassessments that could have a material effect on the Financial Statements. Employee future benefits 36. Management has appropriately identified all employee future benefit costs, assets, and obligations, as applicable. Government Business Enterprises and Government Partnerships 37. The City has appropriately classified its investments in Saint John Energy as a Government Business Enterprise. 38. With regard to the City’s investment in Saint John Energy, we have disclosed to you any events that have occurred and facts that have been discovered with respect to such investment that would affect the investment’s value as reported in the Financial Statements. 18 © Deloitte LLP and affiliated entities. The City of Saint John | Additional required communication – Draft Management Representation Letter Government transfers 39. We have disclosed to you all correspondence relating to government transfers that the City has had with the funding body. 40. We have assessed the eligibility criteria and determined that the City is an eligible recipient for the government transfers received. 41. We have assessed the stipulations attached with the funding and have recognized the revenue in accordance with meeting the stipulations required. 42. All government transfers that have been recorded as deferred revenue give rise to an obligation that meets the definition of a liability. Those liabilities have been properly recorded and presented in the consolidated Financial Statements. Tangible capital assets 43. Tangible capital assets have been recorded properly and consistently according to the standards in CPA Canada Public Sector Accounting Handbook Section PS 3150, Tangible Capital Assets. 44. Contributed tangible capital assets have been appropriately recorded at fair value, unless fair value is not reasonably determinable, and in such case, have been recorded at an appropriate nominal value. All contributed tangible capital assets have been appropriately disclosed. 45. We have assessed the useful lives of tangible capital assets and have determined all tangible capital assets contribute to the City’s ability to provide goods and services and therefore do not require a write down. Deficiencies in internal control 46. We have communicated to you all deficiencies in internal control of which we are aware. We have disclosed to you any change in the City’s internal control over financial reporting that occurred during the current year that has materially affected, or is reasonably likely to materially affect, the City’s internal control over financial reporting. Adjusting journal entries 47. We have reviewed the year-end adjusting entries and acknowledge our responsibility for their accuracy. Communicating a threshold amount 48. We understand that the threshold used for accumulating misstatements identified during the year was $345,000 for purposes of Appendix A. Misstatements below this amount have been considered clearly trivial. Asset retirement obligations 49. The Organization has made the accounting policy choice to apply CPA Canada Public Sector Accounting Handbook Section PS 3280, Asset Retirement Obligations using prospective application in accordance with paragraphs PS 3280.72-73. For asset retirement obligations associated with tangible capital assets in productive use, the entity has increased the carrying amount of the related tangible capital asset (including those that have been fully amortized) by the same amount as the liability as at December 31, 2023. For asset retirement obligations associated with tangible capital assets no longer in productive use, the entity has recognized an expense of the same amount as the liability. 19 © Deloitte LLP and affiliated entities. The City of Saint John | Additional required communication – Draft Management Representation Letter Yours truly, The City of Saint John Kevin Fudge, CPA CA 20 © Deloitte LLP and affiliated entities. FINANCECOMMITTEEREPORT Report DateJuly 10, 2024 Meeting DateJuly 24, 2024 Chairman Gary Sullivanand Members of Finance Committee SUBJECT: 2023Audited Consolidated Financial Statements OPEN OR CLOSED SESSION This matter is to be discussed in open session of Finance Committee. AUTHORIZATION Primary AuthorCommissioner/Dept. HeadChief Administration Officer Craig LavigneKevin FudgeJ. Brent McGovern RECOMMENDATION It is recommended that. EXECUTIVE SUMMARY The purpose of this report is to provide the Finance Committee with an overview of the audited 2023Consolidated Financial Statements. The City of Saint John received a clean audit opinionwhich mean the financial statements present fairly, in all material respects, the financialpositionin the City in accordance with Canadian The report will provide an overview of the major accounting differences between the budgetsfor the General and Utility versus the financial results reported on a consolidated basis. The consolidated statement of operation financial resulted in an annual surplus of $56,562,316.A large portion of this annual surplus is related actuarial review done on employee benefitsresulting in non-cash adjustments of - 2 - $17,046,500, Saint John Energy equity pick up of $5,737,000 as well as significant government transfers of $26,924,303 for Capital projects. The General Fund Operating budget ended 2023 with a surplus of $272,855 and the Utility Fund ended 2023 with a surplus of $307,815. PREVIOUS RESOLUTION N/A STRATEGIC ALIGNMENT The report aligns with Council's priority of ensuring the organization performs. The positive trends that the 2023 Consolidated Financial statements show are the results of following the Long-Term Financial Plan and how the various financial polices ensure the City is delivery financial results. REPORT The purpose of this report is to provide the Finance Committee with an overview of the audited 2023 Consolidated Financial Statements. The City of Saint John received a clean audit opinion which mean the financial statements present fairly, in all material respects, the financial position in the City in accordance with It is also important to note that there was a new accounting standard implemented for 2023, PS 3280, Asset Retirement Obligation. The purpose of the new standard was to establish an accounting standard for public sector entities that addresses the accounting and reporting of legal obligations associated with the retirement of tangible capital assets. The City applied the standard based on the criteria and determined two asset classes the met the new standard. City owned buildings with a pre-1990 construction date and fuel storage tanks. The buildings are assumed to potentially have asbestos, that would require remediation if the building was renovated, or torn down and the tanks may require remediation of land upon removal. The calculation for the liability for these classes of Asset Retirement Obligation is $16,141,422 and is reflected on the Statement of Financial Position and Note 20. The report will provide an overview of the major accounting differences between the budgets for the General and Utility versus the financial results reported on a consolidated basis. - 3 - General and Utility Fund Operating Budget vs. Public Sector Accounting Standards . Various sections under the act state that the City cannot own a corporation for the purposes of making a profit. The City of Saint John General Operating Fund The City of Saint John Capital and Loan Fund The City of Saint John Water and Sewerage Utility Operating Fund The City of Saint John Water and Sewerage Utility Capital and Loan Fund Saint John Transit Commission TD Station Commission Saint John Aquatic Centre Commission Saint John Trade and Convention Centre Saint John Energy Lord Beaverbrook Rink Saint John Police Commission Saint John Free Public Library - 4 - 2023 Consolidated Financial Statements Highlights Consolidated Statement of Financial Position 2023 long term financial plan is financial health continues to improve, and debt continues to decline across the various entities. Net Debt now stands at $58,803,162 for 2023 (2022 - $97,323,421) and was over $330,000,000 in 2018. overall financial health. The higher the level of Net Debt the more future revenues will be needed to fund past transactions and events. Long term debt for both the Utility and General fund continues to decrease with the General fund seeing a reduction of 35.21% in debt since 2014 and the Utility reducing debt by 36.37% since 2017. Another sign that the financial health continues to improve is the Statement of Reserves under note 21. Overall reserves for the General Fund and Utility Fund now have a balance of $48,716,706 at the end of 2023 (2022- $37,546,839). Statement of Operations and Accumulated Surplus The consolidated statement of operation financial resulted in an annual surplus of $56,562,316. A large portion of this annual surplus is related actuarial review done on employee benefits resulting in non-cash adjustments of $17,046,500, Saint John Energy actuarial non-cash adjustments of $5,737,000 as well as significant government transfers of $26,924,303 for Capital projects. Government transfers for capital assets was $26,924,303 for 2023 compared to $19,983,136 in 2022. The reason for the variance is the amount of Capital funding the City has been successful in securing with all levels of government. The statement of operations does not reflect the true budgeted results for the General and Utility funds due to the adjustments, consolidation, and other accounting entries required under Public Sector Account Standards. Note 24 in the consolidated statement clearly shows the results of the general and utility funds with all the adjustments to balance to the annual surplus reported under General and Utility Fund Operating Budget Results - 5 - The General Fund Operating Budget year end results is a surplus of $272,855 and the Utility ended up with a surplus of $307,815. Conclusion The various plans and policies in place continue to move the City into a healthy financial position and meet the various financial targets set out. SERVICE AND FINANCIAL OUTCOMES See attachments INPUT FROM OTHER SERVICE AREAS AND STAKEHOLDERS N/A ATTACHMENTS Appendix 1 The City of Saint John December 31, 2023 Draft Consolidated FS Appendix 2 General Operating Fund December 31, 2023 Draft FS Appendix 3 Utility Operating Fund December 31, 2023 Draft FS Appendix 4 The City of Saint John Trust Funds December 31, 2023 Draft FS Appendix 5 Trade and Convention Centre December 31, 2023 Draft FS t TheCityofSaintJohn f ConsolidatedFinancialStatementsStatementsStatements December31,2023 a r D TheCityofSaintJohn Contents ConsolidatedFinancialStatementsPage IndependentAuditor'sReport12 ConsolidatedStatementofFinancialPosition3 ConsolidatedStatementofOperationsandAccumulatedSurplusSurplusSurplus4 ConsolidatedStatementinChangesinNetDebt5 ConsolidatedStatementofCashFlow6 NotestotheConsolidatedFinancialStatements73 t f a r D DeloitteLLP P.O.Box20094 BrunswickSquare SaintJohnNBE2L5B2 Canada Tel:5066321080 Fax:5066321210 www.deloitte.ca Independent!ǒķźƷƚƩ͸ƭReport ToHerWorshiptheMayorandMembersofCommonCouncilof TheCityofSaintJohn Opinion WehaveauditedthefinancialstatementsofTheCityofSaintSaintSaintJohnJohnJohn(the(the(theͻ/źƷǤͼΜͲͻ/źƷǤͼΜͲͻ/źƷǤͼΜͲwhichcomprisethe statementoffinancialpositionasatDecember31,2023,2023,2023,andandandthethethestatementsstatementsstatementsofofofoperations,operations,operations,and accumulatedsurplus,changeinnetdebtandcashflowflowflowforforforthethetheyearyearyearthenthenthenended,ended,ended,andandandnotestothefinancial statements,includingasummaryofsignificantaccountingaccountingaccountingpoliciespoliciespolicies(collectively(collectively(collectivelyreferredreferredreferredtoasthe t ͻŅźƓğƓĭźğƌƭƷğƷĻƒĻƓƷƭͼΜ͵ Inouropinion,theaccompanyingfinancialfinancialfinancialstatementsstatementsstatementspresentpresentpresentfairly,fairly,fairly,inininallallallmaterialrespects,thefinancial f positionoftheCityasatDecember31,31,31,2023,2023,2023,andandandthethetheresultsresultsresultsofofofitsitsitsoperations,operations,operations,itsaccumulatedsurplus, changesinitsnetdebt,anditscashcashcashflowsflowsflowsforforforthethetheyearyearyearthenthenthenendedendedendedinaccordancewithCanadianpublic sectoraccountingstandardsΛͻt{!{ͼΜ͵Λͻt{!{ͼΜ͵Λͻt{!{ͼΜ͵ a BasisforOpinion WeconductedourauditauditauditinininaccordanceaccordanceaccordancewithwithwithCanadianCanadianCanadiangenerallyacceptedauditingstandards r Λͻ/ğƓğķźğƓD!!{ͼΜ͵Ourresponsibilitiesresponsibilitiesresponsibilitiesunderunderunderthosethosethosestandardsarefurtherdescribedinthe!ǒķźƷƚƩ͸ƭ ResponsibilitiesfortheAuditofofofthethetheFinancialFinancialFinancialStatementsStatementsStatements sectionofourreport.Weareindependentofthe Cityinaccordancewiththeethicalethicalethicalrequirementsrequirementsrequirementsthatarerelevanttoourauditofthefinancialstatements inCanada,andwehavefulfilledourourourotherotherotherethicalresponsibilitiesinaccordancewiththeserequirements. D Webelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisfor ouropinion. ResponsibilitiesofManagementandThoseChargedwithGovernanceforthe FinancialStatements Managementisresponsibleforthepreparationandfairpresentationofthefinancialstatementsin accordancewithPSAS,andforsuchinternalcontrolasmanagementdeterminesisnecessarytoenable thepreparationoffinancialstatementsthatarefreefrommaterialmisstatement,whetherduetofraud orerror. Inpreparingthefinancialstatements,managementisresponsibleforassessingthe/źƷǤ͸ƭabilityto continueasagoingconcern,disclosing,asapplicable,mattersrelatedtogoingconcernandusingthe goingconcernbasisofaccountingunlessmanagementeitherintendstoliquidatetheCityortocease operations,orhasnorealisticalternativebuttodoso. ThosechargedwithgovernanceareresponsibleforoverseeingƷŷĻ/źƷǤ͸ƭfinancialreportingprocess. !ǒķźƷƚƩ͸ƭResponsibilitiesfortheAuditoftheFinancialStatements Ourobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawholeare freefrommaterialmisstatement,whetherduetofraudorerror,andtoissueanğǒķźƷƚƩ͸ƭreportthat includesouropinion.Reasonableassuranceisahighlevelofassurance,butisnotaguaranteethatan auditconductedinaccordancewithCanadianGAASwillalwaysdetectamaterialmisstatementwhenit exists.Misstatementscanarisefromfraudorerrorandareconsideredmaterialif,individuallyorinthe aggregate,theycouldreasonablybeexpectedtoinfluencetheeconomicdecisionsofuserstakenonthe basisofthesefinancialstatements. AspartofanauditinaccordancewithCanadianGAAS,weexerciseprofessionaljudgmentandmaintain professionalskepticismthroughouttheaudit.Wealso: Identifyandassesstherisksofmaterialmisstatementofthefinancialstatements,whetherdueto fraudorerror,designandperformauditproceduresresponsivetothoserisks,andobtainaudit evidencethatissufficientandappropriatetoprovideabasisforouropinion.Theriskofnotdetecting amaterialmisstatementresultingfromfraudishigherthanforoneresultingfromerror,asfraudmay involvecollusion,forgery,intentionalomissions,misrepresentations,misrepresentations,misrepresentations,ortheoverrideofinternal control. Obtainanunderstandingofinternalcontrolrelevanttototothethetheauditauditauditinininorderorderordertototodesignauditprocedures thatareappropriateinthecircumstances,butnotforforforthethethepurposepurposepurposeofofofexpressingexpressingexpressinganopiniononthe effectivenessofthe/źƷǤ͸ƭinternalcontrol. Evaluatetheappropriatenessofaccountingaccountingaccountingpoliciespoliciespoliciesusedusedusedananandddthethetherrreasonablenesseasonablenesseasonablenessofaccounting t estimatesandrelateddisclosuresmadebybybymanagement.management.management. f ConcludeontheappropriatenessofƒğƓğŭĻƒĻƓƷ͸ƭƒğƓğŭĻƒĻƓƷ͸ƭƒğƓğŭĻƒĻƓƷ͸ƭuseuseuseofofofthethethegoinggoinggoingconcernbasisofaccountingand, basedontheauditevidenceobtained,obtained,obtained,whetherwhetherwhetheraaamaterialmaterialmaterialuncertaintyuncertaintyuncertaintyexistsrelatedtoeventsor conditionsthatmaycastsignificantsignificantsignificantdoubtdoubtdoubtonononthethethe/źƷǤ͸ƭ/źƷǤ͸ƭ/źƷǤ͸ƭabilityabilityabilitytocontinueasagoingconcern.Ifwe concludethatamaterialuncertaintyuncertaintyuncertaintyexists,exists,exists,wewewearearearerequiredrequiredrequiredtodrawattentioninourğǒķźƷƚƩ͸ƭreport a totherelateddisclosuresdisclosuresdisclosuresinininthethethefinancialfinancialfinancialstatementsstatementsstatementsor,or,or,ifsuchdisclosuresareinadequate,tomodify ouropinion.OurconclusionsconclusionsconclusionsarearearebasedbasedbasedonononthethetheauditauditauditevidenceobtaineduptothedateofourğǒķźƷƚƩ͸ƭ report.However,futurefuturefutureeventseventseventsorororconditionsconditionsconditionsmaymaymaycausetheCitytoceasetocontinueasagoing r concern. Evaluatetheoverallpresentation,presentation,presentation,structurestructurestructureandcontentofthefinancialstatements,includingthe actionsandeventsin disclosures,andwhetherthethethefinancialfinancialfinancialstatementsrepresenttheunderlyingtrans amannerthatachievesfairpresentation.presentation.presentation. D Wecommunicatewiththosechargedwithgovernanceregarding,amongothermatters,theplanned scopeandtimingoftheauditandsignificantauditfindings,includinganysignificantdeficienciesin internalcontrolthatweidentifyduringouraudit. ReportonOtherLegalandRegulatoryRequirements AsrequiredbytheGovernmentofNewBrunswick,wereportthat,inouropinion,theaccounting principlesinCanadianpublicsectoraccountingstandardshavebeenappliedonaconsistentbasis. CharteredProfessionalAccountants LicensedPublicAccountants TheCityofSaintJohn ConsolidatedStatementofFinancialPosition AsatDecember31,2023 20232022 $$ FinancialAssets Cashandcashequivalents(Note4)125,027,420 117,120,316 Accountsreceivable(Notes5,6&7)31,602,444 20,555,712 Investmentinenergyservices(Note8)88,117,000 82,380,000 Notereceivable(Note9) 17,500,000 20,000,000 Otherinvestments(Note10)914,019 899,331 263,160,883 240,955,359 FinancialLiabilities Accountspayableandaccruedliabilities(Note11)36,660,14936,660,14936,660,149 29,607,232 Deferredrevenue 1,829,4621,829,4621,829,462 2,329,976 Deferredgovernmenttransfers(Note12)35,157,87235,157,87235,157,872 32,727,955 ttttttttt Postemploymentbenefitsandcompensatedabsencesabsencesabsences(Note(Note(Note14)14)14)61,683,400 78,729,900 Longtermdebt(Note13)170,491,740 194,883,717 fffffffff Assetretirementobligation(Note20)16,141,422 321,964,045338,278,780 Netdebt(58,803,162)(97,323,421) aaaaaaaaa Nonfinancialassets Inventory 4,243,239 3,992,671 rrrrrrrrr Prepaidexpenses 1,074,728 116,185 Tangiblecapitalassets(Note(Note(Note22)22)22)1,000,845,631 984,012,685 1,006,163,597 988,121,541 Accumulatedsurplus947,360,435 890,798,120 Contingencies(Note15) DDDDDDDDD Commitments(Note16) Approvedby: DonnaNoadeReardon,MayorGarySullivan,ChairofFinanceCommittee JonathanTaylor,CommonClerk 3 TheCityofSaintJohn ConsolidatedStatementofOperationsandAccumulatedSurplus AsatDecember31,2023 Budget (Note2)20232022 $$$ Revenues Propertytaxes142,169,733 142,169,733 131,483,087 Unconditionalgrant15,321,432 15,321,432 16,647,118 Otherrevenuefromownsources(Note27)29,116,899 29,638,033 22,411,697 Waterandsewer49,323,65749,323,65749,323,657 47,634,536 45,312,262 Miscellaneous1,137,5281,137,5281,137,528 820,635 1,217,810 Contributionsfromothers(Note27)270,000270,000270,000 1,628,239 799,858 Incomefromenergyservices 5,737,000 21,582,000 237,885,879237,885,879237,885,879 243,496,238243,496,238243,496,238 239,453,833 tttttttt Expenses Generalgovernmentservices(Note27) 51,964,45851,964,45851,964,458 29,313,989 18,126,184 ffffffff Protectiveservices(Note27)60,973,98560,973,98560,973,985 55,542,543 53,986,800 Transportationservices(Note27)44,520,70044,520,70044,520,700 44,923,863 44,539,918 Waterandsewerservices(Note27)27)27)51,499,45351,499,45351,499,453 48,420,840 47,035,748 Environmentalhealthservices(Note(Note(Note27)27)27)3,830,567 4,134,170 3,656,997 aaaaaaaa Environmentaldevelopmentservicesservicesservices(Note(Note(Note27)27)27)16,989,056 20,484,761 19,105,025 Recreationalandculturalservicesservicesservices(Note(Note(Note27)27)27)10,939,888 11,038,059 10,050,557 rrrrrrrr CanadaGamesFoundationFoundationFoundationInvestmentInvestmentInvestment(Note(Note(Note27)27)27)8,743,271 240,718,107 213,858,225 205,244,500 Annualsurplus(deficit)beforecapitalcapitalcapitalcontributionscontributionscontributions(2,832,228)29,638,013 34,209,332 Governmenttransfersforcapital(Note(Note(Note27)27)27)26,924,303 19,983,136 Annualsurplus 56,562,316 54,192,468 DDDDDDDD Accumulatedsurplus,beginningofyear 890,798,120 836,605,652 Accumulatedsurplus,endofyear 947,360,436 890,798,120 4 TheCityofSaintJohn ConsolidatedStatementofChangesinNetDebt AsatDecember31,2023 20232022 $$ Annualsurplus56,562,316 54,192,468 Acquisitionoftangiblecapitalassets(Note22)(62,619,945)(35,226,780) Lossondisposaloftangiblecapitalassets(Note22)636,027 925,216 Proceedsonsaleoftangiblecapitalassets 52,929 362,275 Amortizationoftangiblecapitalassets(Note22)45,098,043 41,478,333 (Increase)ininventory(250,568)(94,527) (Increase)decreaseinprepaidexpenses(958,543)434,499 Decreaseinnetdebt 38,520,260 62,071,484 Netdebt,beginningofyear(97,323,421)(159,394,905) Netdebt,endofyear(58,803,161)(97,323,421) ttt fff aaa rrr DDD 5 TheCityofSaintJohn ConsolidatedStatementofCashFlow AsatDecember31,2023 20232022 $$ Operatingtransactions Annualsurplus 56,562,316 54,192,468 Itemsnotinvolvingcash Amortizationoftangiblecapitalassets(Note22)45,098,043 41,478,333 Lossondisposaloftangiblecapitalassets(Note22)636,027 925,216 Incomefromenergyservices(5,737,000)(21,582,000) Changeinnoncashassetsandliabilities Accountsreceivable(11,046,732)(2,295,977) Inventory(250,568)(94,527) Prepaidexpenses(958,543)(958,543)(958,543)434,499 Accountspayableandaccruedliabilities 7,052,917(1,148,753) ttttttt Deferredrevenue(500,514)472,644 Deferredgovernmenttransfers 2,429,917 11,903,993 fffffff Otherpostemploymentliabilities(17,046,500)(21,086,387) Increaseinassetretirementobligationliabilitiesliabilitiesliabilities(Note(Note(Note20)20)20)16,141,422 92,380,786 63,199,509 Capitaltransactions aaaaaaa Acquisitionsoftangiblecapitalcapitalcapitalassetsassetsassets(Note(Note(Note22)22)22)(62,619,945)(35,226,780) Proceedsonthesaleoftangibletangibletangiblecapitalcapitalcapitalassetsassetsassets 52,929 362,275 rrrrrrr (62,567,016)(34,864,505) Financingtransactions Repaymentoflongtermdebt(24,391,977)(23,448,396) Proceedsfromlongtermdebt7,250,000 (24,391,977)(16,198,396) DDDDDDD Investingtransactions (Purchase)redemptionofinvestments(14,688)8,683,260 Proceedsfromnotereceivable 2,500,000 2,500,000 2,485,312 11,183,260 Increaseincashandcashequivalents 7,907,105 23,319,869 Cashandcashequivalents,beginningofyear 117,120,316 93,800,447 Cashandcashequivalents,endofyear 125,027,420 117,120,316 6 TheCityofSaintJohn NotestotheConsolidatedFinancialStatements FortheyearendedDecember31,2023 1.PurposeoftheOrganization TheCityofSaintJohn(the"City)wasincorporatedbyroyalcharterin1785.Asamunicipality,theCityis exemptfromincometaxesunderSection149(1)(c)ofthe CanadianIncomeTaxAct.TheCityhasthe followingvisionstatement:"Weareenergized,engagedpeoplecommittedtoworkingtogethertoprovide servicesthatareresponsivetocommunityneedsanddeliveredinasustainable,costeffectiveway." 2.SummaryofSignificantAccountingPolicies TheconsolidatedfinancialstatementsoftheCityaretherepresentationsoftheCity'smanagement preparedinaccordancewithPublicSectorAccountingStandards("PSAS")asrecommendedbythe CharteredProfessionalAccountantsofCanadaPublicSectorAccountingBoard("PSAB"). SignificantaspectsoftheaccountingpoliciesadoptedbytheCityareasasasfollows:follows:follows: ReportingEntity statementsreflecttheassets,liabilities,revenues,expendituresandchangesinstatementsreflecttheassets,liabilities,revenues,expendituresandchangesinstatementsreflecttheassets,liabilities,revenues,expendi turesandchangesin Theconsolidatedfinancial netdebtandcashflowsofthereportingentity.Thereportingentityiscomprisedofallorganizationsandnetdebtandcashflowsofthereportingentity.Thereportingentityiscomprisedofallorganizationsandnetdebtandcashflows ofthereportingentity.Thereportingentityiscomprisedofallorganizationsand enterprisesaccountablefortheadministrationoftheiraffairsandresourcestotheCityandwhichareenterprisesaccountablefortheadministrationoftheiraffairsandresourcestotheCityandwhichareenterprisesaccountablef ortheadministrationoftheiraffairsandresourcestotheCityandwhichare ownedorcontrolledbytheCity. tt Interdepartmentalandorganizationtransactionstransactionstransactionsandandandbalancesbalancesbalancesareareareeliminated.eliminated.eliminated. ThefocusofPSASfinancialstatementsisonthefinancialpositionoftheCityandthechangesthereto.ThePSASfinancialstatementsisonthefinancialpositionoftheCityandthechangesthereto.ThePSASfinancialstatementsisonth efinancialpositionoftheCityandthechangesthereto.The ff ConsolidatedStatementofFinancialPositionPositionPositionincludesincludesincludesallallallthethetheassetsassetsassetsandandandliabilitiesliabilitiesliabilitiesoftheCity. Theentitiesincludedintheconsolidatedfinancialstatements,havingthesameyearendastheCity,areasintheconsolidatedfinancialstatements,havingthesameyearendastheCity,areasintheconsolidatedfinancialstatements ,havingthesameyearendastheCity,areas aa follows: 1.The1.The1.TheCityCityCityofofofSaintSaintSaintJohnJohnJohnGeneralGeneralGeneralOperatingOperatingOperatingFund rr 2.The2.The2.TheCityCityCityofofofSaintSaintSaintJohnJohnJohnCapitalCapitalCapitalandandandLoanFund 3.The3.The3.TheCityCityCityofofofSaintSaintSaintJohnJohnJohnWaterWaterWaterandSewerageUtilityOperatingFund 4.TheCityCityCityofofofSaintSaintSaintJohnJohnJohnWaterWaterWaterandSewerageUtilityCapitalandLoanFund 5.SaintJohnJohnJohnTransitTransitTransitCommissionCommissionCommission 6.TDStation DD 7.CanadaGamesAquaticCentre 8.SaintJohnTradeandConventionCentre 9.SaintJohnEnergy 10.LordBeaverbrookRink 11.SaintJohnPoliceCommission 12.SaintJohnFreePublicLibrary InvestmentinEnergyServices TheCity'sinvestmentinSaintJohnEnergyisaccountedforonamodifiedequitybasis,consistentwith generallyacceptedaccountingprinciplesasrecommendedbyPSAS.Underthemodifiedequitybasisof accounting,thebusinessenterprise'saccountingprinciplesarenotadjustedtoconformwiththoseofthe Cityandinterorganizationaltransactionsandbalancesarenoteliminated.TheCityrecognizesitsequity interestintheannualincomeorlossofSaintJohnEnergyinitsconsolidatedstatementofoperationswith acorrespondingincreaseordecreaseinitsinvestmentassetaccount. 7 TheCityofSaintJohn NotestotheConsolidatedFinancialStatements FortheyearendedDecember31,2023 2.SummaryofSignificantAccountingPolicies(Continued) InvestmentinEnergyServices TheCity'sinvestmentinSaintJohnEnergyisaccountedforonamodifiedequitybasis,consistentwith generallyacceptedaccountingprinciplesasrecommendedbyPSAS.Underthemodifiedequitybasisof accounting,thebusinessenterprise'saccountingprinciplesarenotadjustedtoconformwiththoseofthe Cityandinterorganizationaltransactionsandbalancesarenoteliminated.TheCityrecognizesitsequity interestintheannualincomeorlossofSaintJohnEnergyinitsconsolidatedstatementofoperationswith acorrespondingincreaseordecreaseinitsinvestmentassetaccount. Budget ThebudgetfigurescontainedinthesefinancialstatementswereapprovedbyCouncilonDecember12, 2022andtheMinisterofLocalGovernmentonJanuary9,2023.Thebudgetisunauditedanddoesnot2022andtheMinisterofLocalGovernmentonJanuary9,2023.Thebudgetisunauditedanddoesnot2022andtheMinisterofLocalGovernmenton January9,2023.Thebudgetisunauditedanddoesnot includeeliminationofinterorganizationalrevenuesandexpenseswithwithwithcontrolledcontrolledcontrolledentities. Revenue UnrestrictedrevenueandothersourcesofrevenuearerecordedonanaccrualbasisandisrecognizedUnrestrictedrevenueandothersourcesofrevenuearerecordedonanaccrualbasisandisrecognizedUnrestrictedrevenueandotherso urcesofrevenuearerecordedonanaccrualbasisandisrecognized whencollectionisreasonablyassured.Restrictedcontributionsarerecognizedasrevenueintheyearinwhencollectionisreasonablyassured.Restrictedcontributionsarerecognizedasrevenueintheyearinwhencollectionisrea sonablyassured.Restrictedcontributionsarerecognizedasrevenueintheyearin whichtherelatedexpensesareincurred.Otherrevenueisrecordedwhenitisearned.Propertytaxes,whichtherelatedexpensesareincurred.Otherrevenueisrecordedwhenitisearned.Propertytaxes,whichtherelatedexpensesarei ncurred.Otherrevenueisrecordedwhenitisearned.Propertytaxes, t whichareauthorizedbyCouncil,arerecognizedrecognizedrecognizedasasasrevenuesrevenuesrevenuesinininthethetheperiodperiodperiodforforforwhichwhichwhichthetaxesarelevied. f GovernmentTransfers GovernmenttransfersarerecognizedintheconsolidatedfinancialstatementsasrevenuesintheperiodinGovernmenttransfersarerecognizedintheconsolidatedfinancialstatementsasrevenuesintheperiodinGovernmenttransfe rsarerecognizedintheconsolidatedfinancialstatementsasrevenuesintheperiodin whicheventsgivingrisetothetransferoccur,providingthetransfersareauthorized,anyeligibilitycriteriawhicheventsgivingrisetothetransferoccur,providingthetransfersareauthorized,anyeligibilitycriteriawhich eventsgivingrisetothetransferoccur,providingthetransfersareauthorized,anyeligibilitycriteria a havebeenmet,excepttotheextentthattransferstipulationsgiverisetoanobligationthatmeetsthehavebeenmet,excepttotheextentthattransferstipulationsgiverisetoanobligationthatmeetsthehavebeenmet,excepttotheex tentthattransferstipulationsgiverisetoanobligationthatmeetsthe definitionofaliabilityandreasonableestimatesoftheamountscanbemade.Transfersarerecognizedasdefinitionofaliabilityandreasonableestimatesoftheamountscanbemade.Transfersarerecognizedasdefinitionofaliabil ityandreasonableestimatesoftheamountscanbemade.Transfersarerecognizedas deferredrevenuewhenamountsamountsamountshavehavehavebeenbeenbeenreceivedreceivedreceivedbutbutbutnotalleligiblecriteriahavebeenmet. r Expenses Expensesarerecordedonanaccrualaccrualaccrualbasis.basis.basis.TheTheThecostofallgoodsconsumedandservicesreceivedduring theyearisexpensed. D MeasurementUncertainty ThepreparationoftheconsolidatedfinancialstatementsinaccordancewithCanadianPSASrequires managementtomakeestimatesandassumptionsthataffectthereportedamountsofassetsandliabilities anddisclosureofcontingentassetsandliabilitiesatthedateoftheconsolidatedfinancialstatementsand thereportedamountsofrevenuesandexpensesduringtheyear.Keycomponentsoftheconsolidated financialstatementsrequiringmanagementtomakeestimatesinclude:theusefullifeoftangiblecapital assets,impairmentoftangiblecapitalassets,assetretirementobligations,ratesforamortization, allowancefordoubtfulaccountsinrespectofreceivablesandestimatesforpensionliabilities.Estimates arebasedonthebestinformationavailableatthetimeofpreparationofthefinancialstatementsandare reviewedannuallytoreflectnewinformationasitbecomesavailable.Measurementuncertaintyexistsin thesefinancialstatements.Actualresultscouldmaterialitydifferfromthoseestimates. 8 TheCityofSaintJohn NotestotheConsolidatedFinancialStatements FortheyearendedDecember31,2023 2.SummaryofSignificantAccountingPolicies(Continued) CashandCashEquivalents Cashandcashequivalentsincludecashonhand,balanceswithbanksandshorttermdepositswith originalmaturitiesofthreemonthsorless.Restrictedcashisnotavailableforuseingeneraloperations andisnotavailableforwithdrawalasitislegallyrestrictedinaccordancewiththirdpartyspecialpurpose agreements. TangibleCapitalAssets Tangiblecapitalassetsarenonfinancialassetshavingaphysicalsubstancethat: AreheldforusebytheCityintheproductionorsupplyofgoodsandservices,forrentalsto others,foradministrativepurposesorforthedevelopment,construction,maintenanceor repairofothertangibleassets; HaveusefullivesextendingbeyondoneyearandareintendedtobeusedonacontinualHaveusefullivesextendingbeyondoneyearandareintendedtobeusedonacontinualHaveusefullivesextendingbeyondoneyearandareintendedtobeus edonacontinual basis; Haveaminimumvalueof$5,000forindividualassets;assets;assets;ororor$25,000$25,000$25,000forpooledassets;and Arenotintendedforsaleintheordinarycoursecoursecourseofofofoperations.operations.operations. TangiblecapitalassetsarerecordedatcostwhichincludesallamountsthataredirectlyattributabletoTangiblecapitalassetsarerecordedatcostwhichincludesallamountsthataredirectlyattributabletoTangiblecapitalasse tsarerecordedatcostwhichincludesallamountsthataredirectlyattributableto acquisition,construction,developmentorbettermentoftheasset.Assetsthatfallbelowthethresholdacquisition,construction,developmentorbettermentoftheasset.Assetsthatfallbelowthethresholdacquisition,constru ction,developmentorbettermentoftheasset.Assetsthatfallbelowthethreshold ttt amountsareexpensedforaccountingpurposes.Thecostofthetangibleassetisamortizedonastraightamountsareexpensedforaccountingpurposes.Thecostofthetangibleassetisamortizedonastraightamountsareexpensedforacco untingpurposes.Thecostofthetangibleassetisamortizedonastraight lineovertheestimatedusefullifeasfollows:follows:follows: fff AssetTypeYears 515 Furnitureandofficeofficeofficeequipmentequipmentequipment Informationtechnologytechnologytechnologyequipmentequipmentequipmentandandand aaa software115 N/A Land Landimprovementsimprovementsimprovements5100 rrr termoflease Leaseholdimprovementsimprovementsimprovements 325 Machineryandandandequipmentequipmentequipment 1070 Municipalbuildingsbuildingsbuildings Transportation550 520 Motorvehiclesandmobilemobilemobileequipment DDD Waterandwastewaternetworks5100 theyearofacquisitionandtheyearofdisposal,onehalfoftheannualamortizationexpenseis In recognized. Assetsunderconstructionarenotamortizeduntiltheassetisavailabletoproductiveuse. Tangiblecapitalassetsarewrittendownwhenconditionsindicatethatthereisimpairmentinthevalueof theassetsandthereductioninthevaluecanbeobjectivelyestimatedanditisexpectedtobepermanent. Thenetwritedownsareaccountedforasexpensesinthestatementofoperations. Donatedorcontributedassetsarerecordedatfairmarketvalueatthedateofconstructionordonation. ,replacementcostmaybeused. Insomecircumstances ŷĻ/źƷǤ͸ƭźƒƦƌĻƒĻƓƷğƷźƚƓƚŅt{ЌЋБЉ!ƭƭĻƷwĻƷźƩĻƒĻƓƷhĬƌźŭğƷźƚƓƭŷğƭƩĻƭǒƌƷĻķźƓƷŷĻƩĻƨǒźƩĻƒĻƓƷŅƚƩ managementtomakeestimatesregardingtheusefullivesofaffectedtangiblecapitalassetsandthe expectedretirementcosts,aswellasthetiminganddurationoftheseretirementcosts. 9 TheCityofSaintJohn NotestotheConsolidatedFinancialStatements FortheyearendedDecember31,2023 2.SummaryofSignificantAccountingPolicies(Continued) SegmentedInformation TheCityprovidesawiderangeofservicestoitsresidents.Formanagementreportingpurposes, operationsandactivitiesareorganizedandreportedbyfunction.Thispresentationwascreatedforthe purposeofrecordingspecificactivitiestoattaincertainobjectivesinaccordancewithspecialregulations, restrictionsorlimitations.Municipalservicesareprovidedbyserviceareasasfollows: GeneralGovernmentServices Thissegmentisresponsiblefortheoverallgovernanceandfinancialadministrationofthe City.ThisincludesCouncilfunctions,generalandfinancialmanagement,legalmattersand compliancewithlegislationaswellascivicrelations. ProtectiveServices Thissegmentisresponsiblefortheprovisionofpolicingservices,fireprotection,emergencyThissegmentisresponsiblefortheprovisionofpolicingservices,fireprotection,emergencyThissegmentisresponsiblefortheprovi sionofpolicingservices,fireprotection,emergency measures,animalcontrolandotherprotectivemeasures.measures.measures. TransportationServices Thissegmentisresponsibleforcommonservices,roadandstreetmaintenance,streetresponsibleforcommonservices,roadandstreetmaintenance,streetresponsibleforcommonservices,roadandstreetmaintenance,street lighting,trafficservices,parkingandotherotherothertransportationtransportationtransportationrelatedrelatedrelatedfunctions.functions.functions. ttt WaterandSewerServices ThissegmentisresponsiblefortheprovisionofwaterandsewerservicesincludingtheThissegmentisresponsiblefortheprovisionofwaterandsewerservicesincludingtheThissegmentisresponsiblefortheprovisionofwaterandse werservicesincludingthe fff maintenanceandoperationoftheundergroundnetworks,treatmentplants,reservoirsandmaintenanceandoperationoftheundergroundnetworks,treatmentplants,reservoirsandmaintenanceandoperationoftheundergroundnetwor ks,treatmentplants,reservoirsand lagoons. EnvironmentalHealthHealthHealthServicesServicesServices Thissegmentisresponsibleresponsibleresponsibleforforforthethetheprovisionprovisionprovisionofofofwastewastewastecollectionanddisposal. aaa EnvironmentalEnvironmentalEnvironmentalDevelopmentDevelopmentDevelopmentServicesServicesServices Thissegmentisresponsibleforplanningandzoning,communitydevelopment,tourismandThissegmentisresponsibleforplanningandzoning,communitydevelopment,tourismandThissegmentisresponsibleforplanningandzoning,co mmunitydevelopment,tourismand rrr othermunicipalmunicipalmunicipaldevelopmentdevelopmentdevelopmentandandandpromotionpromotionpromotionservices. RecreationandandandCulturalCulturalCulturalServicesServicesServices ThissegmentisresponsibleforthemaintenanceandoperationofrecreationalandculturalThissegmentisresponsibleforthemaintenanceandoperationofrecreationalandculturalThissegmentisresponsibleforthemaintenancean doperationofrecreationalandcultural facilities,includingtheswimmingpool,arenas,parksandplaygroundsandotherfacilities,includingtheswimmingpool,arenas,parksandplaygroundsandotherfacilities,includingtheswimmingpool,arenas,parksandplaygrou ndsandother DDD recreationalandculturalfacilities. EnergyServices Thissegmentcomprisesanongeneratingdistributionutilitythatsupplieselectricityto Inventory Inventoryconsistsmainlyofpartsandmaterialsandisvaluedatthelowerofcostandnetreplacement costwithcostbeingdeterminedonthefirstin,firstoutbasis. PostEmploymentBenefits TheCityrecognizesitsobligationsunderpostemploymentbenefitplansandtherelatedcosts,asdisclosed inNote14.Whereappropriate,theCityhasundertakenactuarialvaluations. 10 TheCityofSaintJohn NotestotheConsolidatedFinancialStatements FortheyearendedDecember31,2023 2.SummaryofSignificantAccountingPolicies(Continued) AssetRetirementObligation OnJanuary1,2023theCityhasadoptedPublicAccountingStandardPS3280AssetRetirement Obligations.Theaccountingstandardaddressesthereportingoflegalobligationsassociatedwiththe retirementofcertaintangiblecapitalassets.Thestandardwasadoptedonaprospectivebasisatthedate ofadoption.Undertheprospectivemethod,thediscountrateandassumptionsusedoninitialrecognition arethoseasofthedateofadoptionofthestandard.Theprioryearscomparativehavenotbeenrestated. TheCityhasrecognizedanassetretirementobligationrelatedtounderandabovegroundfuelstorage tanksandbuildingscontainingasbestosandotherhazardousmaterials. Theliabilityisdiscountedusingapresentvaluecalculationandadjustedyearlyforaccretionexpense.TheTheliabilityisdiscountedusingapresentvaluecalculationandadjustedyearlyforaccretionexpense.TheTheliabilityi sdiscountedusingapresentvaluecalculationandadjustedyearlyforaccretionexpense.The recognitionofaliabilityresultedinanaccompanyingincreasetotherespectivetangiblecapitalassets.Therecognitionofaliabilityresultedinanaccompanyingincreasetotherespectivetangiblecapitalassets.Therecogniti onofaliabilityresultedinanaccompanyingincreasetotherespectivetangiblecapitalassets.The increasetothetangiblecapitalassetisbeingamortizedovertheirremainingusefullivesasoutlinedinincreasetothetangiblecapitalassetisbeingamortizedovertheirremainingusefullivesasoutlinedinincreasetothetangib lecapitalassetisbeingamortizedovertheirremainingusefullivesasoutlinedin note2. 3.BankLoanPayable TheCityhascreditfacilitieswiththeBankofNovaScotia.AccordingtothetermsandconditionsoftheTheCityhascreditfacilitieswiththeBankofNovaScotia.AccordingtothetermsandconditionsoftheTheCityhascreditfacilitie swiththeBankofNovaScotia.Accordingtothetermsandconditionsofthe commitmentlettersignedbetweentheCityandtheBankofNovaScotia,theCitycanborrowupto$6commitmentlettersignedbetweentheCityandtheBankofNovaScotia,theCitycanborrowupto$6commitmentlettersignedbetweentheCitya ndtheBankofNovaScotia,theCitycanborrowupto$6 ttt milliontofundgeneraloperations.TheinterestrateforthecreditfacilitiesistheBank'sprimelendingmilliontofundgeneraloperations.TheinterestrateforthecreditfacilitiesistheBank'sprimelendingmilliontofundgene raloperations.TheinterestrateforthecreditfacilitiesistheBank'sprimelending rateless0.5%perannumwithinterestpayablemonthly.AsatDecember31,2023,thebalanceoftherateless0.5%perannumwithinterestpayablemonthly.AsatDecember31,2023,thebalanceoftherateless0.5%perannumwithinterestpay ablemonthly.AsatDecember31,2023,thebalanceofthe fff operatinglineofcreditwas$nil(2022$nil).$nil).$nil). AsprescribedintheMunicipalitiesAct,borrowingtofinanceGeneralFundoperationsislimitedto4%ofAsprescribedintheMunicipalitiesAct,borrowingtofinanceGeneralFundoperationsislimitedto4%ofAsprescribedintheMuni cipalitiesAct,borrowingtofinanceGeneralFundoperationsislimitedto4%of theCity'soperatingbudget.BorrowingtotemporarilyfinanceUtilityFundoperationsislimitedto50%oftheCity'soperatingbudget.BorrowingtotemporarilyfinanceUtilityFundoperationsislimitedto50%oftheCity'soperatin gbudget.BorrowingtotemporarilyfinanceUtilityFundoperationsislimitedto50%of theoperatingbudgetfortheyear.year.year.InInIn2023,2023,2023,thethetheCityCityCityhashashascompliedcompliedcompliedwiththeselimitations. aaa 4.CashandCashEquivalentsEquivalentsEquivalents rrr Cashandcashequivalentsconsistsconsistsconsistsofofofthethethefollowing:following:following: 20232022 $$ Unrestrictedcash 87,856,299 82,382,279 DDD Restrictedcash CanadaCommunityBuildingFund 29,075,588 28,071,699 RapidHousingIntiative 3,613,028 FundingtosupportPublicTransitandHousing 2,469,256 4,656,256 Depositsoncontracts 1,716,652 1,716,653 229,107 LandSubdivisionFund 230,377 SaintJohnNonProfitHousingFutureDevelopmentFund 58,702 55,766 Airspace2049Fund 7,518 8,556 125,027,420 117,120,316 IncludedinthisamountarefundsinternallyrestrictedthrougharesolutiontoCommonCounciltosupport reservesasincludedinnote20foratotalof$48,716,699(2022$37,546,839). 11 TheCityofSaintJohn NotestotheConsolidatedFinancialStatements FortheyearendedDecember31,2023 5.AccountsReceivable Accountsreceivableconsistofthefollowing: 20232022 $$ Waterandsewerchargestoratepayers 9,680,160 8,703,463 Otherreceivables 21,925,761 12,252,992 DuefromtheFederalGovernmentanditsagencies 2,025,416 1,489,795 DuefromtheProvinceofNewBrunswick 464,290 461,319 Allowancefordoubtfulaccounts(2,493,183)(2,351,857) 31,602,444 20,555,712 6.DuefromtheFederalGovernmentanditsAgencies AmountsduefromtheFederalGovernmentanditsagenciesconsistsconsistsconsistsofofofthethethefollowing:following:following: 20232022 $$ CanadaRevenueAgencyHSTreceivable 2,025,4162,025,4162,025,416 1,489,795 2,025,4162,025,4162,025,416 1,489,795 tttttttttt 7.DuefromtheProvinceofNewBrunswick AmountsduefromtheProvinceofNewBrunswickBrunswickBrunswickconsistsconsistsconsistsofofofthethethefollowing:following:following:ffffffffff 20232022 $$ RegionalDevelopmentCorporationCorporationCorporation401,499 aaaaaaaaaa DepartmentofTransportationTransportationTransportation 238,905 Departmentof PublicSafetySafetySafety 170,201 Other 55,184 59,820 rrrrrrrrrr 464,290 461,319 8.InvestmentinEnergyServices ChangeinequitySaintJohnEnergy: DDDDDDDDDD 20232022 $$ Investment,beginningofyear 82,380,000 60,798,000 Netgain 5,737,000 21,582,000 Investment,endofyear 88,117,000 82,380,000 9.NoteReceivable ThenotereceivablefromthePowerCommissionoftheCityofSaintJohnisasfollows: 20232022 $$ PowerCommissionoftheCityofSaintJohn 17,500,00020,000,000 Thenotereceivableisa10yeartermloan,unsecured,bearinginterestatratesrangingfrom0.5%to1.8%, principalrepayableinannualinstallmentsof$2,500,000andmaturingonNovember26,2030. 12 TheCityofSaintJohn NotestotheConsolidatedFinancialStatements FortheyearendedDecember31,2023 10.OtherInvestments Otherinvestmentsconsistofthefollowing: 20232022 $$ Otherinvestments 914,019899,331 InvestmentsoftheCityofSaintJohnareheldwiththeBankofNovaScotiawhichfallwithinthescopeof ƷŷĻ/źƷǤ͸ƭLƓǝĻƭƷƒĻƓƷtƚƌźĭǤ͵LƷźƭƷŷĻƦƚƌźĭǤƚŅƷŷĻ/źƷǤƷƚźƓǝĻƭƷŅǒƓķƭƷƚƦƩƚǝźķĻƷŷĻƚƦƷźƒğƌĬƌĻƓķƚŅ źƓǝĻƭƷƒĻƓƷƩĻƷǒƩƓƭğƓķƦƩźƓĭźƦğƌƦƩƚƷĻĭƷźƚƓǞŷźƌĻƒĻĻƷźƓŭƷŷĻ/źƷǤ͸ƭķğźƌǤĭğƭŷŅƌƚǞğƓķƌźƨǒźķźƷǤ demands. 11.AccountsPayableandAccruedLiabilities Accountspayableandaccruedliabilitiesconsistofthefollowing: 20232022 $$ Tradepayables 24,864,20024,864,20024,864,200 18,312,368 Payroll 7,734,9957,734,9957,734,995 6,985,085 Deposits 1,984,8141,984,8141,984,814 1,891,652 g,,,,,,,, DuetoPensionFund 198,709198,709198,709 390,236 tttttttttttt Other 78,623 316,145 CanadaRevenueAgency ffffffffffff PayablesrelatedtotheSafeCleanDrinkingDrinkingDrinkingWaterWaterWaterprojectprojectproject 36,660,149 29,607,232 12.DeferredGovernmentTransfersTransfersTransfers aaaaaaaaaaaa Deferredgovernmenttransferstransferstransfersconsistconsistconsistofofofthethethefollowing:following:following: 20232022 rrrrrrrrrrrr $$ CanadaCommunityBuildingBuildingBuildingFundFundFund 29,075,588 28,071,699 RapidHousingIntiative 3,613,028 FundingtoSupportPublicTransitandandandHousingHousingHousing 2,469,256 4,656,256 35,157,872 32,727,955 DDDDDDDDDDDD AspertheCanadaCommunityBuildingFundAgreement(formerlyGasTaxFunding),fundingreceivedas partofthisfundingprogramisrecordedasrevenueintheyearduringwhichrelatedexpendituresare incurred.TheCityalsoreceivedfundingfromtheFederalandProvinicalGovernenttosupportpublic transitandhousing.Amountsthathavenotbeenspentarerecordedasdeferredgovernmenttransferson theConsolidatedStatementofFinancialPosition. 13 TheCityofSaintJohn NotestotheConsolidatedFinancialStatements FortheyearendedDecember31,2023 13.LongTermDebt InterestRateTermAnnualPayment20232022 YearofIssue%(Years)$$$ NewBrunswickMunicipalFinanceCorporationDebentures 20082.100to5.55015362,000362,000 20082.100to5.550151,050,0001,050,000 20082.100to5.55015100,000100,000 20112.06015200,000 1,600,000 1,800,000 20121.350to3.55015767,000 3,063,000 3,830,000 20121.350to3.80020425,000 3,825,000 4,250,000 20121.350to3.55015300,000300,000300,000 1,200,000 1,500,000 20131.350to3.70015687,000687,000687,000 3,430,000 4,117,000 20131.350to4.00020550,000550,000550,000 5,500,000 6,050,000 20131.350to4.00020360,000360,000360,000 5,400,0005,400,0005,400,000 5,760,000 20142.00020500,000500,000500,000 5,500,0005,500,0005,500,000 6,000,000 20141.150to3.90015707,000707,000707,000 4,237,0004,237,0004,237,000 4,944,000 20141.200to3.70015267,000267,000267,000 1,597,0001,597,0001,597,000 1,864,000 t 20141.200to3.700203.700203.70020668,000668,000668,000 2,668,0002,668,0002,668,000 3,336,000 20141.150to3.900153.900153.9001527,00027,00027,000 157,000 184,000 20150.950to3.250153.250153.25015500,000500,000500,000 3,500,000 4,000,000 f 20151.050to3.650153.650153.65015133,000133,000133,000 936,000 1,069,000 20150.950tototo3.500203.500203.50020175,000175,000175,000 2,100,000 2,275,000 20151.05020151.05020151.050tototo3.150103.150103.15010175,000 350,000 525,000 a 20151.05020151.05020151.050tototo3.650153.650153.6501567,000 464,000 531,000 ,,,,, ,,,,, 20161.45020161.45020161.450tototo3.750203.750203.75020200,000 2,600,000 2,800,000 20161.20020161.20020161.200tototo2.950102.950102.95010400,000 1,200,000 1,600,000 r 20161.20020161.20020161.200tototo3.550153.550153.5501567,000 531,000 598,000 20171.20020171.20020171.200tototo3.300153.300153.30015333,000 3,002,000 3,335,000 20171.65020171.65020171.650tototo3.200153.200153.20015133,000 1,202,000 1,335,000 20171.650tototo3.400301,500,0003.400301,500,0003.400301,500,000 36,000,000 37,500,000 D 20171.650to2.90010350,000 1,400,000 1,750,000 20171.650to3.2001567,000 598,000 665,000 20182.550to3.55015700,000 7,000,000 7,700,000 20182.100to3.0005566,000566,000 20182.100to3.45010125,000 625,000 750,000 20192.050to2.30051,034,000 1,034,000 2,068,000 20193.41010143,000 856,000 999,000 20192.050to2.8501075,000 450,000 525,000 20191.950to2.1005334,000 334,000 668,000 20191.950to2.800151,059,000 5,994,000 7,053,000 14 TheCityofSaintJohn NotestotheConsolidatedFinancialStatements FortheyearendedDecember31,2023 13.LongTermDebt(Continued) InterestRateTermAnnualPayment20232022 YearofIssue%(Years)$$$ 20191.950to2.45010250,000 1,500,000 1,750,000 20200.900to1.50051,000,000 2,000,000 3,000,000 20200.500to2.30015467,000 5,599,000 6,066,000 20200.500to1.800102,500,000 17,500,000 20,000,000 20200.900to2.05010250,000 1,750,000 2,000,000 20210.300to2.300102,466,0002.300102,466,0002.300102,466,000 12,398,000 14,864,000 20210.855to2.76215700,000700,000700,000 6,100,000 6,800,000 20210.855to2.37810350,000350,000350,000 2,800,000 3,150,000 20224.700to4.70910483,000483,000483,000 6,767,0006,767,0006,767,000 7,250,000 24,272,00024,272,00024,272,000 170,367,000170,367,000170,367,000 194,639,000 OtherDebentures CanadaMortgageandHousingDebentures tttttttt 20093.970153.970153.97015119,977119,977119,977 124,740 244,717 TotalDebentures 24,391,97724,391,97724,391,977 170,491,740 194,883,717 ffffffff TheaggregateamountofprincipalrepaymentsrequiredineachofthenextfiveyearsandthereaftertoTheaggregateamountofprincipalrepaymentsrequiredineachofthenextfiveyearsandthereaftertoTheaggregateamountofprincip alrepaymentsrequiredineachofthenextfiveyearsandthereafterto meetprovisionsoflongtermdebt,assumingmaturitydebtisrenewedattermscomparabletothosetermdebt,assumingmaturitydebtisrenewedattermscomparabletothosetermdebt,assumingmaturitydebtisrenewedattermscomparable tothose currentlyineffect,isasfollows: aaaaaaaa 2024 22,493,740 2025 19,967,000 rrrrrrrr 2026 18,792,000 2027 16,621,000 2028 15,204,000 Thereafter 77,414,000 170,491,740 DDDDDDDD 14.PostEmploymentBenefitsandCompensatedAbsences CityofSaintJohnSharedRiskPlan TheCityofSaintJohnPensionPlan(FormerCSJPlan)wasconvertedtotheCityofSaintJohnSharedRisk Plan("CSJSRP")effectiveJanuary1,2013(theconversiondate).ThepurposeoftheCSJSRPistoprovide securebenefitstomembersoftheplanwithoutanabsoluteguaranteebutwithariskfocused managementapproachdeliveringahighdegreeofcertaintythatbasebenefitscanbemetinthevast majorityofpotentialfutureeconomicscenarios.Theseobjectivesareachievedthroughthedevelopment ofariskmanagementframeworkthatadherestothelegislatedcriteria,resultsinalowprobabilitythat basebenefitswillbereduced,andsetsoutthespecificstepstobetakenshouldthePlan'sfundedratiofall below,orexceed,specifiedthresholds.Thesesteps,whenthePlanisunderfunded,includethecessation ofindexationofbenefits,increasingcontributionrates(toapredeterminedmaximum),reducingcertain ancillarybenefits,andultimatelyreducingbasebenefits.WhenthePlanhasexcessfunding,previous benefitreductionscanbereversed,indexingisfullyimplemented,andvariousotherpotentialincreases canbeimplemented,includingadecreaseincontributionrates(toapredeterminedmaximum). 15 TheCityofSaintJohn NotestotheConsolidatedFinancialStatements FortheyearendedDecember31,2023 14.PostEmploymentBenefitsandCompensatedAbsences(Continued) CityofSaintJohnSharedRiskPlan(Continued) SharedriskplansarelegislatedundertheprovincialPensionBenefitsAct(PBA)whichcontainsanumber ofrequirementsthatmustbemetinordertoqualifyforregistrationbytheOfficeoftheSuperintendent ofPensions.ThePlanisalsosubjecttotheIncomeTaxAct.ThePlanisadministeredbyaBoardof Trusteeswhichincludes4individualsnominatedbytheCityand4individualsnominatedbyeachofthe fourunions. TheassetsofthePlanareheldbyRBCInvestorandTreasuryServiceswhichactsascustodianofthePlan. TheassetsofthePlanaremanagedbyvariousinvestmentmanagerswhohavediscretionaryinvestment authoritywithintheinvestmentmandatesgiventothembythePlan'sBoardofTrustees.Theperformance ofthePlanrelativetoitsbenchmarksismeasuredonaregularbasis. Forservicepriortotheconversiondate,thePlanprovidesforpensionsattherateof2%peryearofForservicepriortotheconversiondate,thePlanprovidesforpensionsattherateof2%peryearofForservicepriortotheconversiondat e,thePlanprovidesforpensionsattherateof2%peryearof servicetimestheaverageofthethreeconsecutiveyearsofservicehavingthehighestsalaryatthetimeofservicetimestheaverageofthethreeconsecutiveyearsofservicehavingthehighestsalaryatthetimeofservicetimestheaver ageofthethreeconsecutiveyearsofservicehavingthehighestsalaryatthetimeof conversion.Forserviceaftertheconversiondate,thepensionaccrualforeachyearofserviceis1.8%conversion.Forserviceaftertheconversiondate,thepensionaccrualforeachyearofserviceis1.8%conversion.Forserviceafte rtheconversiondate,thepensionaccrualforeachyearofserviceis1.8% timesthesalary(excludingovertimepay)earnedduringtherelevantyeartoacertainmaximumsalaryoftimesthesalary(excludingovertimepay)earnedduringtherelevantyeartoacertainmaximumsalaryoftimesthesalary(excludin govertimepay)earnedduringtherelevantyeartoacertainmaximumsalaryof $155,499thatisindexedeveryyear. tt tĻƓƭźƚƓĬĻƓĻŅźƷƭğĭĭƩǒĻķĬĻŅƚƩĻƷŷĻĭƚƓǝĻƩƭźƚƓķğƷĻğƩĻƦğǤğĬƌĻǞźƷŷƚǒƷƩĻķǒĭƷźƚƓǞŷĻƓƷŷĻƒĻƒĬĻƩ͸ƭtĻƓƭźƚƓĬĻƓĻŅźƷƭğĭĭƩǒĻķĬĻŅƚƩĻƷŷĻĭƚƓǝĻƩƭźƚƓķğƷĻğƩĻƦğǤğĬƌĻǞźƷŷƚǒƷƩĻķǒĭƷźƚƓǞŷĻƓƷŷĻƒĻƒĬĻƩ͸ƭtĻƓƭźƚƓĬĻƓĻŅźƷƭğĭĭƩǒĻķĬĻŅƚƩ ĻƷŷĻĭƚƓǝĻƩƭźƚƓķğƷĻğƩĻƦğǤğĬƌĻǞźƷŷƚǒƷƩĻķǒĭƷźƚƓǞŷĻƓƷŷĻƒĻƒĬĻƩ͸ƭ ageandserviceequalatleast85(oratage65,ifearlier).Pensionbenefitsaccruedaftertheconversionageandserviceequalatleast85(oratage65,ifearlier).Pensionbenefitsaccruedaftertheconversionageandserviceequalatl east85(oratage65,ifearlier).Pensionbenefitsaccruedaftertheconversion datearepayablewithoutreductionatage60foremployeesintheInternationalAssociationofFiredatearepayablewithoutreductionatage60foremployeesintheInternationalAssociationofFiredatearepayablewithoutreductiona tage60foremployeesintheInternationalAssociationofFire ff FightersandSaintJohnPoliceAssociationandatage65forallotheremployees.PensionbenefitscanbeFightersandSaintJohnPoliceAssociationandatage65forallotheremployees.PensionbenefitscanbeFightersandSaintJohnPol iceAssociationandatage65forallotheremployees.Pensionbenefitscanbe paidasearlyasage55withareduction.reduction.reduction. Sharedriskplansextinguishallaccruedrightstoautomaticfutureindexing.TheseautomaticadjustmentsSharedriskplansextinguishallaccruedrightstoautomaticfutureindexing.TheseautomaticadjustmentsSharedriskplans extinguishallaccruedrightstoautomaticfutureindexing.Theseautomaticadjustments aa havebeenreplacedbyindexingaspermittedbythePlan'sfundingpolicy,whichiscontingentontheSRPhavebeenreplacedbyindexingaspermittedbythePlan'sfundingpolicy,whichiscontingentontheSRPhavebeenreplacedbyindexin gaspermittedbythePlan'sfundingpolicy,whichiscontingentontheSRP performance. rr Theinitialrequiredemployeecontributionsareequalto12%ofearningsforemployeesintheemployeecontributionsareequalto12%ofearningsforemployeesintheemployeecontributionsareequalto12%ofearningsforemployeesint he InternationalAssociationofFireFightersandSaintJohnPoliceAssociationandemployeecontributionsofInternationalAssociationofFireFightersandSaintJohnPoliceAssociationandemployeecontributionsofInternational AssociationofFireFightersandSaintJohnPoliceAssociationandemployeecontributionsof 9%ofearningsforotheremployees.Membersinpublicsafetyoccupationswhoacceptanon9%ofearningsforotheremployees.Membersinpublicsafetyoccupationswhoacceptanon9%ofearningsforotheremployees.Membersinpublicsafe tyoccupationswhoacceptanonunion positionwillhaveaonetimeopportunitytoelecttocontinuetocontributeatthehigherrate.TheCitytimeopportunitytoelecttocontinuetocontributeatthehigherrate.TheCitytimeopportunitytoelecttocontinuetocontributea tthehigherrate.TheCity makesinitialrequiredemployercontributionsof15.2%and11.4%ofearnings(representingabout126.7%makesinitialrequiredemployercontributionsof15.2%and11.4%ofearnings(representingabout126.7%makesinitialrequire demployercontributionsof15.2%and11.4%ofearnings(representingabout126.7% DD ofemployeecontributionrates)foreachofthesegroups.Theinitialcontributionratesforboththe employeesandtheCityissubjecttochangeasaresultofthetriggeringmechanismandlimitations źƒƦƚƭĻķĬǤƷŷĻtƌğƓ͸ƭŅǒƓķźƓŭƦƚƌźĭǤ͵!ƌƭƚͲƭźƓĭĻ!ƦƩźƌЊͲЋЉЊЌͲƷŷĻ/źƷǤźƭƩĻƨǒźƩĻķƷƚƒğƉĻĭƚƓƷƩźĬǒƷźƚƓƭ of17%ofearningsforaperiodof15years,orwhenthePlanachievesaminimumfundedratioof150%(as calculatedunderthelegislation)usinga15yearopengroupmethod(nolessthan10yearsofpayment mustbemade).TheCityhasnootherfinancialobligationotherthantomakecontributionsattheabove rates,andwithinthelimitsfoundunderthetƌğƓ͸ƭfundingpolicy. IntheeventofawindupofthePlaninthefiveyearsfollowingtheconversiondate,thePlanwouldbe woundupundertheprovisionsoftheFormerCSJPlan.AllassumptionsrelatingtotheCSJSRPhavebeen madeonthebasisofanongoingPlanandtheCitydoesnotforeseeawindupofthePlan. 16 TheCityofSaintJohn NotestotheConsolidatedFinancialStatements FortheyearendedDecember31,2023 14.PostEmploymentBenefitsandCompensatedAbsences(Continued) ActuarialValuations ActuarialvaluationsforthePlanareconductedannuallybytheBoardofTrusteesforregulatorypurposes. 20232022 Discountrate 6.10%6.10% Inflationrate 2.10%2.10% Salaryincrease 2.85%2.85% MortalityCPM2014mortalitytablewithadjustmentsfactors TheExpectedAverageRemainingServiceLife(EARSL)is12years.Duringtheyear,theCitymadepension contributionsof$19,400,000(2022$19,700,000). ThefollowingtablereflectstheCity'sshareoftheaccruedbenefitliability,whichequalstothefullportionreflectstheCity'sshareoftheaccruedbenefitliability,whichequalstothefullportionreflectstheCity'sshareofth eaccruedbenefitliability,whichequalstothefullportion oftheAccumulatedBenefitObligation("ABO")relatedtothetemporarycontributionsand55.9%oftheoftheAccumulatedBenefitObligation("ABO")relatedtothetemporarycontributionsand55.9%oftheoftheAccumulatedBenefitOb ligation("ABO")relatedtothetemporarycontributionsand55.9%ofthe remainingportionoftheABOnetofPlanassetsbecausefundingcontributionsaresharedat55.9%bytheremainingportionoftheABOnetofPlanassetsbecausefundingcontributionsaresharedat55.9%bytheremainingportionoftheABOn etofPlanassetsbecausefundingcontributionsaresharedat55.9%bythe Cityand44.1%byemployees,beforetakingintoaccounttheadditionaltemporarycontributionof17%ofCityand44.1%byemployees,beforetakingintoaccounttheadditionaltemporarycontributionof17%ofCityand44.1%byemployees ,beforetakingintoaccounttheadditionaltemporarycontributionof17%of earnings. 20232022 $$ ttttttttt Cityshareofaccruedbenefitliability,beginningbeginningbeginningofofofyearyearyear 25,600,000 16,800,000 Cityshareofcurrentperiodbenefitcost 5,600,000 6,000,000 fffffffff Cityshareofpastservicecost1,300,000 Interestcost 1,100,000 700,000 Less:Citycontributions(19,400,000)(19,700,000) aaaaaaaaa Actuarialloss 7,300,000 20,500,000 Cityshareofaccruedbenefitbenefitbenefitliability,liability,liability,endendendofofofyearyearyear 20,200,000 25,600,000 Unamortizedactuarialgaingaingain 23,700,000 35,200,000 rrrrrrrrr Pensionliability,endofyearyearyear 43,900,000 60,800,000 ThefollowingtablereflectstheCityCityCityshareshareshareofofofpensionpensionpensionrelatedexpenses: 20232022 $$ DDDDDDDDD Currentperiodbenefitcost 5,600,000 6,000,000 Pastservicecost1,300,000 Interestcost 1,100,000 700,000 AmortizationofCityshareofactuarialgain(4,200,000)(6,100,000) TotalexpenserelatedtoPension 2,500,000 1,900,000 OtherEmployeeFutureBenefits TheCityprovidesforthepaymentofretirementallowancestoretiringemployeesinaccordancewiththe termsofthevariouscollectiveagreementsandMunicipalpolicy.Theretirementallowanceisbasedonthe ƒĻƒĬĻƩ͸ƭŅźƓğƌğƓƓǒğƌƭğƌğƩǤğƓķǤĻğƩƭƚŅƭĻƩǝźĭĻğƷƩĻƷźƩĻƒĻƓƷ͵9ƒƦƌƚǤĻĻƭǒƦƚƓƩĻƷźƩĻƒĻƓƷŅƩƚƒƷŷĻ/źƷǤ ğƩĻĻƓƷźƷƌĻķƷƚğƩĻƷźƩĻƒĻƓƷğƌƌƚǞğƓĭĻĻƨǒğƌƷƚƚƓĻƒƚƓƷŷ͸ƭƦğǤͲƷƚğƒğǣźƒǒƒƚŅƭźǣƒƚƓƷŷƭͲŅƚƩĻǝĻƩǤ fiveyearsofservice.Theprogramhasbeenamendedtoprovidecertainemployeeswithapayoutoption priortoretirement.Acceptingtheearlypayoutoptioneliminatesfurtheraccumulationofretirement allowanceentitlementforthoseemployees. 17 TheCityofSaintJohn NotestotheConsolidatedFinancialStatements FortheyearendedDecember31,2023 14.PostEmploymentBenefitsandCompensatedAbsences(Continued) OtherEmployeeFutureBenefits(Continued) TheCityalsoprovidesforemployeesickleave.Unusedsickleaveaccumulatestoamaximumnumberof retirement,membersofLocal18and771willbeeligibletoreceive10%oftheirregularrateofpay Upon foraccumulatedsickleavecreditsinexcessof1,760hoursor2,280hoursrespectively. ForemployeesoftheCityofSaintJohnFiredepartment,whoareunabletoworkduetoheartdiseaseor permanentinjurytothelungs,theCitypayscertainamountstodisabledfirefightersortheirsurvivor spouseasaresultoftheprovisionsofanActoftheLegislature,knownastheActrespectingtheSaintJohn Firefighter'sAssociation. !ƭğƷWğƓǒğƩǤЊͲЋЉЊЌͲƷŷĻ/źƷǤ͸ƭƦĻƓƭźƚƓƦƌğƓǞğƭĭƚƓǝĻƩƷĻķƷƚğƭŷğƩĻķƩźƭƉƒƚķĻƌ͵!ƭƦğƩƷƚŅƷŷĻ conversion,theCityassumedtheobligationforpayingexistingdisabilitypensions,thathadbeengrantedconversion,theCityassumedtheobligationforpayingexistingdisabilitypensions,thathadbeengrantedconversion,theC ityassumedtheobligationforpayingexistingdisabilitypensions,thathadbeengranted undertheoldplan,untildisabledmembersreachtheageof65.Onagoforwardbasis,disabilitycoverageundertheoldplan,untildisabledmembersreachtheageof65.Onagoforwardbasis,disabilitycoverageundertheoldplan,untildi sabledmembersreachtheageof65.Onagoforwardbasis,disabilitycoverage isnowprovidedforemployeesthroughalongtermdisabilityprogramadministeredbyaninsuranceisnowprovidedforemployeesthroughalongtermdisabilityprogramadministeredbyaninsuranceisnowprovidedforemployeesthrougha longtermdisabilityprogramadministeredbyaninsurance carrier. FinallytherearespecificagreementsthatobligatetheCitytopaytopuppensionstocertainindividuals.FinallytherearespecificagreementsthatobligatetheCitytopaytopuppensionstocertainindividuals.Finallytherearesp ecificagreementsthatobligatetheCitytopaytopuppensionstocertainindividuals. Duringtheyear,theCitymadepaymentsof$65,905(2022(2022(2022$66,619)$66,619)$66,619)relatedrelatedrelatedthereto.thereto.thereto. ValuationTechniquesandAssumptions ttt ActuarialvaluationsoftheabovebenefitsarecompletedforaccountingpurposesusingtheprojectedActuarialvaluationsoftheabovebenefitsarecompletedforaccountingpurposesusingtheprojectedActuarialvaluationsofthea bovebenefitsarecompletedforaccountingpurposesusingtheprojected benefitmethodproratedonservices.Thelastactuarialvaluationofthepostbenefitmethodproratedonservices.Thelastactuarialvaluationofthepostbenefitmethodproratedonservices.Thelastactuarialvaluationoftheposte mploymentbenefitplans fff wasconductedasatDecember31,2023.Previoustothat,anactuarialvaluationwasperformedasatwasconductedasatDecember31,2023.Previoustothat,anactuarialvaluationwasperformedasatwasconductedasatDecember31,2023.P revioustothat,anactuarialvaluationwasperformedasat December31,2022. Theabovebenefitplansareunfundedandassuch,therearenoapplicableassets.BenefitsarepaidoutofTheabovebenefitplansareunfundedandassuch,therearenoapplicableassets.BenefitsarepaidoutofTheabovebenefitplansare unfundedandassuch,therearenoapplicableassets.Benefitsarepaidoutof aaa generalrevenueastheybecomebecomebecomedue.due.due. Areconciliationoftheaccruedbenefitobligationfortheseplans,alongwiththemainassumptionsusedAreconciliationoftheaccruedbenefitobligationfortheseplans,alongwiththemainassumptionsusedAreconciliationofthea ccruedbenefitobligationfortheseplans,alongwiththemainassumptionsused fordisclosureandexpenseexpenseexpensecalculationscalculationscalculationsareareareasasasfollows:follows:follows: rrr 20232022 $$ Accruedbenefitobligation,beginningbeginningbeginningofofofyearyearyear 18,390,100 22,565,100 Currentperiodbenefitcost 903,200 1,144,500 DDD PastServiceimprovementcosts,planamendments Benefitpayments(2,103,600)(2,797,800) Interestcost 823,700 565,100 Actuarialloss(gain)775,200(3,086,800) Otheremployeefuturebenefits,endofyear 18,788,600 18,390,100 2022 2023 $$ Mainassumptionsusedfortheseplans: Discountrate 4.27%4.63% Salaryincrease 3.00%3.00% EARSLRange 1to251to25 18 TheCityofSaintJohn NotestotheConsolidatedFinancialStatements FortheyearendedDecember31,2023 14.PostEmploymentBenefitsandCompensatedAbsences(Continued) Thesebenefitplansrequirenocontributionsfromemployees.ThebenefitliabilityasatDecember31, 2023includesthefollowingcomponents: 20232022 $$ AccruedBenefitObligation(CarryingValue) Retirementallowances 3,948,200 3,634,300 Sickleave 7,811,200 7,328,000 Heartandlungpension 3,192,000 2,957,100 Disabilitybenefits 2,326,800 2,916,000 Contractualtopupagreements 722,500 798,100 SickleaveSaintJohnTransitCommission 787,900 756,600 18,788,600 18,390,100 Unamortizedactuarialloss(1,005,200)(460,200) 17,783,40017,783,40017,783,400 17,929,900 TheunamortizedactuariallosseswillbeamortizedovertheEARSLoftherelatedemployeegroupsstartingTheunamortizedactuariallosseswillbeamortizedovertheEARSLoftherelatedemployeegroupsstartingTheunamortizedactua riallosseswillbeamortizedovertheEARSLoftherelatedemployeegroupsstarting inthenextfiscalyear.EARSLisdeterminedseparatelyseparatelyseparatelyforforforeacheacheachbenefitbenefitbenefitprogram.program.program. ttttttttt Thetotalexpenserelatedtootheremployeeemployeeemployeebenefitsbenefitsbenefitsdescribeddescribeddescribedaboveaboveaboveincludesincludesincludesthefollowingcomponents: fffffffff 20232022 $$ Currentperiodbenefitcost 903,200 1,144,500 aaaaaaaaa Amortizationofactuarialloss 230,200 377,900 1,133,400 1,522,400 Otheremployeebenefitbenefitbenefitinterestinterestinterestexpenseexpenseexpense 823,700 565,100 rrrrrrrrr Totalexpenserelatedtootherotherotheremployeeemployeeemployeefuturefuturefuturebenefitsbenefitsbenefits 1,957,100 2,087,500 15.Contingencies InaccordancewiththeRegionalServiceDeliveryActandtheGeneralRegulationthereunder,theCityistheRegionalServiceDeliveryActandtheGeneralRegulationthereunder,theCityistheRegionalServiceDeliveryActandtheGene ralRegulationthereunder,theCityis alsoliableforaproratashareofthedebenturesandotherlongalsoliableforaproratashareofthedebenturesandotherlongalsoliableforaproratashareofthedebenturesandotherlongtermdebtissuedonbehalfoftheFundy DDDDDDDDD RegionSolidWasteCommission("Commission").TheportionattributabletotheCityisdeterminedonthe basisofitspercentageoftotalpopulationwithinallparticipatingmunicipalitiesandunincorporatedareas. ŷĻƷƚƷğƌƚŅƭǒĭŷķĻĬƷƚǒƷƭƷğƓķźƓŭğƷ5ĻĭĻƒĬĻƩЌЊͲЋЉЋЌğƒƚǒƓƷĻķƷƚυЌͲЊБЎͲЉЉЉΛЋЉЋЋΑυЊͲЍЏЎͲЉЉЉΜ͵ Basedon2021populationfigures,theCityisliableforapproximately55.76%ofthe/ƚƒƒźƭƭźƚƓ͸ƭdebt. TheCityis,fromtimetotime,subjecttovariousinvestigations,claims,andlegalproceedingscovering mattersthatariseintheordinarycourseofitsbusinessactivities.Theoutcomeofalltheproceedingsand theclaimsagainsttheCityissubjecttofutureresolutionandtheuncertaintiesoflitigation.Management believesthatanyliabilitythatmayultimatelyresultfromtheresolutionofthesematterswillnothavea materialadverseeffectontheconsolidatedfinancialpositionoroperatingresultsoftheCity. 19 TheCityofSaintJohn NotestotheConsolidatedFinancialStatements FortheyearendedDecember31,2023 16.Commitments FundyRegionalServiceCommission During2022,theFundyRegionalServiceCommissionrolewasexpandedbytheProvincialGovernment throughanamendmentofthe"RegionalServiceDeliveryAct".UndertheamendedprovisionsoftheAct, theRegionalServiceCommissionhastheauthoritytodeterminetheannualamountoftotalmunicipal contributionstobemadetowardseconomicdevelopment,tourismpromotion,communitydevelopment, regionaltransportation,recreationinfrastructurecostsharingandadditionalsocialfocus.Theoperationof fiveregionalfacilities:SaintJohnAquaticCentreCommission,TDStationCommission,SaintJohnTrade andConventionCentre,ImperialTheatreandSaintJohnArtsCentrearenowundertheprovisionsofthe RegionalServiceDeliveryAct ͲƷŷĻ/źƷǤ͸ƭĭƚƓƷƩźĬǒƷźƚƓźƭźƷƭƦƩƚƩğƷğƭŷğƩĻƚŅƷŷĻwĻŭźƚƓğƌCğĭźƌźƷźĻƭ /ƚƒƒźƭƭźƚƓ͸ƭƚƦĻƩğƷźƓŭĬǒķŭĻƷğƓķĭğƦźƷğƌĬǒķŭĻƷźƭĬğƭĻķƚƓЎЉіƚŅƷŷĻƷğǣĬğƭĻƭğƓķЎЉіƚŅ populationbasedontheparticipatingmunicipalitiesoftheTownofQuispamsis,theTownofRothesay,populationbasedontheparticipatingmunicipalitiesoftheTownofQuispamsis,theTownofRothesay,populationbasedontheparti cipatingmunicipalitiesoftheTownofQuispamsis,theTownofRothesay, theTownofGrandBayWestfield,TownofHampton,LocalServiceDistrictsofFundyWestfield,TownofHampton,LocalServiceDistrictsofFundyWestfield,TownofHampton,LocalServiceDistrictsofFundySt.Martinsand FundyRuralDistrictandtheCityofSaintJohn.TheCity'scontributioncontributioncontributionisisis55.76%55.76%55.76%in2023(202255.76%). 17. WaterandSewerFundSurplus TheMunicipalitiesActrequiresWaterandSewerFundsurplus/deficitamountstobeabsorbedintooneorandSewerFundsurplus/deficitamountstobeabsorbedintooneorandSewerFundsurplus/deficitamountstobeabsorbedintooneor tttt moreoffourOperatingBudgetscommencingwiththesecondensuingyear;thebalanceofthemoreoffourOperatingBudgetscommencingwiththesecondensuingyear;thebalanceofthemoreoffourOperatingBudgetscommencingwiththeseco ndensuingyear;thebalanceofthe surplus/deficitattheendoftheyearconsistsconsistsconsistsof:of:of: ffff 20232022 $$ 2023Surplus 307,813 2022Surplus 266,284 266,284 aaaa 2021Surplus 1,137,222 1,516,296 2020Surplus 484,519 726,779 rrrr 2019Surplus 49,183 98,366 2018Surplus12,948 2,245,021 2,620,673 18.WaterCostTransfer DDDD ŷĻ/źƷǤ͸ƭǞğƷĻƩĭƚƭƷƷƩğƓƭŅĻƩŅƚƩŅźƩĻƦƩƚƷĻĭƷźƚƓźƭǞźƷŷźƓƷŷĻƒğǣźƒǒƒğƌƌƚǞğĬƌĻĬǤwĻŭǒƌğƷźƚƓБЊ195 underthe MunicipalitiesAct,basedupontheapplicablepercentageofwatersystemexpendituresforthe population. 19.FundsHeldinTrust FundsadministeredbytheCityforthebenefitofexternalpartiesarenotincludedintheconsolidated financialstatements.TheamountadministeredasatDecember31,2023was$520,155(2022$494,218). 20.AssetRetirementObligation Theestimatedliabilityisthepresentvalueoffuturecashflowassciatedwiththeassetretirementcosts discountedusinganemployeefuturebenefitdiscountingrateof4.63%fortheyear2023.TheCityasset retirementobligationconsistsofobligationsasfollows: TheCityhasbuildingsthatwerebuiltbefore1990thatmayhaveasbestosandfuelstoragetanks.Thecost ofremovaloftheasbestosandfuelstoragetankremediationhavebeenrecoongizedunderPS3280 AssetRetirmentObligation. 20 TheCityofSaintJohn NotestotheConsolidatedFinancialStatements FortheyearendedDecember31,2023 20.AssetRetirementObligation(Continued) Thetransitionandrecognitionofassetretirementobligationinvolvedanaccompanyingincreasetothe CapitalAssets. AssetRetirementObligation 20232022 $$ Grossundiscountedexpenditure 24,332,214 Openingbalance,January1,2023 Adjustmenttorecognizeassetretirementobligation onadoption(note2)14,552,805 Accretionexpenses 1,588,618 16,141,422 Closingbalance,December31,2023 ttt fff aaa rrr DDD 21 TheCityofSaintJohn NotestotheConsolidatedFinancialStatements FortheyearendedDecember31,2023 21.StatementofReserves General Water&SewerWater&SewerOperatingGeneralCapital CapitalReserveOperatingReserveReserveReserve 2023Total2022Total Assets Cash12,356,8362,362,6738,044,70419,077,493 41,841,706 37,546,839 Investments(a)875,0006,000,000 6,875,000 AccumulatedSurplus13,231,8362,362,6738,044,70425,077,493 48,716,706 37,546,839 Revenue TransfersfromWaterandSewerageUtility Operating 3,326,113895,516 4,221,629 2,849,141 TransferbetweenOperatingandCapital 1,000,000(1,000,000) TransfersfromGeneralOperatingFund 422,28910,442,225 10,864,514 5,508,732 ProceedsonSaleofAssets 52,929 52,929 362,275 Interest463,032124,264392,0641,011,306 1,990,666 708,224 TotalRevenues4,789,14519,780814,35311,506,460 17,129,738 9,428,372 Expenditures303,018161,700161,700161,7005,495,153 5,959,871 5,126,537 AnnualSurplus(Deficit)4,486,12719,780652,653652,653652,6536,011,307 11,169,867 4,301,835 Balance,beginningofyear8,745,7092,342,8937,392,0517,392,0517,392,05119,066,18619,066,18619,066,186 37,546,839 33,245,004 Balance,end ofyear 13,231,8362,362,6738,044,7048,044,7048,044,70425,077,49325,077,49325,077,493 48,716,706 37,546,839 (a)IncludedintheassetsofGeneralandWaterandSewerCapitalReservesis$6,875,000$6,875,000$6,875,000ofofofinterfundinterfundinterfunddebentures.debentures.debentures. NameofInvestmentPrincipleAmountInterestInterestInterestRateRateRateDateofMaturity ttttttt InterfundDebentureIFD120236,000,0004.511%4.511%4.511%5.245%5.245%5.245%December12,2033 InterfundDebentureIFD22023875,0004.511%4.511%4.511%5.245%5.245%5.245%December12,2028 fffffff CouncilResolutionsregardingtransferstoandfromfromfromreservesreservesreserves CommonCouncilMeetingΑDecember11th,202320232023ΑΑΑOpenOpenOpenSessionSessionSession MovedbyCouncillorSullivan,secondedbyCouncillorCouncillorCouncillorStewart:Stewart:Stewart: aaaaaaa RESOLVEDthatasrecommendedbytheFinanceFinanceFinanceCommitteeCommitteeCommitteeinininthethethereportreportreportentitledentitledentitled M&C2023273:2023ReservesCommonCommonCommonCouncilCouncilCouncilapproveapproveapprovethethethetransfertransfertransferofofoffundsfundsfundstototoandandand fromthefollowingreserves: rrrrrrr GeneralOperatingReserves $422,489fromtheGeneralOperatingFundFundFundtototothethetheGeneralGeneralGeneralOperatingOperatingOperatingReservReservReserve $161,700fromtheGeneralOperatingReserveReserveReservetototothethetheGeneralGeneralGeneralOperatingOperatingOperatingFund GeneralCapitalReserves $10,495,154fromtheGeneralOperatingFundtoGeneralGeneralGeneralCapitalCapitalCapitalReserve $5,495,152fromtheGeneralCapitalReservetotheGeneralGeneralGeneralCapitalFund DDDDDDD UtilityOperatingReserves $895,516fromtheUtilityOperatingFundtotheUtilityOperatingReserve (IndustrialRateStabilization) $1,000,000fromtheUtilityOperatingReservetotheUtilityCapitalReserve UtilityCapitalReserves $3,326,113fromtheUtilityOperatingFundtotheUtilityFundCapitalReserve $303,018fromtheUtilityCapitalReserve(Fleet)totheUtilityCapitalFund $1,000,000fromtheUtilityOperatingReservetotheUtilityCapitalFund 22 TheCityofSaintJohn NotestotheConsolidatedFinancialStatements FortheyearendedDecember31,2023 22.TangibleCapitalAssets Water&Asset LandLeaseholdMachinery&WastewaterAssetsunderRetirement ImprovementsImprovementsBuildingsVehiclesEquipmentTransportationNetworksConstructionObligation2023Total Land $$$$$$$$$$$ COST Balance,beginningofyear148,316,19248,680,0615,802,760220,100,75052,696,66521,331,651471,075,061774,092,31313,757,5381,755,852,992 Additionsandtransfers3,678,2301,809,4674,488,6601,239,94711,786,1306,779,00518,285,70214,552,80562,619,945 Disposals4,391155,085484,5552,990,809711,4604,346,299 Balance,endofyear148,316,19252,353,9005,802,760221,755,13256,700,77022,571,598479,870,382780,159,85832,043,24014,552,8051,814,126,638 ACCUMULATEDAMORTIZATION Balance,beginningofyear22,304,9682,482,600122,680,51032,415,07814,510,034251,229,769326,217,347771,840,306 Amortizationfortheyear1,551,980325,8435,408,3343,498,7181,586,79011,955,09317,233,5483,537,73845,098,043 Accumulatedamortizationondisposals 4,17139,931484,5552,606,550522,1353,657,343 Balance,endofyear23,852,7772,808,443128,048,91335,429,24116,096,824260,578,312342,928,7593,537,738813,281,006 NETBOOKVALUEOFTANGIBLECAPITAL ASSETS 148,316,19228,501,1232,994,31793,706,21921,271,5306,474,774219,292,070437,231,09932,043,24011,015,0671,000,845,631 Consistsof: GeneralFundassets148,316,19228,501,1232,994,31793,706,21921,271,5306,474,774219,292,07026,676,42811,015,067558,247,720 WaterandWastewaterassets 437,231,0995,366,812442,597,911 148,316,19228,501,1232,994,31793,706,21921,271,5306,474,7746,474,7746,474,774219,292,070219,292,070219,292,070437,231,09932,043,24011,015,0671,000,845,631 WaterWaterWater&Asset LandLeaseholdMachineryMachineryMachinery&&&WastewaterWastewaterWastewaterAssetsunderRetirement ImprovementsImprovementsBuildingsVehiclesImprovementsBuildingsVehiclesImprovementsBuildingsVehiclesEquipmentTransportationEquipmentTransportationEquipmentTransportationNetworksNetworksNetworksConstru ctionObligation2022Total Land $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ COST Balance,beginningofyear148,316,19241,184,8425,802,760217,179,011217,179,011217,179,01154,777,38854,777,38854,777,38819,210,41219,210,41219,210,412465,970,507465,970,507465,970,507767,282,003767,282,0 03767,282,00310,555,9011,730,279,016 Additionsandtransfers7,495,2193,445,4523,445,4523,445,4522,494,9582,494,9582,494,9582,184,5022,184,5022,184,5028,804,6318,804,6318,804,631 ttttttttttttttttttt 7,600,3823,201,63735,226,780 Disposals523,712523,712523,7124,575,6814,575,6814,575,68163,26363,26363,2633,700,0763,700,0763,700,076790,0719,652,804 Balance,endofyear148,316,19248,680,0615,802,7605,802,7605,802,760220,100,750220,100,750220,100,75052,696,66552,696,66552,696,66521,331,65121,331,65121,331,651471,075,061471,075,061471,075,061774,092, 31313,757,5381,755,852,992 ACCUMULATEDAMORTIZATION fffffffffffffffffff Balance,beginningofyear20,892,6302,156,7572,156,7572,156,757117,624,396117,624,396117,624,39632,710,11632,710,11632,710,11613,054,86313,054,86313,054,863242,463,943309,824,582738,727,287 Amortizationfortheyear1,412,338325,843325,843325,8435,542,2115,542,2115,542,2113,550,7053,550,7053,550,7051,518,4341,518,4341,518,43411,978,55917,150,24241,478,333 Accumulatedamortizationondisposals 486,097486,097486,0973,845,7433,845,7433,845,74363,26363,26363,2633,212,733757,4778,365,313 Balance,endofyear22,304,96822,304,96822,304,9682,482,6002,482,6002,482,600122,680,510122,680,510122,680,51032,415,07832,415,07832,415,07814,510,03414,510,03414,510,034251,229,769326,217,347771,840,30 7 aaaaaaaaaaaaaaaaaaa NETBOOKVALUEOFTANGIBLECAPITAL ASSETS 148,316,192148,316,192148,316,19226,375,09326,375,09326,375,0933,320,1603,320,1603,320,16097,420,24097,420,24097,420,24020,281,58720,281,58720,281,5876,821,617219,845,292447,874,96613,757,538984,012, 685 Consistsof: rrrrrrrrrrrrrrrrrrr GeneralFundassets148,316,192148,316,192148,316,19226,375,09326,375,09326,375,0933,320,1603,320,1603,320,16097,420,24097,420,24097,420,24020,281,5876,821,617219,845,2929,216,515531,596,696 WaterandWastewaterassets 447,874,9664,541,023452,415,989 148,316,19226,375,09326,375,09326,375,0933,320,1603,320,1603,320,16097,420,24020,281,5876,821,617219,845,292447,874,96613,757,538984,012,685 DDDDDDDDDDDDDDDDDDD 23 TheCityofSaintJohn NotestotheConsolidatedFinancialStatements FortheyearendedDecember31,2023 23.SegmentDisclosure GeneralEnvironmentalRecreational GovernmentProtectiveTransportationWater&SewerEnvironmentalDevelopment&CulturalEnergy20232022 ServicesServicesServicesServicesHealthServicesServicesServicesServicesConsolidatedConsolidated $$$$$$$$$$ REVENUES Propertytaxes 142,169,733 142,169,733 131,483,087 Unconditionalgrant 15,321,432 15,321,432 16,647,118 Fundyregionalservicegrant 546,630 546,630 Otherrevenuefromownsources 4,511,5264,765,8069,805,9069,052,4051,502,390 29,638,033 22,411,697 Miscellaneousrevenue 820,635 820,635 1,217,810 Water&sewerrevenue 47,634,536 47,634,536 45,312,262 Incomefromenergyservices 5,737,000 5,737,000 21,582,000 Contributionsfromothers 308,15424,550220,9891,074,546 1,628,239 799,858 163,678,1104,790,35610,026,89547,634,5369,052,4052,576,9365,737,000 243,496,238 239,453,833 EXPENSES Salariesandbenefits 1,714,53348,737,68419,184,2869,396,5501,815,8617,563,0584,778,713 93,190,685 85,241,715 Goodsandservices 10,993,5156,804,85911,692,56419,560,1252,318,30912,866,1984,685,271 68,920,841 64,486,675 Amortizationoftangibleassets 8,978,07713,774,84617,233,5481,573,835 41,560,306 41,478,334 Interestandbankcharges 2,503,728272,1672,230,61755,505240 5,062,257 5,294,505 Lossfrominvestment 8,743,271 24,189,85355,542,54344,923,86348,420,8404,134,17020,484,76120,484,76120,484,76111,038,059 208,734,089 205,244,500 SURPLUS(DEFICIT)FORTHEYEAR 139,488,257(50,752,187)(34,896,968)(786,304)(4,134,170)(4,134,170)(4,134,170)(11,432,356)(11,432,356)(11,432,356)(8,461,123)(8,461,123)(8,461,123)5,737,000 34,762,149 34,209,333 24.ConsolidatedScheduleofAccumulatedSurplus(Deficit)Reconciliation WWWateraterater&&& tttttttttttt GeneralGeneralGeneral SewerSewerSewerWater& OperatingOperatingOperatingGeneralGeneralGeneralOperatingOperatingOperatingSewerControlled FundFundFundCapitalCapitalCapitalFundFundFundFundFundFundCapitalFundTrustFundsEntitiesTotal ffffffffffff $$$$$$$$$$$$$$$$$$$$$ 2023AnnualFundSurplus,perLocalGovernanceAct272,874272,874272,87437,003,29237,003,29237,003,292307,8139,732,690(4,506,662)42,810,007 Adjustmentsto2023annualsurplus(deficit)forfundingrequirementsrequirementsrequirements Secondpreviousyear'ssurplus(deficit)1,753,1451,753,1451,753,145680,796 2,433,941 aaaaaaaaaaaa PSASadjustingentries33,186,89733,186,89733,186,897(61,128,083)17,066,625(23,173,329)3,595,966(30,451,924) Amortizationexpense24,326,75817,233,548 41,560,306 Longtermdebtprincipalrepayment(13,153,977)(13,153,977)(13,153,977)(7,243,000)(3,995,000)(24,391,977) rrrrrrrrrrrr Postemploymentadjustment773,300773,300773,300 773,300 12,700,000 12,700,000 Pensionexpense Amortizationofactuarialgain(loss)3,976,000 3,976,000 Longtermdisability Capitalfromoperating6,644,0095,635,008 12,279,017 Totaladjustmentsto2023annualsurplus(deficit)45,879,374(36,801,325)16,139,429(5,939,781)(399,034)18,878,663 DDDDDDDDDDDD 2023AnnualSurplus(Deficit),perPSAS46,152,248201,96716,447,2423,792,909(4,905,696)61,688,670 2 TheCityofSaintJohn NotestotheConsolidatedFinancialStatements FortheyearendedDecember31,2023 25.ControlledEntitiesOperations SaintJohnSaintJohnCanadaGamesTradeand TransitFreePublicTDStationAquaticCentreConvention CommissionLibraryCommissionCommissionCentre $$$$$ Totalassets23,719,1531,464,5612,430,994379,016 Totalliabilities9,240,38773,0341,865,104376,933 Accumulatedsurplus(deficit)14,478,7661,391,527565,8902,083 Totalrevenues4,602,448238,3293,250,5282,140,998480,760 Totaloperatingexpenses12,989,581591,6323,826,3652,852,558501,391 Annualsurplus(deficit)(8,387,133)(353,303)(575,837)(711,560)(20,631) LordSaintJohn20232022 BeaverbrookEnergyConsolidatedConsolidated $$$$ Totalassets531,19288,117,000116,641,916109,813,861 Totalliabilities344,56311,900,02112,129,587 Accumulatedsurplus(deficit)186,629186,629186,62988,117,000104,741,89597,684,274 Totalrevenues365,872365,872365,8725,737,00016,815,93531,535,017 Totaloperatingexpenses561,074561,074561,07421,322,60119,334,355 Annualsurplus(deficit)(195,202)(195,202)(195,202)5,737,0005,737,0005,737,000(4,506,666)12,200,662 TheabovenotedentitiesareincludedintheConsolidatedFinancialStatements.TheresultsresultsresultsofofofSaintSaintSaintJohnJohnJohnEnergyEnergyEnergyareareareincludedincludedincludedinininthethetheConsoli datedConsolidatedConsolidatedFinancialStatementsusing themodifiedequityequityequitymethodmethodmethod ttttttt fffffff aaaaaaa rrrrrrr DDDDDDD 2 TheCityofSaintJohn NotestotheConsolidatedFinancialStatements FortheyearendedDecember31,2023 26.ReconciliationofFundingDeficitUponAdoptionofPSAS OnJanuary1,2017theCityadoptedtheuseofPSAS.Asaresult,certainliabilitiesrelatingtoemployment benefitshadtoberestatedtoreflecttheadoptionofthestandards. pecialTopupRetirementHeartandLung S $$$ LiabilitiesatDecember31,2016ascalculatedon 1,035,5005,133,6004,517,400 AmountofDecember31,2016liabilitiesfundedin 1,291,300(5,133,600)3,293,800 Balancetobefundedinfutureyears2,326,8007,811,200 27.OtherRevenueandExpenseDetails BudgetBudgetBudget (Note(Note(Note2)2)2)20232022 $$$$$$$$$ REVENUE OtherRevenuefromOwnSources ttttttt Environmentaldevelopmentservices6,686,5906,686,5906,686,590 9,052,405 7,356,026 Protectiveservices2,910,6322,910,6322,910,632 4,765,806 3,316,823 Generalgovernmentservices3,245,5543,245,5543,245,554 fffffff 4,511,526 1,695,329 Recreationalandculturalservices1,096,5141,096,5141,096,514 1,502,390 1,198,633 29,116,89929,116,89929,116,899 29,638,033 22,411,697 aaaaaaa ContributionsfromOthers Recreationalandculturalculturalculturalservicesservicesservices 1,074,546 615,563 Transportationservicesservicesservices250,000 220,989 rrrrrrr 27,843 Protectiveservices20,000 24,550 Waterandsewerservices71,310 Environmentaldevelopmentservicesservicesservices Generalgovernmentservices 308,154 85,142 DDDDDDD 270,000 1,628,239 799,858 GovernmentTransfersforCapital RegionalDevelopmentCorporation4,056,197 CanadaCommunityBuildingFund 5,590,175 2,929,806 FundingSupportPublicTransitandHousing 1,873,000 CommunityDevelopmentFund 1,408,229 580,639 DepartmentofTransportation1,041,865 Other 663,686 1,517,765 DeepEnergyRetrofit 550,000 890,762 LowCarbonFund 786,504 IntegratedBilateralFunding 15,094,720 6,303,496 InfrastructureCanadaDMAF 957,990 2,662,605 26,924,303 19,983,136 2 TheCityofSaintJohn NotestotheConsolidatedFinancialStatements FortheyearendedDecember31,2023 27.OtherRevenueandExpenseDetails(Continued) Budget (Note2)20232022 $$$ S EXPENDITURE GeneralGovernmentServices Legislative CommonCouncil602,503 607,768 517,143 Mayor'soffice225,837 186,332 194,451 828,340 794,100 711,594 CityManager Citymanager779,271779,271779,271 1,009,887 700,966 Corporatecommunications516,634516,634516,634 403,524 336,916 Corporateplanning316,055316,055316,055 228,811 193,344 1,611,9601,611,9601,611,960 1,642,2221,642,2221,642,222 1,231,226 CommonServices ttttttttt Propertyassessment1,701,7561,701,7561,701,756 1,622,340 1,491,679 Cityhallbuilding1,009,4711,009,4711,009,471 1,011,057 981,122 fffffffff Publicliabilityinsurance550,000550,000550,000 538,821 487,609 3,261,2273,261,2273,261,227 3,172,218 2,960,410 aaaaaaaaa Other 8,974,593 Amortization 8,978,077 Accretionexpenseassetassetassetretirementretirementretirementobligationobligationobligation 1,588,618 rrrrrrrrr Amortizationofassetassetassetretirementretirementretirementobligationobligationobligation 3,537,738 Other9,856,797 2,654,183 2,241,955 Informationsystemsandsupportsupportsupport3,511,071 3,439,469 3,047,823 Debtcharges15,927,210 2,503,728 2,538,707 Postemployment(gains)expenses9,460,000(7,620,306)(10,903,437) DDDDDDDDD Finance1,250,757 1,950,674 1,886,885 Humanresources1,942,089 2,503,978 1,827,258 y,,,,, ExternalRelations225,386 180,262 148,897 Insurance138,860 113,428 133,977 Commonclerk642,779 657,517 566,885 CustomerService999,115 808,044 887,484 RegionalServicesCommission176,383 180,197 28,566 46,262,931 23,705,449 13,222,954 TotalGeneralGovernmentServices 51,964,458 29,313,989 18,126,184 27 TheCityofSaintJohn NotestotheConsolidatedFinancialStatements FortheyearendedDecember31,2023 27.OtherRevenueandExpenseDetails(Continued) Budget (Note2)20232022 $$$ ProtectiveServices PoliceProtection Policeoperations17,342,680 14,971,836 14,509,177 Administration2,103,838 2,583,433 2,272,522 Supportservices1,812,844 2,366,459 2,140,701 Stationsandbuildings970,834 1,097,316 1,001,636 Automotive1,106,149 669,776 640,979 Detentionservices179,975179,975179,975 183,004 169,147 4 25,303,612 28,139,56428,139,56428,139,564 26,525,60 FireProtection Fireoperations26,208,26526,208,26526,208,265 22,895,8622,895,8622,895,864 22,494,534 Fireprevention908,059908,059908,059 846,542 891,119 Fireinvestigation66,12366,12366,123 63,709 60,295 tttttttttttt FireTraining 27,182,44727,182,44727,182,447 23,806,115 23,445,948 ffffffffffff OtherProtectiveServices Emergencydispatchcentre2,894,8572,894,8572,894,857 2,794,896 2,688,255 aaaaaaaaaaaa Inspectionservices1,181,614 1,340,548 1,297,125 Enforcementservices356,103 233,441 391,605 Dangerousbuildingsbuildingsbuildings374,428 148,839 264,267 rrrrrrrrrrrr Emergencymeasures360,216 222,923 285,220 Animalcontrol109,250 100,310 95,370 5,651,974 5,210,824 5,237,240 TotalProtectiveServices 60,973,985 55,542,543 53,986,800 DDDDDDDDDDDD Amortization 11,955,093 11,978,559 Roadsandsidewalks17,322,306 11,138,975 12,575,639 Otherdrainageservices3,961,967 2,285,382 2,300,385 Streetlighting1,060,000 951,587 921,382 Municipaloperations350,328 357,266 293,143 Flood2018 22,694,601 26,688,303 28,069,108 28 TheCityofSaintJohn NotestotheConsolidatedFinancialStatements FortheyearendedDecember31,2023 27.OtherRevenueandExpenseDetails(Continued) Budget (Note2)20232022 $$$ GeneralEngineering Trafficengineeringandsystems2,396,798 2,180,164 1,799,290 Transportation1,252,328 1,026,213 1,022,026 3,649,126 3,206,377 2,821,316 ParkingAdministration Parkingadministration2,613,732 2,060,031 2,122,923 2,613,7322,613,7322,613,732 2,060,031 2,122,923 ExternalControlledEntities SaintJohnTransitCommission15,563,24115,563,24115,563,241 12,969,152 11,526,571 SaintJohnParkingCommission 15,563,24115,563,24115,563,241 12,969,15212,969,15212,969,152 11,526,571 TotalTransportationServices 44,520,70044,520,70044,520,700 44,923,863 44,539,918 tttttttttttt WaterandSewerServices ffffffffffff SaintJohnWater&Wastewater Amortization 17,233,548 17,150,242 Drinkingwater15,911,71415,911,71415,911,714 14,068,521 13,711,007 aaaaaaaaaaaa Wastewater12,225,896 10,532,554 9,453,379 Fiscalcharges18,630,112 3,365,556 3,634,776 Industrialwater3,001,964 2,459,346 2,351,288 rrrrrrrrrrrr Infrastructuremanagementmanagementmanagement709,667 614,971 559,542 Internalcharges1,020,100 146,344 175,514 TotalWaterandSewerServicesServicesServices 51,499,453 48,420,840 47,035,748 EnvironmentalHealthServices DDDDDDDDDDDD SanitaryServices3,830,567 4,134,170 3,656,997 TotalEnvironmentalHealthServices 3,830,567 4,134,170 3,656,997 29 TheCityofSaintJohn NotestotheConsolidatedFinancialStatements FortheyearendedDecember31,2023 27.OtherRevenueandExpenseDetails(Continued) Budget (Note2)20232022 $$$ EnvironmentalDevelopmentServices ResearchandPlanning Communityplanning1,791,586 1,435,137 1,566,173 Succeedandstay92,785 114,237 124,846 PlanSJ220,60068,059 2,210,690 2,868,423 1,759,078 AdministrationandGeographicInformationSystems(GIS) Carpentershop371,482371,482371,482 333,155 431,967 GIS413,258413,258413,258 390,669 409,785 784,740784,740784,740 723,824 841,752 EconomicDevelopment MarketSquarecommonarea2,250,0002,250,0002,250,000 2,469,398 2,181,101 tttttttt Regionaleconomicdevelopment Growthreserve350,000350,000350,000 88,875 84,350 ffffffff 4,463,8354,463,8354,463,835 3,357,509 2,938,347 RealEstateManagement aaaaaaaa Propertymanagement1,579,996 1,532,212 2,036,760 Realestate177,086 174,592 151,271 1,757,082 1,706,804 2,188,031 rrrrrrrr OtherEnvironmentalDevelopmentDevelopmentDevelopmentServicesServicesServices CityMarket1,144,015 1,184,940 1,041,073 Tourism Communitydevelopment3,383,078 3,341,320 3,246,937 DDDDDDDD 4,527,093 4,526,260 4,288,010 AquaticCentreCommission 2,852,558 2,592,693 TDStationCommission2,324,818 3,826,365 3,860,450 DevelopSaintJohn195,763 121,627 243,385 TradeandConventionCentre725,035 501,391 393,279 3,245,616 7,301,941 7,089,807 TotalEnvironmentalDevelopmentServices 16,989,056 20,484,761 19,105,025 30 TheCityofSaintJohn NotestotheConsolidatedFinancialStatements FortheyearendedDecember31,2023 27.OtherRevenueandExpenseDetails(Continued) Budget (Note2)20232022 $$$ RecreationalandCulturalServices CulturalGrants Otherculturalgrants2,991,012 1,272,715 1,358,685 2,991,012 1,272,715 1,358,685 Parks Parksgeneralservices2,095,731 2,229,437 2,086,674 RockwoodPark405,699 278,392 310,241 2,501,4302,501,4302,501,430 2,507,829 2,396,915 CommunityServices Recreationandparks608,695608,695608,695 524,448 381,031 ProKids109,693109,693109,693 79,371 137,646 1,054,8851,054,8851,054,885 848,201848,201848,201 638,978 OtherRecreationalandCulturalServices Sportsandrecreation3,152,7523,152,7523,152,752 2,958,202 2,640,506 tttttttttttttttt Amortization 1,551,980 1,412,338 Communitycentres666,282666,282666,282 625,980 499,530 ffffffffffffffff Culturalaffairs129,827129,827129,827 120,446 122,207 3,948,8613,948,8613,948,861 5,256,608 4,674,581 ExternallyControlledEntitiesEntitiesEntities aaaaaaaaaaaaaaaa SaintJohnFreePublicLibraryLibraryLibrary 591,632 569,371 LordBeaverbrookRinkRinkRink443,700 561,074 412,027 CanadaGamesFoundationFoundationFoundation rrrrrrrrrrrrrrrr 443,700 1,152,706 981,398 TotalRecreationalandCulturalCulturalCulturalServicesServicesServices 10,939,888 11,038,059 10,050,557 LossonInvestment InvestmentinCanadaGamesFoundationFoundationFoundation8,743,271 DDDDDDDDDDDDDDDD 8,743,271 TOTALEXPENDITURES 240,718,107 213,858,225 205,244,500 31 The City of Saint John Operating Fund by Service Area December 31, 2023 202320232022 BudgetActualActual $$$ Revenues Property Taxes 142,105,410 142,105,410 131,483,072 PILT Adjustment 64,323 64,323 15 Equalization & Unconditional Grant 15,321,432 15,321,432 16,647,118 Regional Services Grants 546,630 546,630 - Surplus 2nd Previous Year 1,753,135 1,753,145 - Growth & Community Development Services 4,327,812 5,819,026 4,639,580 Public Safety Services 1,951,432 3,170,367 2,177,250 Transportation & Environment Services 5,625,798 6,797,529 6,888,361 Finance & Adminstrative Services 3,178,528 6,880,392 6,383,753 Corporate Services 285,000 476,090 39,652 Utilities & Infrastructure Services 316,000 287,723 284,208 Transfers from Operating Reserves 800,000 - - Saint John Energy Rebates 1,012,000 79,339 - Total Revenues 177,287,500 183,301,407 168,543,008 Expenditures Growth & Community Development Services 18,404,356 18,543,477 16,798,797 Transportation & Environment Services 41,901,227 42,828,030 41,500,988 Public Safety Services 59,633,669 58,380,270 56,129,367 Strategic Services 7,917,074 7,315,033 6,869,080 Corporate Services 7,443,379 8,016,146 6,550,227 Other Charges 34,992,902 41,110,309 31,009,428 Utilities & Infrastructure Services 6,994,893 6,835,287 7,349,279 Total Expenditures 177,287,500 183,028,552 166,207,167 Surplus (Deficit) - 272,855 2,335,841 1 The City of Saint John Operating Fund by Service Area December 31, 2023 202320232022 BudgetActualActual $$$ Revenues Property Taxes 142,105,410 142,105,410 131,483,072 PILT Adjustment 64,323 64,323 15 Equalization & Unconditional Grant 15,321,432 15,321,432 16,647,118 Regional Services Grants 546,630 546,630 - Surplus 2nd Previous Year 1,753,135 1,753,145 - Growth & Community Development Services 4,327,812 5,819,026 4,639,580 Public Safety Services 1,951,432 3,170,367 2,177,250 Transportation & Environment Services 5,625,798 6,797,529 6,888,361 Finance & Adminstrative Services 3,178,528 6,880,392 6,383,753 Corporate Services 285,000 476,090 39,652 Utilities & Infrastructure Services 316,000 287,723 284,208 Transfers from Operating Reserves 800,000 - - Saint John Energy Rebates 1,012,000 79,339 - Total Revenues 177,287,500 183,301,407 168,543,008 Expenditures Growth & Community Development Services Growth & Community Planning Services 1,791,586 1,612,144 1,686,562 Development Services 220,600 200,000 68,059 Development Engineering 350,328 344,536 294,538 Community Development 608,695 526,216 381,111 Animal Control 109,250 100,310 95,370 Dangerous & Vacant Buildiings 374,428 150,552 265,456 Minimum Property Standards 375,506 373,474 217,892 Heritage Conservation Service 203,654 199,905 161,049 Cultural Affairs 129,827 121,725 122,802 Other By-laws 356,103 238,564 394,023 Permitting & Inspection Services 1,181,614 1,357,842 1,303,281 Envision Saint John 3,093,000 3,054,227 2,979,403 Market Square 2,250,000 2,455,454 2,167,157 Saint John Trade & Convention Centre 390,186 321,313 205,906 Imperial Theatre 295,714 295,501 330,444 Saint John Aquatic Centre 521,281 520,820 579,143 Saint John Arts Centre 178,408 178,280 191,674 TD Station 478,246 587,411 653,165 Library 487,597 487,597 473,001 City Market 1,144,015 1,189,487 1,043,304 Arts & Cluture Board 70,000 58,992 65,060 Public Arts Maintenance 16,000 19,315 24,468 Remembrance Day Ceremonies 1,500 8,988 3,129 New Years & Canada Day Celebrations 40,000 33,076 19,093 PRO Kids 109,693 80,653 137,646 2 The City of Saint John Operating Fund by Service Area December 31, 2023 202320232022 BudgetActualActual $$$ Succeed & Stay 92,785 115,138 124,846 Local Immigration Partnership 86,424 90,643 108,023 Carleton Community Centre 190,700 187,500 180,000 Loch Lomond Community Centre 45,000 45,000 45,000 North End Community Centre 174,876 187,500 166,876 Recreation Programming 666,282 670,925 504,610 Neighbourhood Development 170,000 172,000 152,000 YMCA - Contracted Services 157,560 136,932 135,626 Boys & Girls - Contracted Services 145,887 139,951 137,883 Unspecified Grants 234,000 215,710 351,179 Lifeguards 195,500 197,595 184,570 Play SJ 45,000 15,169 17,850 Lord Beaverbrook Rink 167,392 183,712 177,600 Growth Reserve Fund 350,000 350,000 350,000 Community Service Reserves 800,000 - - Affordable Housing 105,719 1,319,321 300,000 Total Growth & Community Development Services 18,404,356 18,543,477 16,798,797 Public Safety Services Fire Rescue and Suppression Service 23,591,356 23,379,121 22,907,312 Fire Training 1,319 - - Technical Rescue Response 46,925 42,165 46,164 Hazardous Materials 69,984 61,805 73,287 Fire Prevention 908,059 855,788 913,400 Fire Investigation 66,123 63,709 60,295 Emergency Management Service 360,216 223,342 288,762 Water Supply and Hydrants 2,500,000 2,588,571 2,335,319 Street Lighting 1,060,000 951,587 921,382 Police Administration 31,029,687 30,214,180 28,583,447 Total Public Safety Services 59,633,669 58,380,270 56,129,367 3 The City of Saint John Operating Fund by Service Area December 31, 2023 202320232022 BudgetActualActual $$$ Public Works & Transportation Services Snow Control Streets 5,601,737 4,912,739 5,792,348 Street Cleaning 1,605,543 2,093,928 1,747,156 Utility Cuts 919,782 1,036,191 965,322 Street Services - Surface Maintenance 7,448,639 7,396,588 8,458,584 Snow Control Sidewalk 1,034,591 1,102,581 1,119,408 Sidewalk Maintenance 712,014 536,537 545,351 Pedestrian & Traffic Management Service 2,343,221 2,403,960 2,038,435 Stormwater Management - - 1,201 Solid Waste Management 3,830,567 4,574,813 4,030,573 Regional Services Commission 176,383 180,197 28,566 Landscape - Parks & Open Spaces 2,095,731 2,325,340 2,144,801 Rockwood Park 405,699 278,391 310,265 Urban Forestry 336,497 258,265 133,874 Saint John Horticultural Association 50,000 50,000 40,000 Arena Operation and Maintenance 1,375,297 1,448,509 1,183,679 Sportsfield Operation and Maintenance 1,228,942 1,283,150 1,203,632 Other Facility Operation and Maintenance 548,513 379,490 358,078 Parking Administration 942,723 826,100 752,973 Transit Debt 1,746,105 1,745,331 1,820,484 Transit Subsidy 5,630,640 6,334,303 5,490,683 Transit Operations - (20,429) 20,036 Fleet Operations 24,306 4,749 - Fleet Fuel - 10,627 1,336 Fleet Pooled Vehicles 18,945 12,282 - Fleet Welding 10,326 - - Fleet Stockroom 300,871 294,159 208,153 Stormwater Rural 1,844,465 1,972,749 1,575,722 Peel Plaza 391,116 125,772 333,397 Market Square Parking 123,881 229,198 140,375 Off Street Parking 1,154,693 1,032,511 1,056,553 Total Public Works & Transportation Services 41,901,227 42,828,030 41,500,988 Strategic Services Finance 1,250,757 1,243,463 1,109,158 Assessment 1,701,756 1,622,340 1,491,679 Supply Chain Management 449,075 441,954 382,899 Information Technology 3,511,071 3,121,093 3,067,361 Corporate Planning 316,055 232,653 194,868 Insurance 138,360 114,709 135,506 Liability Insurance 550,000 538,821 487,609 Total Strategic Services 7,917,074 7,315,033 6,869,080 4 The City of Saint John Operating Fund by Service Area December 31, 2023 202320232022 BudgetActualActual $$$ Corporate Services City Manager 779,271 1,013,075 702,264 Mayor's Office 225,837 189,310 196,159 Common Council 602,503 622,154 523,164 Common Clerk 642,779 667,748 571,279 Human Resources 1,942,089 2,522,776 1,835,833 Legal Department 1,136,916 1,294,328 944,969 Real Estate 177,086 175,872 151,865 Saint John Industrial Parks 195,763 121,628 243,384 External Relations 225,386 181,719 148,898 Corporate Communications 516,634 406,121 339,359 Customer Service 999,115 821,415 893,054 Total Corporate Services 7,443,379 8,016,146 6,550,227 Utilities & Infrastructure Services Engineering 1,252,328 1,118,992 1,107,145 Carpenter Shop 371,482 356,790 453,381 Facilities Management 1,579,996 1,562,706 2,061,206 City Hall Building 1,009,471 1,011,058 981,122 Police Headquarters 4,734 8,375 59,670 GIS 413,258 395,588 413,806 Stockroom 246,122 256,737 347,736 Stormwater Urban 2,117,502 2,125,041 1,925,215 Total Utilities & Infrastructure Services 6,994,893 6,835,287 7,349,279 Other Charges Fiscal Charges 15,676,105 15,657,705 15,590,127 Deficit 2nd Previous Year - - 991,456 Landfill Closure 300,000 300,000 300,000 Special Pension Contributions 9,460,000 9,345,794 9,322,817 Tranfers to Reserves 3,906,797 8,008,449 2,316,607 Other Charges - 2,148,361 (1,811,578) Capital from Operating 5,650,000 5,650,000 4,300,000 Total Other Charges 34,992,902 41,110,309 31,009,428 Total Expenditures 177,287,500 183,028,552 166,207,167 Surplus (Deficit) - 272,855 2,335,841 5 Saint John Water 2023 Water & Sewerage Operating Budget December 31, 2023 202320232022 BudgetActualsActuals Revenues Flat Rate Accounts 22,250,000 22,233,613 22,127,968 Meter Rate Accounts 15,300,000 15,991,606 15,418,145 Industrial Raw Water Accounts 6,983,657 7,417,166 6,585,203 Fire Protection Levy 2,500,000 2,588,571 2,335,319 Storm Sewer Levy 925,000 1,056,155 884,401 Other Revenues 943,508 2,135,992 1,340,925 Previous Year's Surplus 680,796 680,796 437,400 Transfer from Reserves 421,492 - - Total Revenues 50,004,453 52,103,899 49,129,361 Expenditures Drinking Water Service Watershed Management 794,953 431,804 1,034,225 Water Treatment 8,768,620 8,659,767 8,146,227 Water Pumping & Storage 1,230,957 1,318,078 1,088,126 Transmission & Distribution 4,396,550 4,863,952 4,579,646 Customer Metering 720,634 727,925 686,993 Internal Charges 510,050 400,662 572,591 Other Charges 574,093 589,103 607,205 Debt Servicing 3,752,315 3,739,675 3,792,126 Transfer to Operating/Capital Reserve - 1,978,600 880,522 Capital from Operating 2,135,500 2,135,000 1,057,400 Total Drinking Water Service 22,883,672 24,844,566 22,445,061 Wastewater Service Wasterwater Pumping 3,131,775 3,706,086 2,941,414 Wastewater Collection 3,039,799 3,123,635 3,123,551 Wastewater Treatment 6,054,322 5,318,741 4,942,446 Internal Charges 510,050 431,072 421,428 Other Charges 574,093 589,103 607,205 Debt Servicing 3,020,324 3,012,356 3,066,784 Capital from Operating 2,732,300 2,732,300 4,112,800 Total Wastewater Services 19,062,663 18,913,293 19,215,628 Infrastructure Management Engineering Services 709,667 738,948 683,669 Total Infrastructure Management 709,667 738,948 683,669 Industrial Water Service Watershed Management 668,245 461,026 444,473 Water Pumping & Transmission 2,157,067 2,220,223 2,111,745 Customer Metering 176,652 59,237 81,055 Debt Servicing 1,846,586 1,846,586 1,892,065 Transfer to Capital Reserves 836,677 980,000 1,041,493 Transfer to Operating Reserve 895,516 964,497 480,010 Capital from Operating 767,708 767,708 467,878 Total Industrial Water Service 7,348,451 7,299,277 6,518,719 Total Expenditures 50,004,453 51,796,084 48,863,077 Surplus (Deficit) - 307,815 266,284 Financial Statements The City of Saint John Trust Funds December 31, 2023 Deloitte LLP P.O. Box 20094 Brunswick Square Saint John NB E2L 5B2 Canada Tel: 506-632-1080 Fax: 506-632-1210 www.deloitte.ca Independent Auditor’s Report To Her Worship the Mayor and Members of Common Council of The City of Saint John Report on the Auditof theFinancial Statements Opinion We have audited the financial statements of The City of Saint JohnWe have audited the financial statements of The City of Saint JohnWe have audited the financial statements of The City of Saint JohnTrust FundsTrust FundsTrust Funds(the “(the “(the “City”), which comprise the statement of financial positionas at December 31, 20December 31, 20December 31, 20232323, and the statements of , and the statements of , and the statements of operations itschanges in net assets,and cash flowfor the year then ended, and notesfor the year then ended, and notesfor the year then ended, and notesto the financial statementsto the financial statementsto the financial statements, including a summary of significant accounting policies (collectively referred to as the “financial including a summary of significant accounting policies (collectively referred to as the “financial including a summary of significant accounting policies (collectively referred to as the “financial statements”). In our opinion, the accompanying financial statements present fairly, in all material respects, the financial In our opinion, the accompanying financial statements present fairly, in all material respects, the financial In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Cityas at December 31, 20December 31, 20December 31, 20232323, and , and , and the results of the results of the results of its operations, itschanges in net assets, and its cash flows for the year then ended in accordance with and its cash flows for the year then ended in accordance with and its cash flows for the year then ended in accordance with Canadian public sector accounting standards (“PSAS”). BasisforOpinion We conducted our audit in accordance with Canadian generally accepted auditing standards (“Canadian We conducted our audit in accordance with Canadian generally accepted auditing standards (“Canadian We conducted our audit in accordance with Canadian generally accepted auditing standards (“Canadian GAAS”). Our responsibilities under those standards are further described in the lities under those standards are further described in the lities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements for the Audit of the Financial Statements for the Audit of the Financial Statements section of our report. We are independent of the CItyin accordance with the ethical requirements that are relevant to our audit accordance with the ethical requirements that are relevant to our audit accordance with the ethical requirements that are relevant to our audit of the financial statements in Canada, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ResponsibilitiesofManagementandThoseChargedwithGovernancefortheFinancial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with PSAS, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the City’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Cityor to cease operations, or has no realistic alternative but to do so. 1 Those charged with governance are responsible for overseeing theCity’sfinancial reporting process. Auditor’sResponsibilitiesfortheAuditoftheFinancialStatements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Canadian GAAS will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken onthe basis of these financial statements. As part of an audit in accordance with Canadian GAAS, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to thObtain an understanding of internal control relevant to thObtain an understanding of internal control relevant to the audit in order to design audit procedures e audit in order to design audit procedures e audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the City’s internal control. Evaluate the appropriateness of accounting policies used and the rEvaluate the appropriateness of accounting policies used and the rEvaluate the appropriateness of accounting policies used and the reasonableness of accounting easonableness of accounting easonableness of accounting estimates and related disclosures made by management.estimates and related disclosures made by management.estimates and related disclosures made by management. Conclude on the appropriateness of management’s use of the going concern basis of accounting and, Conclude on the appropriateness of management’s use of the going concern basis of accounting and, Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists based on the audit evidence obtained, whether a material uncertainty exists based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the conditions that may cast significant doubt on the conditions that may cast significant doubt on the CityCityCity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures into the related disclosures into the related disclosures inthe financial statements or, if such disclosures are inadequate, to modify the financial statements or, if such disclosures are inadequate, to modify the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the report. However, future events or conditions may cause the report. However, future events or conditions may cause the Cityto cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, including the Evaluate the overall presentation, structure and content of the financial statements, including the Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in disclosures, and whether the financial statements represent the underlying transactions and events in disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fairpresentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Report on Other Legal and Regulatory Requirements As required by the Government of New Brunswick, we report that, in our opinion, the accounting principles in Canadian public sector accounting standards have been applied on a consistent basis. Chartered Professional Accountants Saint John, NB \[DATE\] STATEMENT OF CASH FLOW 2023 2022 $ $ Operating activities Increase in net assets during the year 25,937 10,623 Changes in non-cash working capital: Term Deposits (40) — Accounts Payable — (113) Net increasein cash and cash equivalents 25,897 10,510 Cashand cash equivalent, beginning of year 492,224 481,714 Cashand cash equivalent, end of year 518,121 21 21 492,224 The accompanying notes are an integral part of these financial statementsThe accompanying notes are an integral part of these financial statementsThe accompanying notes are an integral part of these financial statements 4 The City of Saint John - Reserve and Trust Funds Notes to the financial statements For the year ended December 31, 2023 1. SIGNIFICANT ACCOUNTING POLICIES The financial statements of the City are the representations of the City’s Management prepared in accordance with Canadian generally accepted accounting principles for local governments, as recommended by the Chartered Professional Accountants of Canada Public Sector Accounting Board. Revenue Investment income isrecognized on an accrual basis as earned.recognized on an accrual basis as earned.recognized on an accrual basis as earned. Expenses Expenses are recordedon an accrual basis. on an accrual basis. on an accrual basis. Cash and cash equivalents Cash and cash equivalents include cash on hand, balances with banks and short Cash and cash equivalents include cash on hand, balances with banks and short Cash and cash equivalents include cash on hand, balances with banks and short term deposits with original maturities.term deposits with original maturities.term deposits with original maturities. Financial InstrumentsFinancial InstrumentsFinancial Instruments The Trust Fund’s financial instruments consist of cash,Trust Fund’s financial instruments consist of cash,Trust Fund’s financial instruments consist of cash,term deposits, and accounts payable. Financial instruments are recorded at fair value when acquired. Financial Financial instruments are recorded at fair value when acquired. Financial Financial instruments are recorded at fair value when acquired. Financial assets with assets with assets with actively traded markets are reported at fair value, with any unrealized actively traded markets are reported at fair value, with any unrealized actively traded markets are reported at fair value, with any unrealized gains or losses reported in excess (deficiency) of revenue over expenditure. gains or losses reported in excess (deficiency) of revenue over expenditure. gains or losses reported in excess (deficiency) of revenue over expenditure. Financial instruments are tested for impairment at each reporting date.Financial instruments are tested for impairment at each reporting date.Financial instruments are tested for impairment at each reporting date. The Reserve and Trust Funds are exposed to interest rate risk in that the value of The Reserve and Trust Funds are exposed to interest rate risk in that the value of The Reserve and Trust Funds are exposed to interest rate risk in that the value of the marketable securities can be adversely affected by a change in interest rates. 2. TRUST FUNDS Tucker Fund By an Act of the Legislature enacted on April 20, 1927, securities with a par value of $10,000 were vested with the City of Saint John. This Act provided that the income and a portion of the principal from this Trust, with the approval of Common Council, should be used for the maintenance and improvement of Tucker Park. 5 The City of Saint John - Reserve and Trust Funds Notes to the financial statements For the year ended December 31, 2023 2. TRUST FUNDS (continued) Stockford Memorial Fund This fund was established on December 28, 1939as a result of a bequest of $3,000 from Fannie M. Stockford of Boston, Massachusetts. This amount was tobe invested and the annual income was to be used towards the upkeep and maintenance of King Square. O’Connell Fund This fund was established on March 22, 1939 with a contribution of $2,000 from This fund was established on March 22, 1939 with a contribution of $2,000 from This fund was established on March 22, 1939 with a contribution of $2,000 from J.D. O’Connell. The contribution was to be invested and the income distributed J.D. O’Connell. The contribution was to be invested and the income distributed J.D. O’Connell. The contribution was to be invested and the income distributed among the orphanages of the City on the prorata basis of the children cared for by among the orphanages of the City on the prorata basis of the children cared for by among the orphanages of the City on the prorata basis of the children cared for by each, to be given by way of a Christmas gift to each child. In October 2004, this ven by way of a Christmas gift to each child. In October 2004, this ven by way of a Christmas gift to each child. In October 2004, this agreement was amended to allow the Trustees to disburse the income arising from agreement was amended to allow the Trustees to disburse the income arising from agreement was amended to allow the Trustees to disburse the income arising from the trust investments yearly to the Empty Stocking Fund. the trust investments yearly to the Empty Stocking Fund. the trust investments yearly to the Empty Stocking Fund. L.R. Ross Fund This fund was established in 1921 through the gift of $1,250 and the “Ross This fund was established in 1921 through the gift of $1,250 and the “Ross This fund was established in 1921 through the gift of $1,250 and the “Ross Memorial Cup”. The Cup was to be competed for annually by amateur single ial Cup”. The Cup was to be competed for annually by amateur single ial Cup”. The Cup was to be competed for annually by amateur single scullers, aged twentyscullers, aged twentyscullers, aged twenty---one years or under who are residents of the Maritime one years or under who are residents of the Maritime one years or under who are residents of the Maritime Provinces. The income from this Trust Provinces. The income from this Trust Provinces. The income from this Trust wasto be used to provide a duplicate cup for the winner of each race held. Changes to the Trust in 1986 now allow for the for the winner of each race held. Changes to the Trust in 1986 now allow for the for the winner of each race held. Changes to the Trust in 1986 now allow for the funds to be used to promote the sport of rowing within the City of Saint John and funds to be used to promote the sport of rowing within the City of Saint John and funds to be used to promote the sport of rowing within the City of Saint John and its suburban communities, provided that an amount of $4,000 remains in the fund its suburban communities, provided that an amount of $4,000 remains in the fund its suburban communities, provided that an amount of $4,000 remains in the fund to enable the “Ross Memoto enable the “Ross Memoto enable the “Ross Memorial Cup” to be duplicated when necessary. A.Carle Smith Fund Established in September 1976, funds were received from the estate of A. Carle Smith. These funds are to be used for the maintenance of a wildlife sanctuary in the South Bay area. Bi-Centennial Fund th These funds are to be used for ceremonies marking the 200anniversary of Canada in the year 2067. 6 Statement of revenue and Statement of revenue and Statement of revenue and expenses of ttt The City of Saint John The City of Saint John The City of Saint John Trade and Convention CentreTrade and Convention CentreTrade and Convention Centre fff December 31, 2023 December 31, 2023 December 31, 2023 aaa rrr DDD Independent AuditorÓs Report 1Î2 Statement of revenue and expenses Statement of revenue and expenses Statement of revenue and expenses 3 Notes to the financial statement Notes to the financial statement Notes to the financial statement 4Î5 ttt fff aaa rrr DDD DeloitteLLP BrunswickHouse 44ChipmanHill,7thFloor SaintJohnNBE2L2A9 Tel:5066321080 Fax:5066321210 www.deloitte.ca IndependentAuditor͸sReport TotheMayorandCommonCounselof TheCityofSaintJohn Opinion WehaveauditedtheaccompanyingstatementofrevenueandexpensesofTheCityofSaintJohnTrade andConventionCentre(theͻ/ĻƓƷƩĻͼΜͲfortheyearendedDecember31,2023,andotherexplanatory information(theͻŅźƓğƓĭźğƌƭƷğƷĻƒĻƓƷͼΜ͵Thisfinancialstatementwaswaswaspreparedpreparedpreparedbymanagementin accordancewiththeprovisionsofthemanagementagreementreementreementbebebetweentweentweenTheTheTheCityofSaintJohn (theͻ/źƷǤͼΜandHiltonCanadaCo.datedJune1,1984withanananamendmentamendmentamendmentdateddateddatedSeptember4,2014. Inouropinion,theaccompanyingfinancialstatementofofofthethetheCentreCentreCentreforforforthethetheyearyearyearendedendedended December31,2023areprepared,inallmaterialrespects,respects,respects,inininaccordanceaccordanceaccordancewithwithwiththethetheprovisionsprovisionsprovisionsofthe managementagreementbetweentheCityandHiltonHiltonHiltonCanadaCanadaCanadaCo.Co.Co.dateddateddatedJuneJuneJune1,1,1,1984withanamendment t datedSeptember4,2014. f BasisforOpinion WeconductedourauditinaccordanceaccordanceaccordancewithwithwithCanadianCanadianCanadiangenerallygenerallygenerallyacceptedacceptedacceptedauditingstandards Λͻ/ğƓğķźğƓD!!{ͼΜ͵Ourresponsibilitiesresponsibilitiesresponsibilitiesunderunderunderthosethosethosestandardsstandardsstandardsarefurtherdescribedinthe a !ǒķźƷƚƩ͸ƭResponsibilitiesforforforthethetheAuditAuditAuditofofofthethetheFinancialFinancialFinancialStatementsStatementsStatements sectionofourreport.Weare independentoftheCentreCentreCentreinininaccordanceaccordanceaccordancewithwithwiththethetheethicalethicalethicalrequirementsthatarerelevanttoourauditof thefinancialstatementsstatementsstatementsinininCanada,Canada,Canada,andandandwewewehavehavehavefulfilledfulfilledfulfilledourotherethicalresponsibilitiesinaccordance r withtheserequirements.requirements.requirements.WeWeWebelievebelievebelievethatthatthatthethetheauditauditauditevidencewehaveobtainedissufficientand appropriatetoprovideabasisbasisbasisforforforourourouropinion.opinion.opinion. EmphasisofMatterΑBasisBasisBasisofofofAccountingAccountingAccounting D WedrawattentiontoNote1tothefinancialstatements,whichdescribesthebasisofaccounting. ThefinancialstatementsarepreparedtoassisttheCentreincomplyingwiththeprovisionsofthe managementagreementbetweenTheCityofSaintJohn(theͻ/źƷǤͼΜandHiltonCanadaCo.dated June1,1984withanamendmentdatedSeptember4,2014. Asaresult,thefinancialstatementsmaynotbesuitableforanotherpurpose.Ouropinionisnotmodified inrespectofthismatter. ResponsibilitiesofManagementandThoseChargedwithGovernanceforthe FinancialStatements Managementisresponsibleforthepreparationofthefinancialstatementinaccordancewiththe provisionsofthemanagementagreementbetweentheCityandHiltonCanadaCo.datedJune1,1984 withanamendmentdatedSeptember4,2014,andforsuchinternalcontrolasmanagementdetermines isnecessarytoenablethepreparationoffinancialstatementsthatarefreefrommaterialmisstatement, whetherduetofraudorerror. Inpreparingthefinancialstatements,managementisresponsibleforassessingthe/ĻƓƷƩĻ͸ƭabilityto continueasagoingconcern,disclosing,asapplicable,mattersrelatedtogoingconcernandusingthe goingconcernbasisofaccountingunlessmanagementeitherintendstoliquidatetheCentreortocease operations,orhasnorealisticalternativebuttodoso. Thosechargedwithgovernanceareresponsibleforoverseeingthe/ĻƓƷƩĻ͸ƭfinancialreportingprocess. !ǒķźƷƚƩ͸ƭResponsibilitiesfortheAuditoftheFinancialStatements Ourobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawholeare freefrommaterialmisstatement,whetherduetofraudorerror,andtoissueanğǒķźƷƚƩ͸ƭreportthat includesouropinion.Reasonableassuranceisahighlevelofassurance,butisnotaguaranteethatan auditconductedinaccordancewithCanadianGAASwillalwaysdetectamaterialmisstatementwhenit exists.Misstatementscanarisefromfraudorerrorandareconsideredmaterialif,individuallyorinthe aggregate,theycouldreasonablybeexpectedtoinfluencetheeconomicdecisionsofuserstakenonthe basisofthesefinancialstatements. AspartofanauditinaccordancewithCanadianGAAS,weexerciseexerciseexerciseprofessionalprofessionalprofessionaljudgmentandmaintain professionalskepticismthroughouttheaudit.Wealso: Identifyandassesstherisksofmaterialmisstatementmisstatementmisstatementofofofthethethefinancialfinancialfinancialstatements,statements,statements,whetherdueto fraudorerror,designandperformauditproceduresproceduresproceduresresponsiveresponsiveresponsivetototothosthosthoseeerisks,risks,risks,andobtainaudit evidencethatissufficientandappropriatetototoprovideprovideprovideaaabasisbasisbasisforforforourourouropinion.opinion.opinion.Theriskofnot t detectingamaterialmisstatementresultingresultingresultingfromfromfromfraudfraudfraudisisishigherhigherhigherthanthanthanforforforoneresultingfromerror,as fraudmayinvolvecollusion,forgery,intentionalintentionalintentionalomissions,omissions,omissions,misrepresentations,misrepresentations,misrepresentations,ortheoverrideof f internalcontrol. Obtainanunderstandingofinternalinternalinternalcontrolcontrolcontrolrelevantrelevantrelevanttototothethetheauditauditauditinordertodesignauditprocedures thatareappropriateinthecircumstances,circumstances,circumstances,butbutbutnotnotnotforforforthethethepurposeofexpressinganopiniononthe a effectivenessofthe/ĻƓƷƩĻ͸ƭ/ĻƓƷƩĻ͸ƭ/ĻƓƷƩĻ͸ƭinternalinternalinternalcontrol.control.control. dthereasonablenessofaccounting Evaluatetheappropriatenessappropriatenessappropriatenessofofofaccountingaccountingaccountingpoliciespoliciespoliciesusedan estimatesandrelatedrelatedrelateddisclosuresdisclosuresdisclosuresmademademadebybybymanagement.management.management. r ConcludeontheappropriatenessappropriatenessappropriatenessofofofƒğƓğŭĻƒĻƓƷ͸ƭƒğƓğŭĻƒĻƓƷ͸ƭƒğƓğŭĻƒĻƓƷ͸ƭuseofthegoingconcernbasisofaccounting and,basedontheauditevidenceevidenceevidenceobtained,obtained,obtained,whetheramaterialuncertaintyexistsrelatedtoevents orconditionsthatmaycastsignificantsignificantsignificantdoubtontheCenƷƩĻ͸ƭabilitytocontinueasagoingconcern. Ifweconcludethatamaterialuncertaintyuncertaintyuncertaintyexists,wearerequiredtodrawattentioninourğǒķźƷƚƩ͸ƭ D reporttotherelateddisclosuresinthefinancialstatementsor,ifsuchdisclosuresareinadequate,to modifyouropinion.Ourconclusionsarebasedontheauditevidenceobtaineduptothedateofour ğǒķźƷƚƩ͸ƭreport.However,futureeventsorconditionsmaycausetheCentretoceasetocontinueas agoingconcern. Wecommunicatewiththosechargedwithgovernanceregarding,amongothermatters,theplanned inganysignificantdeficienciesin scopeandtimingoftheauditandsignificantauditfindings,includ internalcontrolthatweidentifyduringouraudit. CharteredProfessionalAccountants \[DATE\] The City of Saint John Trade and Convention Centre Statement of revenue and expenses Year ended December 31, 2023 2022 20232023 getActual Actual Bud Notes $$$ (Unaudited) 1 Revenue Room rental 207,476246,509 211,580 Commissions on food and beverage sales and sundry revenue 273,284235,229 195,068 480,760481,738 406,648 Direct expenses Wages and benefits 99,465 99,46585,73685,73685,736 63,770 Laundry 20,450 20,45020,00020,000 12,804 Supplies 17,784 17,78416,20016,200 3,122 137,699 137,699121,936121,936 79,696 343,061 343,061359,802359,802359,802 326,952 Overhead expenses ttttttt Salaries and benefits 259,733 259,733398,855398,855398,855 249,861 Cleaning and maintenance 12,260 12,26043,40043,400 19,669 fffffff Advertising and promotion 13,944 13,94425,94425,944 13,944 Miscellaneous expense 23,360 23,36024,80024,80024,800 12,133 Garbage removal 10,350 10,35011,40011,400 10,350 Legal and audit 6,638 6,6389,000 8,625 Equipment rental 2,411 2,4115,000 3,168 aaaaaaa Gas 3,017 3,0177,000 2,770 Telecommunication 2,6094,200 2,617 Water heating chargggeseses 3,09111,000 1,756 rrrrrrr Postage, printing and stationer and stationer and stationeryyy 1,8529,000 1,625 Licenses 1,2201,500 1,065 Entertainment 9214,000 8 Outside services 27,38538,000 (1,055) Travel and training 8,14610,000 Ï DDDDDDD Operating Equipment and Uniforms 700Ï Ï 377,637603,099 326,536 Operating surplus (deficit) for the year (243,297) (34,576) 416 penses not paid directly Ex by the Centre Management fee 220,534218,994 211,689 HVAC utility/maintenance 145,451130,249 107,459 Real estate tax 65,27974,176 80,269 Electricity 32,60432,604 17,617 Professional services 64,661Ï Ï 528,529456,023 417,034 Total expenses 1,043,8651,181,058 823,266 Total deficit for the year (699,320) (563,105) (416,618) panying notes are an integral part of the financial statements. The accom Page 3 The City of Saint John Trade and Convention Centre Notes to the financial statement December 31, 2023 Revenue Under the terms of the management agreement dated June 1, 1984,with amendment dated September 4, 2014, Hilton Canada Co. pays to the Saint John Trade and Convention Centre (ÐCentreÑ) a percentage of gross revenue for foodand beverage with cost of sales, including product and labour costs,being the responsibility of Hilton Canada Co. The Centre isresponsible for all other operating costs. Government assistance In response to the COVID-19 pandemic,the federal and provincial governments have been implementingprograms to help companies that are experienprograms to help companies that are experienprograms to help companies that are experiencing cing cing financial difficulty. During the year the Company recognized ($24,207 in 2022)in wage subsidy,in wage subsidy,in wage subsidy,which was netted against salaries andbenefits. 3.Management agreement Î Saint JohnManagement agreement Î Saint JohnManagement agreement Î Saint John Trade and Convention Centre Trade and Convention Centre Trade and Convention Centre This financial statement has been prepared in accordance with the provisions of theThis financial statement has been prepared in accordance with the provisions of theThis financial statement has been prepared in accordance with the provisions of the t management agreement between the City of Samanagement agreement between the City of Samanagement agreement between the City of Saint John (the ÐCityÑ) and Hilton Canada Co.int John (the ÐCityÑ) and Hilton Canada Co.int John (the ÐCityÑ) and Hilton Canada Co. The Centre is owned by the City and manageThe Centre is owned by the City and manageThe Centre is owned by the City and managed by Hilton Canada Co. under an amendedd by Hilton Canada Co. under an amendedd by Hilton Canada Co. under an amended f management agreement dated September 4, 2014. The original agreement dated June 1, 1984management agreement dated September 4, 2014. The original agreement dated June 1, 1984management agreement dated September 4, 2014. The original agreement dated June 1, 1984 had a 20 year term with options to renew for three consecutive 10 year periods. One 10 yearhad a 20 year term with options to renew for three consecutive 10 year periods. One 10 yearhad a 20 year term with options to renew for three consecutive 10 year periods. One 10 year renewal period remains. According to the terms ofrenewal period remains. According to the terms ofrenewal period remains. According to the terms ofrenewal period remains. According to the terms ofrenewal period remains. According to the terms ofrenewal period remains. According to the terms of this agreement, the City is responsible for this agreement, the City is responsible for this agreement, the City is responsible for the operating loss of the Centre. In addition to the operating loss under this agreement, the Citythe operating loss of the Centre. In addition to the operating loss under this agreement, the Citythe operating loss of the Centre. In addition to the operating loss under this agreement, the City incurs common area costs and management fees which are reflected in the general operatingincurs common area costs and management fees which are reflected in the general operatingincurs common area costs and management fees which are reflected in the general operating a fund of the CityÓs consolidated financial statements.fund of the CityÓs consolidated financial statements.fund of the CityÓs consolidated financial statements. With the establishment of the Greater Saint John Regional Facilities Commission in 1998,With the establishment of the Greater Saint John Regional Facilities Commission in 1998,With the establishment of the Greater Saint John Regional Facilities Commission in 1998, operating deficits, management fees and property taxes included in common area costs areoperating deficits, management fees and property taxes included in common area costs areoperating deficits, management fees and property taxes included in common area costs are r shared with the municipalities making up the Greater Saint John Regional Facilities Commission.shared with the municipalities making up the Greater Saint John Regional Facilities Commission.shared with the municipalities making up the Greater Saint John Regional Facilities Commission. These costs are allocated in proportion to the tax bases of the municipalities.These costs are allocated in proportion to the tax bases of the municipalities.These costs are allocated in proportion to the tax bases of the municipalities. 4.Recording of assets and liabilitiesRecording of assets and liabilitiesRecording of assets and liabilities D The CityÓs investment in the structure and related equipment, furnishings and fixtures is reported on the Capital and Loan Fund balance sheet of the City. 5.Greater Saint John Regional Facilities Commission Act Under the regional Greater Saint John Regional Facilities Commission Act, pursuant to 87(2)(a) of the Municipalities Act, councils of the participating communities of Grand Bay Westfield, Quispamsis, Rothesay and Saint John are required to pay contributions towards the operation of regional facilities, which include the Centre. The amount of contribution is calculated on the net operating cost for each facility covered under the Municipalities Act, in proportion to the tax base of the contributing municipality. Page 4 The City of Saint John Trade and Convention Centre Notes to the financial statement December 31, 2023 6.Budget figures The 2023 budget figures that are presented on the Statement of revenue and expenses for comparison with the actual figures were provided by the CentreÓs management and have not been audited. t f a r D Page 5 millions millions millions Millions Millions THE CITY OF SAINT JOHN 15-Jul-24 15-Jul-24 TRANSPORTATION & ENVIRONMENT SERVICES CAPITAL PROGRAM SUMMARY GENERAL FUND Proposed Program Summary For - 2025 No. ofOtherCity Category Total ProjectsShareShare Corporate Performance 4$0$4,425,000$4,425,000 Facility and Asset Management 30$1,363,000$3,331,000$4,694,000 Growth Projects 1$2,300,500$1,050,250$3,350,750 Parks & Recreation 7$577,000$1,828,000$2,405,000 Protective Services 4$0$886,000$886,000 Saint John Parking 1$0$200,000$200,000 Transit 5$16,000$2,664,000$2,680,000 Transportation 16$12,091,413$5,898,750$17,990,163 Urban and Rural Storm 8$2,404,450$867,000$3,271,450 TOTALS: 76$18,752,363$21,150,000$39,902,363 Summary of Capital Costs (City Share) Urban and Rural Storm 4% Corporate Performance 21% Transportation 27% Facility and Asset Management 16% Transit 13% Growth Projects Page 1 of 12 THE CITY OF SAINT JOHN 15-Jul-24 TRANSPORTATION & ENVIRONMENT SERVICES PROPOSED GENERAL FUND PROGRAM 2025 MDH: MUNICIPAL DESIGNATED HIGHWAYS PDH: PROVINCIALLY DESIGNATED HIGHWAYS RDH: REGIONALLY DESIGNATED HIGHWAYS This is a tentative program listing of proposed capital projects. w&s/Pvt: WATER AND SEWER or PAVEMENT RELATED PROJECTS This list has not been approved by Common Council. C-**: PROJECTS CARRIED OVER FOR COMPLETION THE FOLLOWING YEAR Priority assignments are subject to change at any time. PROJECTS INDICATED WITH * ARE DEPENDANT ON FUNDING FROM OTHERS G&D: PROJECT IS FOR GROWTH AND DEVELOPMENT Corporate Performance OtherCity Description ProjectLocation ShareShare Information TechnologyCity HallImprove limited cellular service on the first 0175,000 level of City Hall with a cellular booster. Information TechnologyVarious LocationsImplementation of a new ERP system which 02,500,000 will include resourcing, training and configuration (Phase 2). ($500,000 from Capital Reserve Funding) IT ReplacementVarious LocationsIT Asset Replacement. ($750,000 from IT 0750,000 Reserve) Ladder TruckVarious LocationsPurchase of a new Fire Ladder Truck. (Phase 1 01,000,000 of 4) $0$4,425,000 TOTAL: Page 2 of 12 THE CITY OF SAINT JOHN 15-Jul-24 TRANSPORTATION & ENVIRONMENT SERVICES PROPOSED GENERAL FUND PROGRAM 2025 MDH: MUNICIPAL DESIGNATED HIGHWAYS PDH: PROVINCIALLY DESIGNATED HIGHWAYS RDH: REGIONALLY DESIGNATED HIGHWAYS This is a tentative program listing of proposed capital projects. w&s/Pvt: WATER AND SEWER or PAVEMENT RELATED PROJECTS This list has not been approved by Common Council. C-**: PROJECTS CARRIED OVER FOR COMPLETION THE FOLLOWING YEAR Priority assignments are subject to change at any time. PROJECTS INDICATED WITH * ARE DEPENDANT ON FUNDING FROM OTHERS G&D: PROJECT IS FOR GROWTH AND DEVELOPMENT Facility and Asset Management OtherCity Description ProjectLocation ShareShare * Facility and Asset Canada Games Aquatic CentreEnabling Accessibility Project. Other Share 91,25013,750 Managementfunding from FRSC & the Federal Government ($80,000). * Facility and Asset Canada Games Aquatic CentreReplace Leisure Pool Skimmer Pump. Other 9,00011,000 ManagementShare funding from FRSC. * Facility and Asset Canada Games Aquatic CentreReplace AHU-4 at End of it's useful life. Other 33,75041,250 ManagementShare funding from FRSC. * Facility and Asset Canada Games Aquatic CentreReplace Competition Pool Waterslide. Other 90,000110,000 Managementshare funding from FRSC. * Facility and Asset Canada Games Aquatic CentreReplace Various Fitness Equipment 22,50027,500 ManagementApparatuses and Soundproofing. Other Share funding from FRSC. * Facility and Asset Carleton Community CentreReplace Ashpalt Roofing. City Share funding 60,00090,000 Managementcontingent on obtaining RDC funding. * Facility and Asset Carnegie BuildingReplace Upper Level Carpeting. Other Share 6,7508,250 Managementfunding from FRSC. * Facility and Asset Carnegie BuildingReplace Suspended Ceiling in Lecture Hall. 5,4006,600 ManagementOther Share funding from FRSC. Facility and Asset City MarketDesign and construction to implement Strategic 0500,000 ManagementPlan Fit-ups: Retrofit ($500,000 from Capital Reserve funding) Facility and Asset City MarketReplace Refrigeration Unit that is at the end of 0100,000 Managementit's useful life. * Facility and Asset Climate ChangeMunicipal Buildings and Water Facilities Deep 25,000100,000 ManagementEnergy Retrfofit. Other Share funding from NB Power. Facility and Asset Fire Station #1Replace Backup Generator Unit that is at the 0200,000 Managementend of it's useful life. Facility and Asset Fire Station #4(Phase One) Brick Repointing on Southside050,000 Management Facility and Asset Fire Station #7Replace Upper Level Ceiling Tiles.025,000 Management Facility and Asset Fire Station #7Replace Upper Level VCT Flooring.048,000 Management Facility and Asset Golf Course BuildingReplace Modified Bitumen Roofing Unit that is 050,000 Managementat the end of it's useful life. Facility and Asset Municipal Operations Complex Washroom Upgrades (4 washrooms). Design to 0350,000 Management(Main Building)include sound proofing. Facility and Asset Peel Plaza Parking GarageInvestigate fire alarm system in garage. 050,000 ManagementMoisture issues are causing false alarms within the existing system. Page 3 of 12 THE CITY OF SAINT JOHN 15-Jul-24 TRANSPORTATION & ENVIRONMENT SERVICES PROPOSED GENERAL FUND PROGRAM 2025 MDH: MUNICIPAL DESIGNATED HIGHWAYS PDH: PROVINCIALLY DESIGNATED HIGHWAYS RDH: REGIONALLY DESIGNATED HIGHWAYS This is a tentative program listing of proposed capital projects. w&s/Pvt: WATER AND SEWER or PAVEMENT RELATED PROJECTS This list has not been approved by Common Council. C-**: PROJECTS CARRIED OVER FOR COMPLETION THE FOLLOWING YEAR Priority assignments are subject to change at any time. PROJECTS INDICATED WITH * ARE DEPENDANT ON FUNDING FROM OTHERS G&D: PROJECT IS FOR GROWTH AND DEVELOPMENT Facility and Asset Management OtherCity Description ProjectLocation ShareShare * Facility and Asset Peter G. Murray ArenaReplace Rubber Mats. City Share funding 16,00024,000 Managementcontingent on obtaining RDC funding. * Facility and Asset Peter G. Murray ArenaReplace BAC Cooling Tower #1 Unit that is at 28,80043,200 Managementthe end of it's useful life. City Share funding contingent on obtaining RDC funding. * Facility and Asset Peter G. Murray ArenaReplace BAC Cooling Tower #2 Unit that is at 28,80043,200 Managementthe end of it's useful life. City Share funding contingent on obtaining RDC Funding. Facility and Asset Police HeadquartersPhased replacement of Heat Pump Units that 0100,000 Managementare at the end of their useful lives. Facility and Asset St Patrick Street PedwayDesign to replace Suspended Pedway Curtain 0100,000 ManagementWall and Metal Soffit at Underside * Facility and Asset Stewart Hurley ArenaReplace Chiller that is at the end of it's useful 40,00060,000 Managementlife. City Share funding contingent on obtaining RDC funding. * Facility and Asset TD StationCreate Stand Alone Emergency Paging System. 13,50016,500 ManagementOther Share funding from the FRSC. * Facility and Asset TD StationReplace AHU B with 25 Ton Heat Pump. Other 540,000660,000 ManagementShare funding from the FRSC. * Facility and Asset TD StationReplace Bobcat at End of Useful Life. Other 24,75030,250 ManagementShare funding from the FRSC. * Facility and Asset TD StationReplace Forklift Short Mast at End of Useful 22,50027,500 ManagementLife. Other Share funding from the FRSC. * Facility and Asset TD StationReplace Painted Metal Exit and Service Doors 45,00055,000 Managementat End of Useful Life. Other Share funding from the FRSC. * Facility and Asset Union Street TunnelWaterproofing of Membrane and Foundation of 260,000390,000 ManagementUnion Street tunnel. City Share funding contingent on obtaining RDC funding. $1,363,000$3,331,000 TOTAL: Page 4 of 12 THE CITY OF SAINT JOHN 15-Jul-24 TRANSPORTATION & ENVIRONMENT SERVICES PROPOSED GENERAL FUND PROGRAM 2025 MDH: MUNICIPAL DESIGNATED HIGHWAYS PDH: PROVINCIALLY DESIGNATED HIGHWAYS RDH: REGIONALLY DESIGNATED HIGHWAYS This is a tentative program listing of proposed capital projects. w&s/Pvt: WATER AND SEWER or PAVEMENT RELATED PROJECTS This list has not been approved by Common Council. C-**: PROJECTS CARRIED OVER FOR COMPLETION THE FOLLOWING YEAR Priority assignments are subject to change at any time. PROJECTS INDICATED WITH * ARE DEPENDANT ON FUNDING FROM OTHERS G&D: PROJECT IS FOR GROWTH AND DEVELOPMENT Growth Projects OtherCity Description ProjectLocation ShareShare * Barbour's General StoreKing Street @ Prince William Additional funding for the reimagination of the 2,300,5001,050,250 StreetBarbours General Store including design and construction management services. City share dependant on Other share being obtained from RDC, ACOA, Envision and Insurance ($200,000). $2,300,500$1,050,250 TOTAL: Page 5 of 12 THE CITY OF SAINT JOHN 15-Jul-24 TRANSPORTATION & ENVIRONMENT SERVICES PROPOSED GENERAL FUND PROGRAM 2025 MDH: MUNICIPAL DESIGNATED HIGHWAYS PDH: PROVINCIALLY DESIGNATED HIGHWAYS RDH: REGIONALLY DESIGNATED HIGHWAYS This is a tentative program listing of proposed capital projects. w&s/Pvt: WATER AND SEWER or PAVEMENT RELATED PROJECTS This list has not been approved by Common Council. C-**: PROJECTS CARRIED OVER FOR COMPLETION THE FOLLOWING YEAR Priority assignments are subject to change at any time. PROJECTS INDICATED WITH * ARE DEPENDANT ON FUNDING FROM OTHERS G&D: PROJECT IS FOR GROWTH AND DEVELOPMENT Parks & Recreation Services OtherCity Description ProjectLocation ShareShare Fence ReplacementEllerdale StreetReplacement of existing fencing at the Ellerdale 0100,000 Street Playground. * Harbour Passage Riverview Avenue WestSupplemental funding for the extension of 237,000158,000 ExtensionHarbour Passage (The Cove) between Riverview Drive and Riverview Avenue on the West side. This project has funding approved under the Active Transportation Fund. * Harbour Passage LightsMarket Place WestDesign and construction for the installation of 100,000210,000 missing lights along Harbour Passage. Subject to the City obtaining Other Share funding from the Port. * Lily Lake Deck Rockwood Park/Lily Lake Replace wooden decking at Pavilion. City 240,000360,000 ReplacementPavilionShare funding contingent on obtaining RDC funding. New Tractor for Harbour Various locations.New Tractor with cab for plowing harbour 0150,000 passagepassage. Tractor to include broom attachment, plow attachment, tiller attachment, bucket loader and rough mower. Parks and Recreation Various LocationsComplete Parks & Recreation Facility Asset 0250,000 Facilitiesassessment and plan. Rainbow ParkSydney Street/Broad Complete upgrades to the Rainbow park 0600,000 Street/Charlotte Streetplaygroung and surrounding area. Upgrades to include, based on available funding, a vegatable garden, dog park, open space, memorial garden, tot lot, sand play area, covered seating area, pod sculptures, berm buffers, and picnic area. (Phase 1 of 2) ($500,000 from Capital Reserve Funding) $577,000$1,828,000 TOTAL: Page 6 of 12 THE CITY OF SAINT JOHN 15-Jul-24 TRANSPORTATION & ENVIRONMENT SERVICES PROPOSED GENERAL FUND PROGRAM 2025 MDH: MUNICIPAL DESIGNATED HIGHWAYS PDH: PROVINCIALLY DESIGNATED HIGHWAYS RDH: REGIONALLY DESIGNATED HIGHWAYS This is a tentative program listing of proposed capital projects. w&s/Pvt: WATER AND SEWER or PAVEMENT RELATED PROJECTS This list has not been approved by Common Council. C-**: PROJECTS CARRIED OVER FOR COMPLETION THE FOLLOWING YEAR Priority assignments are subject to change at any time. PROJECTS INDICATED WITH * ARE DEPENDANT ON FUNDING FROM OTHERS G&D: PROJECT IS FOR GROWTH AND DEVELOPMENT Protective Services OtherCity Description ProjectLocation ShareShare CamerasPolice Station/PSCCUpgrade all internal and external video cameras 0104,000 and related systems at 1 Peel Plaza. Daniel Defense Patrol Police StationReplace Daniel defence patrol rifles and related 069,000 Riflesaccessories to maintain standard equipment. Vehicle and asset storagePolice StationDevelop side area for vehicle and asset storage, 0287,500 including potential small structure. Versaterm TechnologyPolice Station/PSCCImplement Versaterm technology, second stage, 0425,500 including CAD and MDB systems. $0$886,000 TOTAL: Page 7 of 12 THE CITY OF SAINT JOHN 15-Jul-24 TRANSPORTATION & ENVIRONMENT SERVICES PROPOSED GENERAL FUND PROGRAM 2025 MDH: MUNICIPAL DESIGNATED HIGHWAYS PDH: PROVINCIALLY DESIGNATED HIGHWAYS RDH: REGIONALLY DESIGNATED HIGHWAYS This is a tentative program listing of proposed capital projects. w&s/Pvt: WATER AND SEWER or PAVEMENT RELATED PROJECTS This list has not been approved by Common Council. C-**: PROJECTS CARRIED OVER FOR COMPLETION THE FOLLOWING YEAR Priority assignments are subject to change at any time. PROJECTS INDICATED WITH * ARE DEPENDANT ON FUNDING FROM OTHERS G&D: PROJECT IS FOR GROWTH AND DEVELOPMENT Saint John Parking OtherCity Description ProjectLocation ShareShare New CCTV system for Market Square GarageReplacement of cameras, wiring, servers that 0200,000 Market Squareare currently at the end of their useful life. $0$200,000 TOTAL: Page 8 of 12 THE CITY OF SAINT JOHN 15-Jul-24 TRANSPORTATION & ENVIRONMENT SERVICES PROPOSED GENERAL FUND PROGRAM 2025 MDH: MUNICIPAL DESIGNATED HIGHWAYS PDH: PROVINCIALLY DESIGNATED HIGHWAYS RDH: REGIONALLY DESIGNATED HIGHWAYS This is a tentative program listing of proposed capital projects. w&s/Pvt: WATER AND SEWER or PAVEMENT RELATED PROJECTS This list has not been approved by Common Council. C-**: PROJECTS CARRIED OVER FOR COMPLETION THE FOLLOWING YEAR Priority assignments are subject to change at any time. PROJECTS INDICATED WITH * ARE DEPENDANT ON FUNDING FROM OTHERS G&D: PROJECT IS FOR GROWTH AND DEVELOPMENT Transit OtherCity Description ProjectLocation ShareShare 2- Zero Emission 40' Various LocationsReplace two 40 ft Zero Emission buses (Phase 01,840,000 buses2 of 2). 20' busVarious LocationsReplace one 20 ft bus.0390,000 * Bus ShelterBottom of King StreetReplacement of existing bus shelter. City Share 16,00024,000 funding contingent on obtaining RDC funding. CamerasVarious LocationsReplace camera equipment at end of its useful 0250,000 life. Para transitVarious LocationsReplace existing Para transit bus.0160,000 $16,000$2,664,000 TOTAL: Page 9 of 12 THE CITY OF SAINT JOHN 15-Jul-24 TRANSPORTATION & ENVIRONMENT SERVICES PROPOSED GENERAL FUND PROGRAM 2025 MDH: MUNICIPAL DESIGNATED HIGHWAYS PDH: PROVINCIALLY DESIGNATED HIGHWAYS RDH: REGIONALLY DESIGNATED HIGHWAYS This is a tentative program listing of proposed capital projects. w&s/Pvt: WATER AND SEWER or PAVEMENT RELATED PROJECTS This list has not been approved by Common Council. C-**: PROJECTS CARRIED OVER FOR COMPLETION THE FOLLOWING YEAR Priority assignments are subject to change at any time. PROJECTS INDICATED WITH * ARE DEPENDANT ON FUNDING FROM OTHERS G&D: PROJECT IS FOR GROWTH AND DEVELOPMENT Transportation OtherCity Description ProjectLocation ShareShare Roadway Reduction PlanVarious LocationsComple te conceptual designs to establish road 0200,528 diets throughout the City. Work will include completing cost estimates for each plan to be added to future Capital Programs. * Asphalt Roadway Various locationsRenewal of asphalt roadway and concrete curb 1,500,0000 Resurfacing and Curb & and sidewalk including drainage control and Sidewalk Renewal - landscaping in conjunction with the annual Neighbourhoodsasphalt roadway maintenance and rehabilitation program. Funding contingent on the City obtaining CCBF Funding (2024-2028 Program). * Asphalt Roadway Various locationsRenewal of asphalt roadway and concrete curb 1,500,0000 Resurfacing and Curb & and sidewalk including drainage control and Sidewalk Renewal - landscaping in conjunction with the annual Neighbourhoodsasphalt roadway maintenance and rehabilitation program. Project to be funded under CCBF funding (2019-2023 Program). Brine Equipment West DepotReplacement of Brine Making Equipment that 0300,000 Replacementis at the end of it's useful life. * Canterbury StreetPrincess Street to Duke StreetStreet reconstruction (excavation, backfill, 850,0000 curb, sidewalk, paving), including design and construction management services. Project to be funded under CCBF funding (2019-2023 Program). Engineering Various locationsFunding for engineering investigations and 0100,000 Investigations and Designdesign for various projects under Transporation and Storm categories. Fleet ReplacementVarious LocationsFleet Replacement ($2,500,000 coming from 02,500,000 Fleet Reserve). * Glen RoadSimpson Drive to Connaught Street Reconstruction of approximatley 310m 1,300,0000 Avenueof street (Excavation, backfill, geo grid, shale rock layer, geo grid, curb, sidewalk, landscaping and paving), including design and construction management services. Asphalt pavements $198,000 / 0.77LK. Funding contingent on the City obtaining CCBF Funding (2024-2028 Program). GuiderailVarious locationsRenewal of guiderail throughout the City that is 0100,000 at the end of its useful life ($100,000 from Capital Reserve funding). * Permanent Island Thorne AvenueInstall permanent traffic island solution on 307,00040,000 InstallationThorne Avenue at Superstore entrance. Project funded through the Federal Rail Safety Improvement Program. Page 10 of 12 THE CITY OF SAINT JOHN 15-Jul-24 TRANSPORTATION & ENVIRONMENT SERVICES PROPOSED GENERAL FUND PROGRAM 2025 MDH: MUNICIPAL DESIGNATED HIGHWAYS PDH: PROVINCIALLY DESIGNATED HIGHWAYS RDH: REGIONALLY DESIGNATED HIGHWAYS This is a tentative program listing of proposed capital projects. w&s/Pvt: WATER AND SEWER or PAVEMENT RELATED PROJECTS This list has not been approved by Common Council. C-**: PROJECTS CARRIED OVER FOR COMPLETION THE FOLLOWING YEAR Priority assignments are subject to change at any time. PROJECTS INDICATED WITH * ARE DEPENDANT ON FUNDING FROM OTHERS G&D: PROJECT IS FOR GROWTH AND DEVELOPMENT Transportation OtherCity Description ProjectLocation ShareShare Point RoadOpposite Civic #500Construction of a renewed retaining wall, guide 0300,000 rail and pavement, including design and construction management services. * Retail Drive RealignmentOakland Street to Rothesay Road realignment to eliminate the double 3,387,6351,232,100 Avenueintersection on Rothesay Avenue. Project is partially funded under the Bilateral program. Road ReconstructionVarious locationsStreet Recontruction of a roadway that is 750,0000 beyond its useful life. Project to be funded under the CCBF (2019-2023) program. Roundabout at Sandy Sandy Point Road/Foster Install a new roundabout at intersection 1,100,0001,000,000 Point Road/Foster Thurston Intersectionincluding all construction management Thurstonservices. Funding contingent on the City obtaining CCBF Funding (2024-2028 Program). ($1,000,000 coming from Capital Reserve funding) w&s* St. John StreetLancaster Street to Civic #318 Street reconstruction (excavation, backfill, 1,050,0000 Dufferin Row and City Line to curb, sidewalk, landscaping and paving) Maryanne Courtincluding design and construction management services. Asphalt pavements $300,000 / LK 0.99. Funding contingent on the City obtaining CCBF Funding (2024-2028 Program). w&s* Sydney StreetBroad Street to St. James StreetStreet reconstruction (excavation, backfill, 346,778126,122 curb, sidewalk, landscaping, paving), including design and construction management services. Asphalt pavements $76,000 / 0.50LK. Project to be funded under Bilateral Funding. $12,091,413$5,898,750 TOTAL: Page 11 of 12 THE CITY OF SAINT JOHN 15-Jul-24 TRANSPORTATION & ENVIRONMENT SERVICES PROPOSED GENERAL FUND PROGRAM 2025 MDH: MUNICIPAL DESIGNATED HIGHWAYS PDH: PROVINCIALLY DESIGNATED HIGHWAYS RDH: REGIONALLY DESIGNATED HIGHWAYS This is a tentative program listing of proposed capital projects. w&s/Pvt: WATER AND SEWER or PAVEMENT RELATED PROJECTS This list has not been approved by Common Council. C-**: PROJECTS CARRIED OVER FOR COMPLETION THE FOLLOWING YEAR Priority assignments are subject to change at any time. PROJECTS INDICATED WITH * ARE DEPENDANT ON FUNDING FROM OTHERS G&D: PROJECT IS FOR GROWTH AND DEVELOPMENT Urban and Rural Storm OtherCity Description ProjectLocation ShareShare * Canterbury StreetPrincess Street to Duke StreetInstall approx. 50m of new 300 mm storm 150,0000 sewer, including design and construction management services. Project to be funded under the CCBF (2019-2023) program. Glenn Falls DamUpper Glen FallsComplete a dam saftey asseessment of the 0150,000 Upper Glenn Falls Dam. Mystery Lake Flow Mystery LakeDesign services to replace the Mystery Lake 0120,000 Control StructureDam and installation of a new fish ladder. Rainbow Park AreaSydney Street to Charlotte StreetInstall approx. 145m of new 600 mm storm 400,0000 sewer, including design and construction management services. Project to be funded under the CCBF (2019-2023) program. * Retail Drive RealignmentOakland Street to Rothesay Road Realignment to eliminate the double 935,450341,000 Avenueintersection on Rothesay Avenue, including renewal of storm infrastructure. Other Share funding from Bilateral Funding. Sea Street Drainage BasinSea Street area.Conceptual design services of improvements to 0150,000 the Sea Street storm water catchment. Including the Sea Street Storm Water Assessment and separation of Center Street and Pleasant Street. w&s* St. John StreetLancaster Street to Civic #318 Install approx. 320 m of 300 mm storm sewer 625,0000 Dufferin Row and City Line to for separation, including design and Maryanne Courtconstruction management services. Funding contingent on the City obtaining CCBF Funding (2024-2028 Program). w&s* Sydney StreetBroad Street to St. James StreetInstall approx. 75m of new 1050 mm storm 294,000106,000 sewer, including design and construction management services. Project to be funded under Bilateral Funding. $2,404,450$867,000 TOTAL: Page 12 of 12 14-Jul-24 THE CITY OF SAINT JOHN SAINT JOHN WATER CAPITAL PROGRAM SUMMARY W & S UTILITY FUND Proposed Program Summary For - 2025 No. ofOtherUtility Category Total ProjectsShareShare Industrial Water Renewal - East2$276,960$300,040$577,000 Infrastructure Renewal - Sanitary11$2,246,658$3,833,343$6,080,000 Infrastructure Renewal - Water11$3,200,547$3,993,618$7,194,165 Safe, Clean Drinking Water1$0$216,000$216,000 TOTALS: 25$5,724,165$8,343,000$14,067,165 Summary of Capital Costs (Utility Share) Renewal Safe, Clean Drinking 3.6% Infrastructure Renewal - Sanitary 45.9% Infrastructure Renewal - Water 47.9% Page 1 of 6 THE CITY OF SAINT JOHN 14-Jul-24 SAINT JOHN WATER PROPOSED W & S FUND PROGRAM 2025 MDH: MUNICIPAL DESIGNATED HIGHWAYS PDH: PROVINCIALLY DESIGNATED HIGHWAYS This is a tentative program listing of proposed capital projects. RDH: REGIONALLY DESIGNATED HIGHWAYS w&s: WATER AND SEWER RELATED PROJECTS This list has not been approved by Common Council. G&D: PROJECT IS FOR GROWTH AND DEVELOPMENT Priority assignments are subject to change at any time. *: PROJECTS DEPENDANT ON FUNDING FROM OTHERS Industrial Water Renewal - East OtherUtility ProjectLocationDescription ShareShare * Loch Lomond WatershedMcBrien Lake DamsComplete improvements to the access road to 207,360224,640 McBrien Lake Southwest Dam and complete a detailed design to renew the Southwest dam. (Phase 2 of 4) Other Share funding from Industrial users. * Loch Lomond WatershedRobertson Lake Damncrease flow capacity 69,60075,400 for discharging water through the concrete structure at the Robertson Lake Dam. abricat new stop logs or bulkheads. Other share funding from Industrial users. $276,960$300,040 TOTAL: Page 2 of 6 THE CITY OF SAINT JOHN 14-Jul-24 SAINT JOHN WATER PROPOSED W & S FUND PROGRAM 2025 MDH: MUNICIPAL DESIGNATED HIGHWAYS PDH: PROVINCIALLY DESIGNATED HIGHWAYS This is a tentative program listing of proposed capital projects. RDH: REGIONALLY DESIGNATED HIGHWAYS w&s: WATER AND SEWER RELATED PROJECTS This list has not been approved by Common Council. G&D: PROJECT IS FOR GROWTH AND DEVELOPMENT Priority assignments are subject to change at any time. *: PROJECTS DEPENDANT ON FUNDING FROM OTHERS Infrastructure Renewal - Sanitary OtherUtility ProjectLocationDescription ShareShare Asset ManagementVarious LocationsComplete an asset management assessment and 050,000 plan for sanitary facilities that have vertical infrastructure. Morna and Greenwood 139 Bay Crescent Dr. & 173 Upgrades to the Morna and Greenwood 0700,000 WWTP ImprovementsKaren St.WWTP's. WWPS Lift Station B375 Dwyer RoadReplacement of a wastewater pumping station 01,100,000 that ia at the end of its asset life to provide for reliable collection of wastewater, including design and construction management services. * Charlotte StreetSt James Street to Queen Square Renew approx. 50m of 375mm T.C. sanitary 131,99448,006 Northsewer, including design and construction management services. Project to be partially funded under Bilateral Funding. * Sydney StreetBroad Street to St. James StreetRenew approx. 45m of 225mm T.C. (1888) 69,66425,337 with new 200mm sanitary sewer, including design and construction management services. Project to be partially funded under Bilateral Funding. * WWPS Bridge Street101 Bridge StreetReconstruct lift station above flood level to 340,000510,000 provide for reliable collection of wastewater, including design and construction management services. Project to be partially funded under DMAF. WWPS Kennebecasis 2300 Kennebecasis DriveReconstruct lift station above flood level to 900,000 provide for reliable collection of wastewater, including design and construction management services. G&D* Heather WayDunnett Drive to Boyaner Install approx. 180 m of new 300 mm sanitary 485,0000 Crescentsewer, including design and construction management services. Funding contingent on the City obtaining CCBF Funding (2024-2028 Program). G&D* Retail Drive AreaRockwood Avenue to Civic # 16Renew approx. 125 m of 450mm sanitary 350,0000 sewer, including construction management services. Funding contingent on the City obtaining CCBF Funding (2024-2028 Program). G&D* St. John StreetLancaster Street to Civic #318 Renew approx. 320 m of 300 mm and 375 mm 870,0000 Dufferin Row and City Line to T.C. with a (sewer score of 3.5) with 375 mm Maryanne Courtsanitary sewer, including design and construction management services. Funding contingent on the City obtaining CCBF Funding (2024-2028 Program). Page 3 of 6 THE CITY OF SAINT JOHN 14-Jul-24 SAINT JOHN WATER PROPOSED W & S FUND PROGRAM 2025 MDH: MUNICIPAL DESIGNATED HIGHWAYS PDH: PROVINCIALLY DESIGNATED HIGHWAYS This is a tentative program listing of proposed capital projects. RDH: REGIONALLY DESIGNATED HIGHWAYS w&s: WATER AND SEWER RELATED PROJECTS This list has not been approved by Common Council. G&D: PROJECT IS FOR GROWTH AND DEVELOPMENT Priority assignments are subject to change at any time. *: PROJECTS DEPENDANT ON FUNDING FROM OTHERS Infrastructure Renewal - Sanitary OtherUtility ProjectLocationDescription ShareShare Structural liningVarious LocationsStructurally line and/or point repairs to existing 0500,000 sanitary sewers, including design and construction management services. $2,246,658$3,833,343 TOTAL: Page 4 of 6 THE CITY OF SAINT JOHN 14-Jul-24 SAINT JOHN WATER PROPOSED W & S FUND PROGRAM 2025 MDH: MUNICIPAL DESIGNATED HIGHWAYS PDH: PROVINCIALLY DESIGNATED HIGHWAYS This is a tentative program listing of proposed capital projects. RDH: REGIONALLY DESIGNATED HIGHWAYS w&s: WATER AND SEWER RELATED PROJECTS This list has not been approved by Common Council. G&D: PROJECT IS FOR GROWTH AND DEVELOPMENT Priority assignments are subject to change at any time. *: PROJECTS DEPENDANT ON FUNDING FROM OTHERS Infrastructure Renewal - Water OtherUtility ProjectLocationDescription ShareShare Asset ManagementVarious LocationsComplete an asset management assessment and 050,000 plan for Water facilities that have vertical infrastructure. Fleet ReplacementVarious LocationsFleet Replacement for Saint John Water 0875,000 ($875,000 from Fleet Reserve). McAllister DriveMoutain View Drive to Loch Renew approx. 320m of 300mm C.I. 1,855,0000 Lomond Roadwatermain, including design and construction management services. Funding contingent on the City obtaining CCBF Funding (2024-2028 Program). Water Pumping StationRoxbury DriveInvestigate and complete conceptual design 075,000 services for the construction of a new Water Booster Pumping Station. * Charlotte StreetSt James Street to Queen Square Renew approx. 50m of 250 mm C.I. watermain 164,97260,000 Northwith new 250mm watermain, including design and construction management services. Project to be partially funded under Bilateral Funding. Engineering Various locationsFunding for engineering investigations and 0192,943 Investigations and Designdesign for various projects under the Water and Sanitary categories. * Sydney StreetBroad Street to St. James StreetRenew approx. 90m of 200mm C.I. (1922) 180,57565,675 watermain, including design and construction management services. Project to be partially funded under Bilateral Funding. Water Tank Lakewood HeightsSupplemental funding for the rehabilitation of 2,450,000 Improvementsthe existing Lakewood Heights Water Storage Tank. G&D* St. John StreetLancaster Street to Civic #318 Renew approx. 320 m of 200 mm watermain 1,000,0000 Dufferin Row and City Line to (1914), including design and construction Maryanne Courtmanagement services. Funding contingent on the City obtaining CCBF Funding (2024-2028 Program). Universal MeteringVarious LocationsInstallation of Meters for all 3 unit properties. 0125,000 (Phase 1) Water MetersVarious LocationsReplacement of large commercial water meters, 0100,000 including design and construction management services. (Phase 2 of 2) $3,200,547$3,993,618 TOTAL: Page 5 of 6 THE CITY OF SAINT JOHN 14-Jul-24 SAINT JOHN WATER PROPOSED W & S FUND PROGRAM 2025 MDH: MUNICIPAL DESIGNATED HIGHWAYS PDH: PROVINCIALLY DESIGNATED HIGHWAYS This is a tentative program listing of proposed capital projects. RDH: REGIONALLY DESIGNATED HIGHWAYS w&s: WATER AND SEWER RELATED PROJECTS This list has not been approved by Common Council. G&D: PROJECT IS FOR GROWTH AND DEVELOPMENT Priority assignments are subject to change at any time. *: PROJECTS DEPENDANT ON FUNDING FROM OTHERS Safe, Clean Drinking Water OtherUtility ProjectLocationDescription ShareShare Safe, Clean Drinking Water Treatment PlantSafe, Clean Drinking Water Program Contract 0216,000 Water Programannual Rehabilitation Payments for the Treatment plant. $0$216,000 TOTAL: Page 6 of 6 Ʒ Ɠ Ļ ƒ Ļ ŭ ğ ŭ Ѝ Ɠ Ћ 9 Љ Ћ ĭ Ͳ ź ŷ ƌ Ʒ Ѝ Ĭ Ћ ǒ Ǥ ƌ t ǒ ƭ W Ʒ ƌ Ʒ Ļ ǒ Ļ ƭ Ļ Ʒ Ʒ ź ŭ Ļ ƒ ķw ƒ ǒ ƚ . / Ļ ŭ ĭ Ɠ Ɠ ź ğ Ʒ Ɠ ź ğ C Ʃ Ļ Ʀ h Ў Ћ Љ Ћ