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2025-08-20 Finance Committee Agenda Packet - Open Session
Finance Committee Meeting Open Session May 14, 2025 MINUTES OPEN SESSION FINANCE COMMITTEE MEETING MAY 14, 2025 AT 4:30 PM MEETING CONDUCTED BY ELECTRONIC PARTICIPATION Present: Mayor D. Noade Reardon Councillor G. Sullivan Councillor P. Radwan Absent: Councillor G. Norton Councillor G. Stewart Also Present: Chief Administrative Office B. McGovern Commissioner of Finance and Treasurer K. Fudge Fire Chief R. Nichol Commissioner Human Resources S. Hossack Commissioner Growth & Community Services A. Poffenroth Commissioner Public Works & Transportation M. Hugenholtz Commissioner Utilities & Infrastructure I. Fogan Director Financial Services J. Forgie Director Financial Services C. Lavigne Intermediate Accountant V. Parikh Director Engineering M. Baker Director Corporate Performance S. Rackley-Roach Director Legislative Services / City Clerk J. Taylor 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 March 19, 2025 Moved by Mayor Noade Reardon, seconded by Councillor Radwan: RESOLVED that the minutes of March 19, 2025 be approved. MOTION CARRIED. 3. Approval of Agenda Moved by Mayor Noade Reardon, seconded by Councillor Radwan: RESOLVED that the agenda of May 14, 2025 be approved. MOTION CARRIED. 4. Disclosures of Conflict of Interest No disclosures. 5. Consent Agenda Finance Committee Meeting Open Session May 14, 2025 6.Business Matters 6.1 Common Council Referral Internal Audit of Snow Maintenance Director J. Forgie stated that this request can be accommodated this fall and that a scope of work, budget, and timelines will be brought back to the Finance Committee at a subsequent meeting. The entire winter management program would be reviewed, possibly resulting in more than one phase of work. Commissioner Hugenholtz commented on the context of the audit, noting that during sustainability efforts in 2020 significant reductions were made to the winter management service. This included the decommissioning of 11 plow trucks and the elimination of 16 positions. No service level adjustments were made at that time. To try to sustain service levels, adjustments were made to routes and shifts but the intent was to experience a few winter cycles to determine if those service levels are sustainable with the current resource levels. This past winter season was especially challenging with significant equipment issues, noting that this could be a focus area of the audit. Moved by Councillor Sullivan, seconded by Councillor Radwan: RESOLVED that the Council request to add an Internal Audit of the its list of internal audits, be approved. MOTION CARRIED. 6.2 January to March Year-to-Date General and Utility Fund Financial Results Director C. General and Utility Fund March 31, 2025 Year to Date Financial Results. Overall, the financial results show a surplus, largely attributable to a combination of salaries and benefits due to various vacancies, and within goods and services due to timing issues. There is a very favourable variance in building permits. Transportation services are experiencing some financial pressure due to the challenging winter season and infrastructure failures. Staff will continue to monitor and work to mitigate these over-expenditures. Conclusion Moved by Mayor Noade Reardon, seconded by Councillor Radwan: RESOLVED that the presentation entitled " General and Utility Fund March 31 2025, Year to Date Financial and any questions be directed to staff. MOTION CARRIED. 6.3 2026 Operating Budget Timeline / Shape your Budget C. Lavigne commented on the timelines and processes regarding the 2026 budget process. Input will be gathered , town hall meetings, and input from Council members. Moved by Mayor Noade Reardon, seconded by Councillor Radwan: information. MOTION CARRIED. 6.4 5 Year Capital Budget Update Commissioner Five- This multi- compared to an annual capital budget. It also allows for flexibility and opportunity to move project timelines to optimize budget envelopes, ensure alignment with current Council priorities, and to capitalize on potential funding opportunities. The plan will be a five-year rolling plan starting from 2026-2030. An updated plan will be provided annually as part of the Capital budget process. It is important to note that the Five-Year Capital Investment Plan is a guide and not an approved budget, nor set in stone. Moved by Mayor Noade Reardon, seconded by Councillor Radwan: information by the Finance Committee; and further that the presentation be referred to Common Council for a receive and file motion in June. Finance Committee Meeting Open Session May 14, 2025 MOTION CARRIED. 6.5 Provincial Update Property Taxes / Reform Commissioner Fudge Legislation.Two bills have been brought forward in the provincial legislature that will significantly impact budget. The first is a proposed fiscal reform package, worth approximately $63M in new funding opportunities to municipalities through a modernized equalization fund, a new capital renewal fund, and increased funding in regional services support fund. The level of allocations for Saint John or the Fundy Regional Services Commission is not yet known. Conversely, the province unexpectantly introduced legislation to freeze property assessments in NB for the fiscal year 2026. This freeze could cost municipalities $58M according to the UMNB which almost negates the estimated $63M benefit under the fiscal reform package introduced the same week. There are some exceptions such as new construction and major improvements will be fully assessed, and property sales and corrections/errors will be properly assessed. When a similar freeze occurred in 2018, many municipalities had to increase their property tax, to help offset the difference. Municipal costs will continue to rise regardless of the assessment freeze and is not an effective tool to address affordability issues. Assessment freezes are consequential to municipalities given that 85% of revenue collected is from property tax. Municipalities are not permitted by legislation to budget for deficits, do not have the ability to create new taxes, nor have a diversified revenue stream to mitigate the risk of an assessment freeze. For Saint John, the cost of the assessment freeze is equivalent to 7 cents on the tax rate and could result in lost revenue of $7M. Moved by Mayor Noade Reardon, seconded by Councillor Radwan: RESOLVED that received for information. MOTION CARRIED. 7. Adjournment Moved by Councillor Radwan, seconded by Mayor Noade Reardon: RESOLVED that the Finance Committee meeting be adjourned. MOTION CARRIED. The Finance Committee open session meeting held on May 14, 2025, was adjourned at 5:50 p.m. The City of Saint John Report to the Finance Committee on the 2024 audit FOR THE PERIOD ENDED DECEMBER 31, 2024 MisstatementsAppendices Executive SummarySignificant Risks To the Finance Committee of the City of Saint John (the “Finance Committee”) Jeremy Mallis Director Tel: +1 (506)650 5618 Email: jmallais.deloitte.ca Dear Finance Committee Members: We are pleased to provide you with the results of the audit of the City of Saint John (“the City”) for the year ended DecembeWe are pleased to provide you with the results of the audit of the City of Saint John (“the City”) for the year ended December 31, 2024. Enclosed are those results and insights from our audit that we believe would be of greatest interest to the Finance Committee and have summarized other required communications.we believe would be of greatest interest to the Finance Committee and have summarized other required communications. As agreed in our annual engagement letter dated April 2, 2025, we have performed an audit of the financial statements of the As agreed in our annual engagement letter dated April 2, 2025, we have performed an audit of the financial statements of the City as at and for the year ended December 31, 2024, in accordance with Canadian generally accepted auditing standards (“Canadian GAAS”) and expect to issue our audit report once all work is fwith 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 has been provided to the Finance Committee on a confidential basis. It is intended solely for the use of the FinaThis report has been provided to the Finance Committee on a confidential basis. It is intended solely for the use of the FinanceCommittee, management and others within the City to assist you in discharging your responsibilities with respect to the consolidated financial statements for the year ended December 31, 2024 discharging your responsibilities with respect to the consolidated financial statements for the year ended December 31, 2024 (the “Financial Statements”) and is not intended for any other purpose. Yours truly, 2 © 2024. For information, contact Deloitte Touche Tohmatsu Limited. Executive Summary Significant RisksMisstatements Appendices Executive Summary Audit plan Changes from audit plan: Insights Materiality Misstatements No changes to materiality from planning •Fixed assets management – consider communications industry best practices GROUP GROUP •Consolidation – evaluate opportunities to Significant risks 6.76.7 automate the process MATERIALITYMATERIALITY No changes to significant risks from •Asset Retirement Obligations (ARO) – NET LOSS FROM NET LOSS FROM planning communications; continuous audit check to ensure UNADJUSTED UNADJUSTED 00 Continued from prior year completeness of data MISSTATEMENTSMISSTATEMENTS •Deloitte Extractor Tool – consider utilizing Key Audit Matters tool to streamline date extraction and No changes to key audit matters analysis Significant risksSignificant risks from planning communications Other matters 1.Management override of controls1.Management override of controls 2.Revenue recognition •Litigation – reviewed and collaborated with Outstanding items of importance: management regarding the appropriate accounting treatment for the pending legal •Completion of our subsequent events procedures settlement. The estimated range of the legal Completed, •Final audit partner review of select working papers liability and related accrual were no issues noted. Completed, significant reconsidered and adjusted appropriately to •Receipt of signed management’s representation letter findings identified. Completed, reflect updated facts and circumstances. findings identified. •Completion of Concurring Review 3 © 2024. For information, contact Deloitte Touche Tohmatsu Limited. Appendices Misstatements Executive Summary Significant Risks Executive Summary (cont’d) Final scoping The audit of the City is a group audit, in which portions of the audit, were conducted by another auditor. The group materialitywas determined to be $6,700,000. 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. The City of Saint JohnThe City of Saint John The City of Power Saint John Lord Saint John Transit Saint John Free Harbour Station Saint John Trade and Saint John Trade and Saint John Saint John Commission of Aquatic Centre Beaverbrook Commission Public Library Commission Convention CentreConvention Centre Industrial Parks General Fund & Saint John Commission Rink Utility Fund Group audit coverage over select consolidated balances as at December 31, 2024overage over select consolidated balances as at December 31, 2024 Legend Revenue ($26M) 92%92%8% Full-scope audits Expenses ($) 89%11% Limited-scope audit procedures Components subject to analytical TotalAssets (1,312M) 75%19%6% procedures for the group audit Component subject to standalone audit by Total Liabilities ($M) 84%7%9% another audit firm 0%10%20%30%40%50%60%70%80%90%100% 4 © 2024. For information, contact Deloitte Touche Tohmatsu Limited. Executive SummarySignificant RisksMisstatementsAppendices SIGNIFICANT RISKS 5 © 2024. For information, contact Deloitte Touche Tohmatsu Limited. Executive Summary Significant Risks Misstatements Appendices Significant Risk Management Override Of Controls Journal Entry Testing Results RISK LEVEL Significant 1,146 entries Risk: Presumed risk of management override of controls Assessed as appropriate based on business knowledge 1,168 entries1,168 entries Our response: (2023 – 1,675 entries) •We tested journal entries that exhibited characteristics of audit interest, identified using electronic data interrogation and manual techniques Flagged through Spotlight Flagged through Spotlight extract for displaying extract for displaying supported by our audit platform. characteristics of further characteristics of further •We discussed fraud with management. audit interest. •We asked the Finance Committee for their views about the risk of fraud,We asked the Finance Committee for their views about the risk of fraud, (2023 – 1,721 entries) whether they know of any actual or suspected fraud affecting the City and theirether they know of any actual or suspected fraud affecting the City and their role in the oversight of management’s antifraud programs. 22 entries •We determined whether the judgements and decisions related to managementWe determined whether the judgements and decisions related to management estimates indicate a possible bias, which included performing retrospectivetimates indicate a possible bias, which included performing retrospective analysis of significant accounting estimates. Selected for further investigation (2023 – 46 entries) •Our interrogation functionality identified entries which exhibited characteristics of audit interest which we analyzed and investigated further where necessary. • •We did not identify any indication of fraud nor management bias through the • performance of our audit procedures. •Entries containing round numbers •Simple journals to unrelated accounts Changes to audit plan: None. •Largest journal lines •Large debit and credit entries to income around year-end 6 © 2024. For information, contact Deloitte Touche Tohmatsu Limited. Executive Summary Significant Risks Misstatements Appendices Significant Risk (cont’d) Revenue RISK LEVEL HigherLower SignificantNORPOMM RISK LEVEL Significant Risks: •We evaluated the design and implementation of the internal controls that Presumed risk of fraud relating to revenue recognition of property taxes, address this risk. We did not rely on controls. unconditional grants, government transfers, and other revenue •We confirmed balances with third parties, when possible, to ensure that the Our response: revenue recorded was appropriate. When not possible, we detail tested the revenue streams and ensured that the proper revenue recognition criteria were Under CanadianGAAS,wearerequired toevaluatetheriskoffraud in revenueevenue met and that the transactions were recorded in the proper period, valid recognition. Wehaveevaluated therevenuetransactions and concluded that that transaction, and were recorded at the correct amounts. thereisarisk thatrevenue may havebeen recorded in theincorrectperiod,period,anand d thattheoccurrence and accuracyof thesetransactions may nothavebeen been •We concluded that the internal controls were designed and implemented appropriatelyrecorded. appropriately. • •We obtained sufficient audit evidence to conclude that there were no material misstatements. • • 7 © 2024. For information, contact Deloitte Touche Tohmatsu Limited. MisstatementsAppendices Executive SummarySignificant Risks MISSTATEMENTS 8 © 2024. For information, contact Deloitte Touche Tohmatsu Limited. Executive SummarySignificant Risks Misstatements Appendices Summary of uncorrected misstatements and disclosure misstatements We requested management correct all misstatements and disclosure misstatements identified. There were no uncorrected misstatements or disclosure misstatements identified. As a result, no adjustments were required to the current or prior year financial statements, based on both quantitative and qualitative considerations. Disclosure deficiencies Aggregate Adjusted ending Adjusted ending As presentedunadjusted balancesbalances misstatements •No significant disclosure deficiencies identified. •We provided disclosure recommendations to Finance ($ millions) throughout the audit process, of which Finance was receptive to adjust disclosure for. Assets$1,312M$-$1,312M$1,312M Liabilities$$-$$ Equity$1,01M$-$1,01$1,01M Surplus$6M$-$6M 9 © 2024. For information, contact Deloitte Touche Tohmatsu Limited. Executive SummarySignificant RisksMisstatements Appendices APPENDICES 10 © 2024. For information, contact Deloitte Touche Tohmatsu Limited. Appendix A – Required communications with Those Charged with Governance Canadian GAAS standards require that we communicate to Those Charged with Governance (TCWG) on the following matters: Required communication Reference/Comments No significant changes to the Any significant changes to the planned audit strategy / identified significant risks, and the reasons for suchchanges. planned audit strategy We have not been made aware of Fraud or possible fraud identified through the auditprocess,unless prohibited by law or regulation. any suspected, or alleged fraud Uncorrected and corrected misstatements, including disclosure misstatements.None to report No significant deficiencies in All significant deficiencies in internal control identified during the audit. internal control identified Material misstatement that affects the prior period financial statements on which a predecessor auditor had previously reportMaterial misstatement that affects the prior period financial statements on which a predecessor auditor had previously reported without modification.None to report A draft copy of the auditor’s report we expect to issue including circumstances that affect the form and content of the auditA draft copy of the auditor’s report we expect to issue including circumstances that affect the form and content of the auditor’s report, if any, including: •Expected modifications to our opinion(s), including the circumstances that led to the expected modification and the wording oExpected modifications to our opinion(s), including the circumstances that led to the expected modification and the wording of the modification. •Inclusion of an Emphasis of Matter/Other Matter paragraph, and the related wordingthe related wording Refer to draft financial statements •A material uncertainty related to going concern is reported •An uncorrected material misstatement of the other information is reportedAn uncorrected material misstatement of the other information is reported Significant qualitative aspects of the entity's accounting practices, including accounting policies, accounting estimates andSignificant qualitative aspects of the entity's accounting practices, including accounting policies, accounting estimates andfinancial statement disclosures.We have not identified significant Our views of any significant accounting practices that are not the most appropriate to the particular circumstances of the enOur views of any significant accounting practices that are not the most appropriate to the particular circumstances of the entity (including any bias in accounting practices that are management’s judgments related to any of these matters).applied inappropriately 11 © 2024. For information, contact Deloitte Touche Tohmatsu Limited. Appendix A – Required communications with Those Charged with Governance (cont’d) Required communication Reference/Comments Management representation letter Significant matters arising from the audit that were discussedwith management and material written communications between management and us, including management representation letters. Management representation letter All relationships between the entity and us that, in our professional judgment, may reasonably be thought to bear onour independence and related safeguards that have been applied to eliminate identified threats to independence or reduce them to an acceptable level. A statement that, in our judgment, the engagement team and others in our firm and, when applicable, network firms have compliA statement that, in our judgment, the engagement team and others in our firm and, when applicable, network firms have complied with relevant ethical requirements regarding independence. Any breaches to our independence, including the action we have taken / propose to take. We have not identified any related party transactions Our evaluation of the company’s identification of, accounting for, and disclosure of its relationships with related parties. Our evaluation of the company’s identification of, accounting for, and disclosure of its relationships with related parties. OurOurcommunication should also communication should also that were not in the normal course of operations and include other significant matters arising from the audit regarding the company's relationships and transactions with related include other significant matters arising from the audit regarding the company's relationships and transactions with related parparties including, but not limited to:ties including, but not limited to: that involved significant judgments by management concerning measurement or disclosure a.The identification of related parties or relationships or transactions with related parties that were previously undisclosed The identification of related parties or relationships or transactions with related parties that were previously undisclosed to to the auditor; b.The identification of significant related party transactions that have not been authorized or approved in accordance with theThe identification of significant related party transactions that have not been authorized or approved in accordance with thecompany's established policies or procedures; c.The identification of significant related party transactions for which exceptions to the company's established policies or prThe identification of significant related party transactions for which exceptions to the company's established policies or procedures were granted; d.The inclusion of a statement in the financial statements that a transaction with a related party was conducted on terms equivThe inclusion of a statement in the financial statements that a transaction with a related party was conducted on terms equivalent to those prevailing in an arm's-length transaction and the evidence obtained by the auditor to support or contradict such an assertion; andlength transaction and the evidence obtained by the auditor to support or contradict such an assertion; and e.The identification of significant related party transactions that appear to the auditor to lack a business purpose.The identification of significant related party transactions that appear to the auditor to lack a business purpose. Engagement Letter Additional Group Audit Matters: a.An overview of the type of work to be performed on the financial information of the componentsAn overview of the type of work to be performed on the financial information of the components b.An overview of the nature of the group engagement team's planned involvement in the work to be performed by the component audAn overview of the nature of the group engagement team's planned involvement in the work to be performed by the component auditors on the financial information of significant components 12 © 2024. For information, contact Deloitte Touche Tohmatsu Limited. Appendix B - PSAS standards effective in 2024 and beyond StandardDescriptionApplicationResources Section PS 1000 - •This Section describes the concepts underlyingEffective January 1, 2005. The amendments are Section PS 1000 - Financial statement the development and use of accountingeffective for fiscal years beginning on or after April Financial statement concepts principles in government financial statements.1, 2023, with earlier application permitted. 1, 2023, with earlier application permitted. concepts Such financial statements are designed to meetRetroactive or prospective application is allowed. Retroactive or prospective application is allowed. the common information needs of externalThe Conceptual Framework applies to fiscal years The Conceptual Framework applies to fiscal years users of financial information about abeginning on or after April 1, 2026. Earlier beginning on or after April 1, 2026. Earlier government.adoption is permitted.adoption is permitted. Section PS 1100 - •This Section identifies and describes objectivesThis Section applies to federal, provincial and This Section applies to federal, provincial and Section PS 1100 - Financial statement of government financial statements that areterritorial governments for fiscal years beginning territorial governments for fiscal years beginning Financial statement objectives generally acceptable to the users andon or after April 1, 2005. Earlier adoption is on or after April 1, 2005. Earlier adoption is objectives preparers of the statements.encouraged. The Conceptual Framework applies encouraged. The Conceptual Framework applies to fiscal years beginning on or after April 1, 2026. to fiscal years beginning on or after April 1, 2026. Earlier adoption is permitted.Earlier adoption is permitted. Section PS 1202 - •This Section applies for fiscal years beginningThis Section applies for fiscal years beginningThis Section applies for fiscal years beginning on This Section applies for fiscal years beginning on Section PS 1202 - Financial Statement on or after April 1, 2026. Earlier adoption ison or after April 1, 2026. Earlier adoption isor after April 1, 2026. Earlier adoption is permitted or after April 1, 2026. Earlier adoption is permitted Financial Statement Presentation permitted only if the Conceptual Framework ispermitted only if the Conceptual Framework isonly if the Conceptual Framework is also adopted only if the Conceptual Framework is also adopted Presentation also adopted at the same time. Prior periodalso adopted at the same time. Prior periodat the same time. Prior period amounts would amounts would need to be restated to conformamounts would need to be restated to conformneed to be restated to conform to the to the presentation requirements forpresentation requirements for comparative comparative financial information in thisfinancial information in this Section. Section. The Conceptual •The PSAB’s Conceptual Framework for FinancialThe Conceptual Framework applies to fiscal years The Conceptual Framework for Reporting in the Public Sector replaces thebeginning on or after April 1, 2026. Earlier Framework for Financial Financial Reporting conceptual aspects of Section PS 1000,adoption is permitted. This Conceptual Reporting in the Public in the Public Sector Financial Statement Concepts, and Section PSFramework is to be applied prospectively.Sector 1100, Financial Statement Objectives 13 © 2024. For information, contact Deloitte Touche Tohmatsu Limited. Appendix C - Technology in the audit process Deloitte is continuing to lead in artificial intelligence innovation, and we have already made significant progress in transforming our service delivery with Deloitte Omnia. The Gen AI breakthrough creates opportunities for new use cases and greater efficiencies across the audit. The purpose of these initiatives is not for AI to replace or serve as a substitute for auditor judgment or professional skepticism, but rather to enhance audit methodologies and allow the engagement more time to critically evaluate risks and potential issues and exercise their professional judgment, leading to improved service levels to your business. Future Opportunities: Today Collaborative AIllaborative AI Our Investment in Audit •GenAI auditing chatbotGenAI auditing chatbotGenAI auditing chatbot Transformation Provides valuable insights •Document creatorDocument creatorDocument creator and accounting research to ••Document review assistantDocument review assistant Today DATA ANALYTICS practice support the engagement ••Financial statement assistantFinancial statement assistant Deloitte Omnia built to support our audit Summarization of Board teams •Cloud based EEnnhanced auditor analyticshanced auditor analytics Committee Minutes, creation collaboration ••Preliminary & concluding analyticsPreliminary & concluding analytics In development – longer term of control process-flow •Integrated project ••Integrated journal entry analysisIntegrated journal entry analysis documents 500+ PROFESSIONALS – management dedicated to supporting and •Embedded quality Recognize auditable numbers continuously evolving our controls in draft financial statements, digital audit platform •Digitized workflows automatically recalculate them, and suggest internal cross- references within the ENABLED BYGenAI – document Omnia was built with an eye toward was built with an eye toward was built with an eye toward Equipping our auditors with AI Integrated AI the future and harnesses AI to the future and harnesses AI to assistants to transform the way •Risk scanning Evaluate external information deliver efficient, riskdeliver efficient, risk--focused audits. focused audits. we brainstorm, ideate and •Guided analytic workflows sources for risk events Accordingly, we are prepared to Accordingly, we are prepared to research •Evidence matching further enhance our workflows with further enhance our workflows with •Guided data transformations the emergence of GenAI.the emergence of GenAI. Extract relevant information from audit evidence, such as invoices, and automatically compare it to the general ledger Today In development – longer term In development – shorter term *Deloitte will continue evaluate the impact of any AI implementation within the City’s business process, as well as management’sassessment and response to AI related risks (including related internal controls), and we will be ready to consider any relevant implications to the financial reporting processes. 14 © 2024. For information, contact Deloitte Touche Tohmatsu Limited. Appendix D - Thought Leadership Living in "interesting" times: Audit Committee Brief, a The 2024 board agenda periodic publication that Over the course of the next provides Audit year, board members could Committee members with find themselves living in recommendations, overviews of interesting times. corporate governance resources, regulatory and legislative environment outlooks and technical updates Evolving lines of responsibility between Evolving lines of responsibility between Deloitte center for Board Effectiveness: the board and management - Board - Board It helps directors fulfill their oversight Practices Quarterly, quarterly series of quarterly series of responsibility to the organization they reports, done in collaboration with the serve throughout their board service, Society for Corporate Governance, through a portfolio of high-quality, providing pulse survey benchmarks on innovative experiences. relevant topics for boards. 15 © 2024. For information, contact Deloitte Touche Tohmatsu Limited. AboutDeloitte Deloitte provides audit and assurance, consulting, financial advisory, risk advisory, tax, and related services to public andprivate clients spanning multiple industries. Deloitte serves four out of five Fortune Global 500® companies through a globally connected network of member firms in more than 150 countries and territories bringing world-class capabilities, insights, and service to address clients’ most complex business challenges. Deloitte LLP, an Ontario limited liability partnership, is the Canadian member firm of Deloitte Touche Tohmatsu Limited. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please seewww.deloitte.com/aboutfor a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms. 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SmallCity, 2024 Audited Consolidated Financial Statements BigHeart. th Finance Committee August 20, 2025 Consolidated Financial Statements Deloittehascompletedtheauditof theConsolidatedCityofSaintJohn financialstatements,forDecember 31,2024 Auditopinionofthefinancial statementsisclean:thefinancial statementspresentfairly,inall materialrespects,thefinancial positionoftheCityinaccordanceto Canadianpublicsectoraccount standards Applicable Legislation Annual Budgets New Brunswick Local Governance Act Section8(2)TheCitycannotownoroperatea corporationforthepurposesofmakingaprofit Section99(2)and99(3)Everyyear,theCity mustprovideanestimateofhowmuchitwill costtooperateandhowmuchitwillraisein revenue.Ifthereisanprojecteddifference betweenthetwoestimates,theCitymust providethesourcesbywhichthedifferenceis toberaised.Inessence,theCitymustbalance itsoperatingbudget Section117(4)TheWater&Sewerfundmust produceanannuallybalancedbudgetby chargingitsusersfortheserviceorutilityit provides. Public Sector Accounting Standards IssuedbythePublicSectorAccounting BoardofCanadaofCharteredProfessional AccountantsCanada(CPA) Toservethepublicinterestby strengtheningaccountabilityinthepublic sectorthroughdeveloping,recommending Applicable Legislation andgainingacceptanceofaccountingand financialreportstandardsofgoodpractice¹ Financial Reporting PSASareanextensionofGenerally AcceptedAccountingPrinciples(GAAP)as definedbyCPACanada RequirestheconsolidationofallSaintJohn entitiestopresent one setoffinancial statementsforpublicuse ¹Paragraph .01 CPA Canada Public Sector Accounting Handbook The consolidation is a very complex process that takes the General Fund and Utility Fund Operating and Capital results adds in all the other Funds & ABCs Annual Changes the accounting and Operating presentation of the numbers Budgets Vs. Eliminates the duplication (i.e.. Revenue that is an expense in Consolidated another entity) Financial Financial Statement terms are different Statements balanced budget is NOT based on these financial statements Major Accounting Differences Consolidated Financials General/Utility Fund Budgets Capital Costs are expensed The total cost of capital when incurred asset are expensed over time (amortization) Principal Repayments are expensed Principal Repayments do not hit the statement of Funding relating to capital operations VS. assets offset the expenditure Funding relating to capital assets is included in Reserve balances are revenue when it is included, budgets can received include transfers to and from reserves There is no reserve balances allowed under PSAS. Entities of Consolidation Mayor & Council Separate Legal Entities controlled by Board of Directors General FundsW&S Funds SJ Transit TD Station Audited by Audited by Deloitte Deloitte Police Commission Aquatic Centre Audited by Deloitte Public Library Trade & CC Audited by Audited by Deloitte Deloitte Board of Commissioners appointed by Mayor & Council LBR Saint John Industrial Parks (2024) Ltd. Saint John Energy Audited by Deloitte 2024 Consolidated Financial Statements Statement of Financial Position Tells our Story Its more than just numbers The Long-term financial plan continue to Debt continues to decrease Infrastructure deficit is a critical financial indicator 2024 Consolidated Financial Statements Consolidated Net Debt $350 Safe Clean Drinking $325 Water Project $300 $275 $250 $225 $200 $175 $150 $6.08m $125 $100 $75 $50 $25 $0 20142015201620172018201920202021202220232024 2024 Consolidated Financial Statements General Fund Long Term Debt $130 $119.13 $120 $110 $95.9 $100 40.00% Reduction in Long $90 Term Debt since 2014 $77.18 $80 $70 $71.57 $60 20142015201620172018201920202021202220232024 Note 2021 Debt increased by $6.12M due to Parking Commission rolled into General Fund 2024 Consolidated Financial Statements Utility Fund Long Term Debt $120 Safe Clean Drinking Water Project $107.45 $110 $100 $90 42.15% Reduction $80 $68.98 in Debt Since 2017 $68.37 $70 $60 $62.16 $50 20142015201620172018201920202021202220232024 2024 Consolidated Financial Statements Financial Health is strong Note 21 Statement of Reserves $71.22M (2023 $48.72M) General Fund Reserves -$41.72M Utility Fund Reserves -$29.5M General Fund Reserves 45 40 35 30 25 No General Fund Reserves 20 end of 2015 15 10 5 0 2015201620172018201920202021202220232024 2024 Consolidated Financial Statements Infrastructure Deficit Continued focus Note 22 Tangible Capital Assets -$43,363,954 worth of assets amortized (2023 -$41,560,305) Assets economic value(useful life) is declining by this amount annually Cumulative since 2017 $350 $300 $250 $200 $150 $100 $50 $0 20172018201920202021202220232024 2024 Consolidated Financial Statements Statement of Operations and Accumulated Surplus 2024 2023 $$ Annual Operating Surplus 39,210,028 29,638,013 Government Transfers for Capital Assets 24,530,335 26,924,303 Net Assets from Saint John TCC 264,573- Annual Surplus 64,004,936 56,562,316 Note: Change in Saint John Trade and Convention was due to change in reporting. 2024 Consolidated Financial Statements Statement of Operations and Accumulated Surplus Annual Operating Surplus 2024 -$39,210,028 Income from Energy Services (non-cash adjustment) -$2,530,000 Post Employment Benefits Actuarial (non-cash adjustment) -$17,325,400 Various PSAB adjustments (elimination of reserves, amortization, etc.) Government Transfers 2024 $24,530,335 Capital contribution in 2024 for various Capital Projects Infrastructure Canada Disaster Mitigation Adaptation Funding Canada Community Building Fund Formerly Gas Tax Fund Integrated Bilateral Funding Deep Energy Retrofit Funding Regional Development Corporation Funding Funding Support Public Transit and Housing Note: 24 Provides Actual General & Utility Fund Results with Adjustments for Reporting to give Annual Operating Results listed above. 2024 General Fund Results The City of Saint John Operating Fund by Service Area December 31, 2024 202420242023 BudgetActualActual $$$ Revenues Property Taxes 150,579,477 150,579,477 142,105,410 PILT Adjustment - - 64,323 Equalization & Unconditional Grant 13,773,578 13,773,578 15,321,432 Regional Services Grant 1,009,640 1,009,640 546,630 Surplus 2nd Previous Year 2,335,841 2,336,841 1,753,145 Own Source Revenue 20,102,146 28,107,676 23,510,467 Total Revenues 187,800,682 195,807,212 183,301,407 Expenditures Growth & Community Development Services 19,451,786 18,898,526 18,723,674 Transportation & Environment Services 45,457,077 47,908,465 42,647,833 Public Safety Services 62,044,484 60,969,386 58,380,270 Strategic Services 8,610,100 7,737,365 7,315,033 Corporate Services 8,295,166 8,233,498 8,016,146 Other Charges 36,584,607 44,407,497 41,110,309 Utilities & Infrastructure Services 7,357,462 7,613,379 6,835,287 Total Expenditures 187,800,682 195,768,115 183,028,552 Surplus (Deficit) - 39,097 272,855 2024 UtilityFund Results Saint John Water 2024 Water & Sewerage Operating Budget 202420242023 BudgetActualsActuals Revenues Flat Rate Accounts 22,250,000 22,174,223 22,233,613 Meter Rate Accounts 15,732,057 18,304,674 15,991,606 Industrial Raw Water Accounts 7,819,412 8,625,898 7,417,166 Fire Protection Levy 2,500,000 2,317,033 2,588,571 Storm Sewer Levy 945,000 1,087,234 1,056,155 Other Revenues 1,455,221 14,763,838 2,135,992 Previous Year's Surplus 737,731 737,476 680,796 Transfer from Reserves 750,000 1,637,804 - Total Revenues 52,189,421 69,648,180 52,103,899 Expenditures Drinking Water Service 22,667,653 36,021,417 24,844,566 Wastewater Service 20,462,531 20,665,313 18,913,293 Industrial Water Service 8,221,707 9,576,676 7,299,277 Infrastructure Management 837,530 791,820 738,948 Total Expenditures 52,189,421 67,055,226 51,796,084 Surplus (Deficit) - 2,592,954 307,815 Trade and Convention Centre 2024 Financial Results July 1, 2024 Management of the Trade and Convention Centre transitioned to OVG. 2024 Budgeted Deficit ($553,420) vs Actual Deficit ($262,683) Significant Financial turnaround Trade and Convention Centre Key timelines 2019 Contract 2024 (July) New 2021 Begin Compliance Internal Management implementing changes AuditAgreement Established Almost 5 years of work Comparison of financial results Audited Financial Statement and 2025 Budget Audited Financial Statement and 2025 Budget $1,100,000 $1,000,000 $900,000 $800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $- RevenueDirect Operating ExpensesTotal Deficit for YearTotal Deficit for YearManagement Fee 2018202320242025 Budget2025 Budget -The operating revenue and expenses managed by the new agreement now runs a surplus the deficit is made up of the cost of the space (HVAC, Electricity and management fee). -The biggest contributor is lowering the costs and changing the structure of revenue for Food & Beverage. -The Deficit in 2018 and before was approximately $980k the deficit in 2024 and budgeted for future years is between $240K-$265K for a savings every year of over $700K! Conclusion Overall Financial Health of the City is good. This is a result of the strong financial policies and adherence to the City's Long Term Financial Plan. (Refresh is planned for 2025) over the past several years has contributed to the positive financial health. As the 2026 operating budget gets underway, the City is facing an unexpected Assessment freeze and significant wage pressures expected from Protective services. Adherence to Financial Policies will be key to the continued financial health of the City. Recommendation It is recommended that: FinanceCommitteeapprovethe2024 ConsolidatedFinancialStatements,the2024 TradeandConventionFinancialStatements and2024TrustFundsFinancialStatements andforwardtoCommonCouncilfor approval. Questions? Questions? FINANCECOMMITTEEREPORT Report DateJuly 29, 2025 Meeting DateAugust 20, 2025 Chairman Gary Sullivanand Members of Finance Committee SUBJECT: Finance Committee Report 2024 Audited Financial Results.docx 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 2024 Consolidated Financial Statements. The City of Saint John received a clean audit opinionwhich meansthe financial statements present fairly, in all material respects,the financialpositionin the City in accordance withCanadian The report will provide an overview of the major accounting differences between the budgetsfor the General and Utility Funds versus the financial results reported on a consolidated basis. The consolidated statement of financial operation resulted in an annual surplus of $64,004,936.A large portion of this annual surplus is related toactuarial review done on employee benefitsresulting in non-cash adjustments of $17,325,400, Saint John Energyequity pick upof $2,530,000as well as significant government transfersof $24,530,335for Capital projects. The General Fund Operating budget ended 2024with a surplus of $39,097and the Utility Fund ended 2024with a surplus of $2,592,954. PREVIOUS RESOLUTION N/A - 2 - STRATEGIC ALIGNMENT The report aligns with Council's priority of ensuring the organization performs. The positive trends that the 2024 Consolidated Financial statements show are the result 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 2024 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 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. 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. - 3 - 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 Saint John Industrial Parks (2024) Ltd 2024 Consolidated Financial Statements Highlights Consolidated Statement of Financial Position 2024 long term financial plan is financial health continues to improve, and debt continues to decline across the various entities. Net Debt now stands at $6,077,208 for 2024 (2023 - $58,803,162) 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 40.00% in debt since 2014 and the Utility reducing debt by 42.15% 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 $71,222,974 at the end of 2023 (2023- $48,716,706). Statement of Operations and Accumulated Surplus The consolidated statement of operation financial resulted in an annual surplus of $64,004,936. A large portion of this annual surplus is related actuarial review done on employee benefits resulting in non-cash adjustments of $17,325,400, - 4 - Saint John Energy actuarial non-cash adjustments of $2,530,000 as well as significant government transfers of $24,530,335 for Capital projects. Government transfers for capital assets was $24,530,335 for 2024 compared to $26,924,303 in 2023. 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 The General Fund Operating Budget year end results is a surplus of $39,097 and the Utility ended up with a surplus of $2,592,294. 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, 2024 Draft Consolidated FS Appendix 2 General Operating Fund December 31, 2024 Draft FS Appendix 3 Utility Operating Fund December 31, 2024 Draft FS Appendix 4 The City of Saint John Trust Funds December 31, 2024 Draft FS Appendix 5 Trade and Convention Centre December 31, 2024 Draft FS The City of Saint John Consolidated Financial Statements December 31, 2024 The City of Saint John Contents Consolidated Financial StatementsPage Independent Auditor's Report3 - 5 Consolidated Statement of Financial Position6 Consolidated Statement of Operations and Accumulated Surplus7 Consolidated Statement in Changes in Net Debt8 Consolidated Statement of Cash Flow9 Notes to the Consolidated Financial Statements10-36 2 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 the 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 consolidated financial statements of the City of Saint JohnWe have audited the consolidated financial statements of the City of Saint JohnWe have audited the consolidated financial statements of the City of Saint John(the “(the “(the “City”), which comprise the consolidated statements of financial position as at December 31, 2024, and the comprise the consolidated statements of financial position as at December 31, 2024, and the comprise the consolidated statements of financial position as at December 31, 2024, and the consolidated statements of operationsand accumulated surplusand accumulated surplusand accumulated surplus, changes in net , changes in net , changes in net debtand cash flows for the years then ended, and notes to the consolidated financial statements, including a summary of the years then ended, and notes to the consolidated financial statements, including a summary of the years then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies (collectively referred to as the “financial statements”).significant accounting policies (collectively referred to as the “financial statements”).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, 2024, and the results of its operations, its as at December 31, 2024, and the results of its operations, its as at December 31, 2024, and the results of its operations, its accumulated surplus, changes in its net debt, and its cash flows for the years then ended in accordance with Canadian public , and its cash flows for the years then ended in accordance with Canadian public , and its cash flows for the years then ended in accordance with Canadian public sector accounting standards (“PSAS”).sector accounting standards (“PSAS”).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 GAAS”). Our responsibilities under those standards are further described in the GAAS”). Our responsibilities 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 section of our report. We are independent of the section of our report. We are independent of the Cityin accordance with the ethical requirements that are relevant to our audit of the financial statements in accordance with the ethical requirements that are relevant to our audit of the financial statements in 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.Canada, and we have fulfilled our other ethical responsibilities in accordance with these requirements.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 City or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the City’s financial reporting process. 1 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 inthe aggregate, they could reasonably be expected to influence the economic decisions of users taken on the 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 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 the audit in order to design audit procedures Obtain an understanding of internal control relevant to the audit in order to design audit procedures Obtain an understanding of internal control relevant to the 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 reasonableness of accounting Evaluate the appropriateness of accounting policies used and the reasonableness of accounting Evaluate the appropriateness of accounting policies used and the reasonableness 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 related to events or based on the audit evidence obtained, whether a material uncertainty exists related to events or 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 CCCityityity’s ’s ’s ability to continue as a going concern. If we ability to continue as a going concern. If we 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 in the financial statements or, if such disclosures are inadequate, to modify to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify to the related disclosures in 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 ur opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s ur 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 Citytocease 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 fair presentation.a manner that achieves fair presentation.a manner that achieves fair presentation. Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business unitswithin the City asa basis for formingan opinion on the financial statements. We are responsible for the direction, supervision and review of the audit work performed for purposesof the group audit. We remain solely responsible for our audit opinion. 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. (To be signed Deloitte LLP) Chartered Professional Accountants Saint John, NB Date of the auditor’s report The City of Saint John Consolidated Statement of Financial Position As at December 31, 2024 20242023 $$ Financial Assets Cash and cash equivalents (Note 4) 143,574,545 125,027,420 Accounts receivable (Notes 5, 6 & 7) 43,900,064 31,602,444 Investment in energy services (Note 8) 90,647,000 88,117,000 Note receivable (Note 9) 15,000,000 17,500,000 Other investments (Note 10) 1,144,607 914,019 294,266,216 263,160,883 Financial Liabilities Accounts payable and accrued liabilities (Note 11) 44,692,302 36,660,149 Deferred revenue 3,769,6833,769,6833,769,683 1,829,462 Deferred government transfers (Note 12) 33,979,11033,979,11033,979,110 35,157,872 Post-employment benefits and compensated absences (Note 14) 44,358,00044,358,00044,358,000 61,683,400 Long-term debt (Note 13) 157,173,000157,173,000157,173,000 170,491,740 Asset retirement obligation (Note 20) 16,371,329 16,141,422 300,343,424 321,964,045 Net debt (6,077,208) (58,803,162) Non-financial assets Inventory 4,708,910 4,243,240 Prepaid expenses 125,105 1,074,728 Tangible capital assets (Note 22) 1,012,608,566 1,000,845,631 1,017,442,581 1,006,163,598 Accumulated surplus 1,011,365,373 947,360,436 Contingencies (Note 15) Commitments (Note 16) Approved by: Donna Noade Reardon, MayorGary Sullivan, Chair of Finance Committee Jonathan Taylor, Common Clerk 6 The City of Saint John Consolidated Statement of Operations and Accumulated Surplus As at December 31, 2024 2024 Budget (Unaudited)20242023 (Note 2) $$$ Revenues Property taxes 150,579,477 150,579,477 142,169,733 Unconditional grant 13,773,578 13,773,578 15,321,432 Fundy regional services commission grant 1,009,640 1,009,640 546,630 Other revenue from own sources (Note 27) 32,277,895 28,601,126 29,638,033 Water and sewer 51,451,69051,451,69051,451,690 63,679,362 47,634,536 Miscellaneous 1,715,6621,715,6621,715,662 3,966,433 820,635 Contributions from others (Note 27) 1,304,9461,304,9461,304,946 2,642,3972,642,3972,642,397 1,628,239 Income from energy services --- 2,530,0002,530,0002,530,000 5,737,000 252,112,888252,112,888252,112,888 266,782,013266,782,013266,782,013 243,496,238 Expenses General government services (Note 27) 54,854,94254,854,94254,854,942 30,864,270 29,313,989 Protective services (Note 27) 63,754,38163,754,38163,754,381 58,723,677 55,542,543 Transportation services (Note 27) 48,914,75048,914,75048,914,750 50,897,731 44,923,863 Water and sewer services (Note 27) 53,584,42153,584,42153,584,421 49,843,579 48,420,840 Environmental health services (Note 27) 4,082,708 3,874,077 4,134,170 Environmental development services (Note 27)Environmental development services (Note 27)Environmental development services (Note 27) 18,429,464 20,276,287 20,484,761 Recreational and cultural services (Note 27)Recreational and cultural services (Note 27)Recreational and cultural services (Note 27) 11,565,794 13,092,364 11,038,059 255,186,460 227,571,985 213,858,225 Annual surplus (deficit) before capital contributionsAnnual surplus (deficit) before capital contributionsAnnual surplus (deficit) before capital contributions (3,073,572) 39,210,028 29,638,013 Government transfers for capital (Note 27)Government transfers for capital (Note 27)Government transfers for capital (Note 27) - 24,530,335 26,924,303 Net Assets from Saint John Trade & Convention CentreNet Assets from Saint John Trade & Convention CentreNet Assets from Saint John Trade & Convention Centre - 264,573 - & Others (Note 27) Annual surplus - 64,004,936 56,562,316 Accumulated surplus, beginning of year - 947,360,436 890,798,120 Accumulated surplus, end of year - 1,011,365,373 947,360,436 7 The City of Saint John Consolidated Statement of Changes in Net Debt As at December 31, 2024 20242023 $$ Annual surplus 64,004,936 56,562,316 Acquisition of tangible capital assets (Note 22) (58,478,594) (62,619,945) Loss on disposal of tangible capital assets 1,128,761 636,027 Proceeds on sale of tangible capital assets 1,054,185 52,929 Amortization of tangible capital assets (Note 22) 44,532,711 45,098,043 Increase in inventory (465,670) (250,569) Decrease (increase) in prepaid expenses 949,623 (958,542) Decrease in net debt 52,725,954 38,520,259 Net debt, beginning of year (58,803,162) (97,323,421) Net debt, end of year (6,077,208) (58,803,162) 8 The City of Saint John Consolidated Statement of Cash Flow As at December 31, 2024 20242023 $$ Operating transactions Annual surplus 64,004,936 56,562,316 Items not involving cash Amortization of tangible capital assets (Note 22) 44,532,711 45,098,043 Loss on disposal of tangible capital assets 1,128,761 636,027 Income from energy services (Note 8) (2,530,000) (5,737,000) Change in non-cash assets and liabilities Accounts receivable (12,297,620) (11,046,732) Inventory (465,670) (250,569) Prepaid expenses 949,623 (958,542) Accounts payable and accrued liabilities 8,032,1538,032,1538,032,153 7,052,917 Deferred revenue 1,940,2211,940,2211,940,221 (500,514) Deferred government transfers (1,178,762) 2,429,917 Other post-employment liabilities (17,325,400) (17,046,500) Increase in asset retirement obligation liabilities (Note 20)Increase in asset retirement obligation liabilities (Note 20)Increase in asset retirement obligation liabilities (Note 20) 229,907 16,141,422 87,020,862 92,380,786 Capital transactions Acquisitions of tangible capital assets (Note 22)Acquisitions of tangible capital assets (Note 22)Acquisitions of tangible capital assets (Note 22) (58,478,594) (62,619,945) Proceeds on the sale of tangible capital assetsProceeds on the sale of tangible capital assetsProceeds on the sale of tangible capital assets 1,054,185 52,929 (57,424,409) (62,567,016) Financing transactions Repayment of long-term debt (22,318,740) (24,391,977) Proceeds from long-term debtProceeds from long-term debtProceeds from long-term debt 9,000,000 - (13,318,740) (24,391,977) Investing transactions Purchase of investments (230,588) (14,688) Proceeds from note receivable 2,500,000 2,500,000 2,269,412 2,485,312 Increase in cash and cash equivalents 18,547,125 7,907,104 Cash and cash equivalents, beginning of year 125,027,420 117,120,316 Cash and cash equivalents, end of year 143,574,545 125,027,420 9 The City of Saint John Notes to the Consolidated Financial Statements For the year ended December 31, 2024 1.Purpose of the Organization TheCityofSaintJohn(the"City)wasincorporatedbyroyalcharterin1785.Asamunicipality,theCityisexemptfromincometaxesunder Section149(1)(c)oftheCanadianIncomeTaxAct.TheCityhasthefollowingvisionstatement:"Weupliftallcitizens,raisingourcommunity tonewheights.Togetherwewillcontinuetofostergrowth,inclusion,anddiversity,whilestrengtheningourfoundationofqualityservices and accountability, to help Saint Johners thrive. " 2.Summary of Significant Accounting Policies TheconsolidatedfinancialstatementsoftheCityaretherepresentationsoftheCity'smanagementpreparedinaccordancewithPublic SectorAccountingStandards("PSAS")asrecommendedbytheCharteredProfessionalAccountantsofCanadaPublicSectorAccounting Board ("PSAB"). Significant aspects of the accounting policies adopted by the City are as follows: Reporting Entity Theconsolidatedfinancialstatementsreflecttheassets,liabilities,revenues,expenditures,remeasurementgainsandlosses,accumulated surplusandchangesinnetdebtandcashflowsofthereportingentity.Thereportingentityiscomprisedofallorganizationsandenterprises accountablefortheadministrationoftheiraffairsandresourcestotheCityandwhichareownedorcontrolledbytheCity. Interdepartmental and organization transactions and balances are eliminated. The entities included in the consolidated financial statements, having the same year end as the City, are as follows:The entities included in the consolidated financial statements, having the same year end as the City, are as follows:The entities included in the consolidated financial statements, having the same year end as the City, are as follows: 1. The City of Saint John General Operating Fund 2. The City of Saint John Capital and Loan Fund 3. The City of Saint John Water and Sewerage Utility Operating Fund3. The City of Saint John Water and Sewerage Utility Operating Fund3. The City of Saint John Water and Sewerage Utility Operating Fund 4. The City of Saint John Water and Sewerage Utility Capital and Loan Fund4. The City of Saint John Water and Sewerage Utility Capital and Loan Fund4. The City of Saint John Water and Sewerage Utility Capital and Loan Fund 5. Saint John Transit Commission 6. Harbour Station Commission 7. Saint John Aquatic Center Commission 8. The City of Saint John Trade and Convention Centre8. The City of Saint John Trade and Convention Centre8. The City of Saint John Trade and Convention Centre 9. Power Commission of the City of Saint John 10. Lord Beaverbrook Rink at Saint John Inc. 11. Saint John Police Commission 12. Saint John Free Public Library 13. Saint John Industrial Parks (2024) Ltd.13. Saint John Industrial Parks (2024) Ltd.13. Saint John Industrial Parks (2024) Ltd. Investment in Energy Services TheCity'sinvestmentinSaintJohnEnergyisaccountedaccountedaccountedforonforonforonaaamodifiedmodifiedmodifiedequityequityequitybasis,consistentwithgenerallyacceptedaccounting principlesasrecommendedbyPSAS.Underthemodifiedmodifiedmodifiedequitybasisequitybasisequitybasisofofofaccounting,thebusinessaccounting,thebusinessaccounting,thebusinessenterprise'saccountingprinciples arenot adjustedtoconformwiththoseoftheCityandandandinter-organizationaltransactionsinter-organizationaltransactionsinter-organizationaltransactionsandbalancesarenoteliminated.TheCityrecognizesits equityinterestintheannualincomeorlossofincomeorlossofincomeorlossofSaintSaintSaintJohnJohnJohnEnergyEnergyEnergyinininitsitsitsconsolidatedconsolidatedconsolidatedstatementofoperationswithacorrespond ingincrease or decrease in its investment asset account.or decrease in its investment asset account.or decrease in its investment asset account. Budget ThebudgetfigurescontainedinthesethesethesefinancialfinancialfinancialstatementsstatementsstatementswerewerewereapprovedbyCouncilonDecember12,2023andtheMinisterofLocal GovernmentonJanuary2,2024.UnderUnderUnderPSAS,PSAS,PSAS,thebudgetthebudgetthebudgetfiguresarefiguresarefiguresareunauditedanddoesnotincludeeliminationofinter-organizational revenues and expenses with controlled entities.revenues and expenses with controlled entities.revenues and expenses with controlled entities. Revenue Recognition Unrestrictedrevenueandothersourcesofrevenuerevenuerevenuearerecordedonanaccrualbasisandisrecognizedwhencollectionisreasonably assured.Restrictedcontributionsarerecognizedasrevenueintheyearinwhichtherelatedexpensesareincurred.Otherrevenueis recordedwhenitisearned.Propertytaxes,whichareauthorizedbyCouncil,arerecognizedasrevenuesintheperiodforwhichthetaxes are levied. Financial Instruments TheCity'sfinancialinstrumentsincludescashandcahsequivalents,restrictedcash,receivables,payablesandaccrualsandlongtermand other debts. Financial instruments are recorded at fair value on initial recognition and subsequently recorded at cost or amortized cost. Allfinancialassetsaretestedannuallyforimpairment.Whenfinancilassetsareimpaired,impairmentlossesarerecordedinthe consolidated statement of operations and accumulated surplus. 10 The City of Saint John Notes to the Consolidated Financial Statements For the year ended December 31, 2024 2.Summary of Significant Accounting Policies (Continued) Government Transfers Governmenttransfersarerecognizedintheconsolidatedfinancialstatementsasrevenuesintheyearwhenrelatedexpensesareincurred, thetransfersareauthorized,eligibilitycriteriahavebeenmet,excepttotheextentthattransferstipulationsgiverisetoanobligationthat meetsthedefinitionofaliabilityandreasonableestimatesoftheamountscanbemade.Transfersarerecognizedasdeferredrevenue when amounts have been received but not all stipulations have been met. Expense Recognition Expenses are recorded on an accrual basis. The cost of all goods consumed and services received during the year is expensed. Measurement Uncertainty ThepreparationoftheconsolidatedfinancialstatementsinaccordancewithCanadianPSASrequiresmanagementtomakeestimatesand assumptionsthataffectthereportedamountsofassetsandliabilitiesanddisclosureofcontingentassetsandliabilitiesatthedateofthe consolidatedfinancialstatementsandthereportedamountsofrevenuesandexpensesduringtheyear.Keycomponentsofthe consolidatedfinancialstatementsrequiringmanagementtomakeestimatesincludes:theusefullifeoftangiblecapitalassets,impairment oftangiblecapitalassets,assetretirementobligations,ratesforamortization,allowancefordoubtfulaccountsinrespectofreceivablesand estimatesforpensionliabilities.Estimatesarebasedonthebestinformationavailableatthetimeofpreparationofthefinancialstatements andarereviewedannuallytoreflectnewinformationasitbecomesavailable.MeasurementMeasurementMeasurementuncertaintyuncertaintyuncertaintyexistsinthesefinancial statements. Actual results could materiality differ from those estimates. Cash and Cash Equivalents Cashandcashequivalentsincludecashonhand,balanceswithbanksandshort-termdepositsdepositsdepositswithwithwithoriginaloriginaloriginalmaturitiesmaturitiesmaturitiesofthreemonthsor less.Restrictedcashisnotavailableforuseingeneraloperationsandisnotavailableforforforwithdrawalaswithdrawalaswithdrawalasitislegallyitislegallyitislegallyrestrictedrestrictedrestrictedinaccordance with third-party special purpose agreements. Tangible Capital Assets Tangible capital assets are non-financial assets having a physical substance that:Tangible capital assets are non-financial assets having a physical substance that:Tangible capital assets are non-financial assets having a physical substance that: AreheldforusebytheCityintheproductionorsupplysupplysupplyofgoodsofgoodsofgoodsandandandservices,services,services,forforforrentalsrentalsrentalstoothers,foradministrative purposes or for the development, construction, maintenance or repair of other tangible assets;purposes or for the development, construction, maintenance or repair of other tangible assets;purposes or for the development, construction, maintenance or repair of other tangible assets; Have useful lives extending beyond one year and are intended to be used on a continual basis;Have useful lives extending beyond one year and are intended to be used on a continual basis;Have useful lives extending beyond one year and are intended to be used on a continual basis; Have a minimum value of $5,000 for individual assets; or $25,000 for pooled assets; andHave a minimum value of $5,000 for individual assets; or $25,000 for pooled assets; andHave a minimum value of $5,000 for individual assets; or $25,000 for pooled assets; and Are not intended for sale in the ordinary course of operations.Are not intended for sale in the ordinary course of operations.Are not intended for sale in the ordinary course of operations. Tangiblecapitalassetsarerecordedatcostwhichincludesincludesincludesallallallamountsthatamountsthatamountsthatarearearedirectlyattributabletoacquisition,construction, developmentorbettermentoftheasset.Assetsthatthatthatfallfallfallbelowbelowbelowthethresholdamountsthethresholdamountsthethresholdamountsareexpensedforaccountingpurposes.Thecostof the tangible asset is amortized on a straight line over the estimated useful life as follows:the tangible asset is amortized on a straight line over the estimated useful life as follows:the tangible asset is amortized on a straight line over the estimated useful life as follows: Asset TypeYears Furniture and office equipmentFurniture and office equipmentFurniture and office equipment5-15 Information technology equipment and softwareInformation technology equipment and softwareInformation technology equipment and software1-15 LandN/A 5-100 Land improvementsLand improvementsLand improvements Leasehold improvementsLeasehold improvementsLeasehold improvementsterm of lease 3-25 Machinery and equipmentMachinery and equipmentMachinery and equipment Municipal buildings10-70 5-50 Transportation Motor vehicles and mobile equipment5-20 5-100 Water and wastewater networks 11 The City of Saint John Notes to the Consolidated Financial Statements For the year ended December 31, 2024 2.Summary of Significant Accounting Policies (Continued) In the year of acquisition and the year of disposal, one half of the annual amortization expense is recognized. Assets under construction are not amortized until the asset is available to productive use. Tangiblecapitalassetsarewrittendownwhenconditionsindicatethatthereisimpairmentinthevalueoftheassetsandthereductionin thevaluecanbeobjectivelyestimatedanditisexpectedtobepermanent.Thenetwrite-downsareaccountedforasexpensesinthe statement of operations. Donatedorcontributedassetsarerecordedatfairmarketvalueatthedateofconstructionordonation.Insomecircumstances, replacement cost may be used. TheCity’simplementationofPS3280AssetRetirementObligationshasresultedintherequirementformanagementtomakeestimates regardingtheusefullivesofaffectedtangiblecapitalassetsandtheexpectedretirementcosts,aswellasthetiminganddurationofthese retirement costs. Segmented Information TheCityprovidesawiderangeofservicestoitsresidents.Formanagementreportingpurposes,operationsandactivitiesareorganizedand reportedbyfunction.Thispresentationwascreatedforthepurposeofrecordingspecificactivitiestoattaincertainobjectivesin accordance with special regulations, restrictions or limitations. Municipal services are provided by service areas as follows: General Government Services ThissegmentisresponsiblefortheoverallgovernanceandfinancialadministrationadministrationadministrationofofoftheCity.ThisincludesCouncil functions, general and financial management, legal matters and compliance with legislation and civic relations.functions, general and financial management, legal matters and compliance with legislation and civic relations.functions, general and financial management, legal matters and compliance with legislation and civic relations. Protective Services Thissegmentisresponsiblefortheprovisionofpolicingservices,firefirefireprotection,protection,protection,emergencymeasures,emergencymeasures,emergencymeasures,animalcontroland other protective measures. Transportation Services Thissegmentisresponsibleforcommonservices,roadandandandstreetstreetstreetmaintenance,maintenance,maintenance,streetstreetstreetlighting,lighting,lighting,trafficservices,parkingand other transportation related functions. Water and Sewer Services Thissegmentisresponsiblefortheprovisionofprovisionofprovisionofwaterwaterwaterandandandsewerservicessewerservicessewerservicesincludingthemaintenanceandincludingthemaintenanceandincludingthemaintenan ceandoperationofthe underground networks, treatment plants, reservoirs and lagoons.underground networks, treatment plants, reservoirs and lagoons.underground networks, treatment plants, reservoirs and lagoons. Environmental Health Services This segment is responsible for the provision of waste collection and disposal.This segment is responsible for the provision of waste collection and disposal.This segment is responsible for the provision of waste collection and disposal. Environmental Development ServicesEnvironmental Development ServicesEnvironmental Development Services Thissegmentisresponsibleforplanningandzoning,planningandzoning,planningandzoning,communitycommunitycommunitydevelopment,tourismandothermunicipaldevelopment and promotion services. Recreation and Cultural ServicesRecreation and Cultural ServicesRecreation and Cultural Services Thissegmentisresponsibleresponsibleresponsibleforforforthemaintenanceandthemaintenanceandthemaintenanceandoperationofrecreationalandculturalfacilities,includingthe swimming pool, arenas, parks and playgrounds and other recreational and cultural facilities.swimming pool, arenas, parks and playgrounds and other recreational and cultural facilities.swimming pool, arenas, parks and playgrounds and other recreational and cultural facilities. Energy Services Thissegmentcomprisescomprisescomprisesaaanon-generatingdistributionnon-generatingdistributionnon-generatingdistributionutilitythatsupplieselectricitytomunicipal,residential,general serviceandindustrialcustomerscustomerscustomersthroughthroughthrough12interconnectionsupplypointsandsubstationslocatedintheCity.Italso provides street lighting, area lighting and water heater rental services.provides street lighting, area lighting and water heater rental services.provides street lighting, area lighting and water heater rental services. Inventory Inventoryconsistsmainlyofpartsandmaterialsandisvaluedatthelowerofcostandnetreplacementcostwithcostbeingdeterminedon the first in, first out basis. Post Employment Benefits TheCityrecognizesitsobligationsunderpost-employmentbenefitplansandtherelatedcosts,asdisclosedinNote14.Whereappropriate, the City has undertaken actuarial valuations. 12 The City of Saint John Notes to the Consolidated Financial Statements For the year ended December 31, 2024 2.Summary of Significant Accounting Policies (Continued) Asset Retirement Obligation Theaccountingstandardaddressesthereportingoflegalobligationsassociatedwiththeretirementofcertaintangiblecapitalassets.The standardwasadoptedonaprospectivebasisatthedateofadoption.Undertheprospectivemethod,thediscountrateandassumptions used on initial recognition are those as of the date of adoption of the standard. The prior years comparative have not been restated. TheCityhasrecognizedanassetretirementobligationrelatedtounderandabovegroundfuelstoragetanksandbuildingscontaining asbestos and other hazardous materials. Theliabilityisdiscountedusingapresentvaluecalculationandadjustedyearlyforaccretionexpense.Therecognitionofaliabilityresulted inanaccompanyingincreasetotherespectivetangiblecapitalassets.Theincreasetothetangiblecapitalassetisbeingamortizedovertheir remaining useful lives as outlined in note 2. Changes in accounting policies - Implementation of PS 3400 Revenues OnJanuary1,2024,theCityimplementedPS3400Revenuesprospectively,inaccordancewiththetransitionalprovisionssetoutinthe standard and the requirements for changes in accounting policies in PS 2120 Accounting Changes. PS3400establishesstandardsonhowtoaccountforandreportcommontypesofrevenuesinthepublicsectorthatarenotaddressedinan individual standard in the PSA Handbook. This standard had no significant impact on the presentation of the financial statements.individual standard in the PSA Handbook. This standard had no significant impact on the presentation of the financial statements.individual standard in the PSA Handbook. This standard had no significant impact on the presentation of the financial statements. 3.Bank Loan Payable TheCityhascreditfacilitieswiththeBankofNovaScotia.Accordingtothetermsandconditionsandconditionsandconditionsofofofthethethecommitmentcommitmentcommitmentlettersignedbetween theCityandtheBankofNovaScotia,theCitycanborrowupto$6milliontofundgeneralgeneralgeneraloperations.operations.operations.TheTheTheinterestinterestinterestrateforthecredit facilitiesistheBank'sprimelendingrateless0.5%perannumwithinterestpayablemonthly.payablemonthly.payablemonthly.AsAsAsatatatDecemberDecemberDecember31,2024,31,2024,31,2024,thebalanceofthe operating line of credit was $nil (2023 - $nil). AsprescribedintheMunicipalitiesAct,borrowingtofinanceGeneralFundoperationsoperationsoperationsislimitedislimitedislimitedtototo4%4%4%ofofoftheCity'soperatingbudget. BorrowingtotemporarilyfinanceUtilityFundoperationsislimitedto50%50%50%ofofoftheoperatingbudgettheoperatingbudgettheoperatingbudgetforforfortheyear.In2024,theCityhas complied with these limitations. 4.Cash and Cash Equivalents Cash and cash equivalents consists of the following: 2024 2023 $$ Unrestricted cash 106,698,661 87,856,299 Restricted cash Canada Community-Building Fund 26,538,226 29,075,588 CMHC Rapid Housing Initiative Fund 3,935,491 3,613,028 Deposits on contracts 2,877,488 1,716,652 CMHC Housing Accelerator Fund 1,798,652 - Funding to support Public Transit and HousingFunding to support Public Transit and HousingFunding to support Public Transit and Housing 1,373,126 2,469,256 Public Safety Building Safer Communities FundPublic Safety Building Safer Communities FundPublic Safety Building Safer Communities Fund 333,615 - Land Sub-division Fund 11,475 230,377 Airspace 2049 Fund 7,811 7,518 Saint John Non-Profit Housing Future Development FundSaint John Non-Profit Housing Future Development FundSaint John Non-Profit Housing Future Development Fund - 58,702 143,574,545 125,027,420 IncludedinthisamountarefundsinternallyrestrictedthrougharesolutiontoCommonCounciltosupportreservesasincludedinnote 21 for a total of $71,222,974 (2023 - $48,716,706) 13 The City of Saint John Notes to the Consolidated Financial Statements For the year ended December 31, 2024 5.Accounts Receivable Accounts receivable consist of the following: 2024 2023 $$ Water and sewer charges to ratepayers 23,550,521 9,680,160 Other receivables 20,354,175 21,925,761 Due from the Federal Government and its agencies (Note 6) 2,595,978 2,025,416 Due from the Province of New Brunswick (Note 7) 110,973 464,290 Allowance for doubtful accounts (2,711,583) (2,493,183) 43,900,064 31,602,444 6.Due from the Federal Government and its Agencies Amounts due from the Federal Government and its agencies consists of the following: 2024 2023 $$ Canada Revenue Agency HST receivable 2,595,978 2,025,416 2,595,978 2,025,416 7.Due from the Province of New Brunswick Amounts due from the Province of New Brunswick consists of the following: 202420242024 2023 $$$$ Department of Transportation 100,796100,796100,796 238,905 Other 10,17710,17710,177 55,184 Department of Public Safety --- 170,201 110,973110,973110,973 464,290 8.Investment in Energy Services Change in equity Saint John Energy: 2024 2023 $$ Investment, beginning of year 88,117,000 82,380,000 Share of equity earnings 2,530,000 5,737,000 Investment, end of year 90,647,000 88,117,000 9.Note Receivable The note receivable from the Power Commission of the City of Saint John is as follows:The note receivable from the Power Commission of the City of Saint John is as follows:The note receivable from the Power Commission of the City of Saint John is as follows: 2024 2023 $$ Power Commission of the City of Saint JohnPower Commission of the City of Saint JohnPower Commission of the City of Saint John 15,000,000 17,500,000 Thenotereceivableisa10-yeartermloan,loan,loan,unsecured,bearingunsecured,bearingunsecured,bearinginterestatratesrangingfrom0.5%to1.8%,principalrepayableinannual installments of $2,500,000 and maturing on November 26, 2030.installments of $2,500,000 and maturing on November 26, 2030.installments of $2,500,000 and maturing on November 26, 2030. 10.Other Investments Other investments consist of the following: 2024 2023 $$ Other investments 1,144,607 914,019 InvestmentsoftheCityofSaintJohnareheldwiththeBankofNovaScotiawhichfallwithinthescopeoftheCity’sInvestmentPolicy.Itis thepolicyoftheCitytoinvestfundstoprovidetheoptimalblendofinvestmentreturnsandprincipalprotectionwhilemeetingtheCity’s daily cash flow and liquidity demands. 11.Accounts Payable and Accrued Liabilities Accounts payable and accrued liabilities consist of the following: 2024 2023 $$ Trade payables 31,298,175 24,864,200 Payroll 8,634,015 7,734,995 Deposits 2,877,488 1,984,814 Conferences and holdings 1,054,163 1,399,842 Interest payable 373,136 398,966 Due to Pension Fund 297,353 198,709 Other 157,972 78,623 44,692,302 36,660,149 14 The City of Saint John Notes to the Consolidated Financial Statements For the year ended December 31, 2024 12.Deferred Government Transfers Deferred government transfers consist of the following: 2024 2023 $$ Canada Community-Building Fund 26,538,226 29,075,588 CMHC Rapid Housing Initiative Fund 3,935,491 3,613,028 Funding to support Public Transit and Housing 1,373,126 2,469,256 CMHC Housing Accelerator Fund 1,798,652 - Public Safety Building Safer Communities Fund 333,615 - 33,979,110 35,157,872 AspertheCanadaCommunityBuildingFundAgreement(formerlyGasTaxFunding),fundingreceivedaspartofthisfundingprogramis recordedasrevenueintheyearduringwhichrelatedexpendituresareincurred.TheCityalsoreceivedfundingfromtheFederaland ProvincialGovernmenttosupportpublictransitandhousing.Amountsthathavenotbeenspentarerecordedasdeferredgovernment transfers on the Consolidated Statement of Financial Position. 13.Long-Term Debt 2024 Interest RateTermAnnual Payment202420242024 2023 Year of Issue%(Years)$$$$$ New Brunswick Municipal Finance Corporation Debentures 20112.06015 200,000200,000200,000 1,400,0001,400,0001,400,000 1,600,000 20121.350 to 3.55015 767,000767,000767,000 2,296,0002,296,0002,296,000 3,063,000 20121.350 to 3.80020 425,000425,000425,000 3,400,0003,400,0003,400,000 3,825,000 20121.350 to 3.55015 300,000300,000300,000 900,000900,000900,000 1,200,000 20131.350 to 3.70015 687,000687,000687,000 2,743,0002,743,0002,743,000 3,430,000 20131.350 to 4.00020 550,000550,000550,000 4,950,000 5,500,000 20131.350 to 4.00020 360,000360,000360,000 5,040,000 5,400,000 20142.00020 500,000500,000500,000 5,000,000 5,500,000 20141.150 to 3.900151515 707,000707,000707,000 3,530,000 4,237,000 20141.200 to 3.700151515 267,000267,000267,000 1,330,000 1,597,000 20141.200 to 3.700202020 668,000668,000668,000 2,000,000 2,668,000 20141.150 to 3.9001.150 to 3.9001.150 to 3.900151515 27,000 130,000 157,000 20150.950 to 3.2500.950 to 3.2500.950 to 3.250151515 500,000 3,000,000 3,500,000 20151.050 to 3.6501.050 to 3.6501.050 to 3.650151515 133,000 803,000 936,000 20150.950 to 3.5000.950 to 3.5000.950 to 3.500202020 175,000 1,925,000 2,100,000 20151.050 to 3.1501.050 to 3.1501.050 to 3.150101010 175,000 175,000 350,000 20151.050 to 3.6501.050 to 3.6501.050 to 3.650151515 67,000 397,000 464,000 20161.200 to 3.5501.200 to 3.5501.200 to 3.550151515 300,000 2,100,000 2,400,000 20161.450 to 3.5001.450 to 3.5001.450 to 3.50015 400,000 2,800,000 3,200,000 20161.450 to 3.7501.450 to 3.7501.450 to 3.75020 200,000 2,400,000 2,600,000 20161.200 to 2.95010 400,000 800,000 1,200,000 20161.200 to 3.55015 67,000 464,000 531,000 20171.200 to 3.30015 333,000 2,669,000 3,002,000 20171.650 to 3.20015 133,000 1,069,000 1,202,000 20171.650 to 3.40030 1,500,000 34,500,000 36,000,000 20171.650 to 2.90010 350,000 1,050,000 1,400,000 20171.650 to 3.20015 67,000 531,000 598,000 20182.550 to 3.55015 700,000 6,300,000 7,000,000 20182.100 to 3.45010 125,000 500,000 625,000 20192.050 to 2.3005 1,034,000 - 1,034,000 20193.41010 143,000 713,000 856,000 20192.050 to 2.85010 75,000 375,000 450,000 20191.950 to 2.1005 334,000 - 334,000 20191.950 to 2.80015 1,059,000 4,935,000 5,994,000 15 The City of Saint John Notes to the Consolidated Financial Statements For the year ended December 31, 2024 13.Long-Term Debt (Continued) 2024 Interest RateTermAnnual Payment2024 2023 Year of Issue%(Years)$$$ 20191.950 to 2.45010 250,000 1,250,000 1,500,000 20200.900 to 1.5005 1,000,000 1,000,000 2,000,000 20200.500 to 2.30015 467,000 5,132,000 5,599,000 20200.500 to 1.80010 2,500,000 15,000,000 17,500,000 20200.900 to 2.05010 250,000 1,500,000 1,750,000 20210.300 to 2.30010 2,466,000 9,932,000 12,398,000 20210.855 to 2.76215 700,000 5,400,000 6,100,000 20210.855 to 2.37810 350,000 2,450,000 2,800,000 20224.700 to 4.70910 483,000 6,284,000 6,767,000 20243.360 to 4.33215 - 9,000,000 - 22,194,000 157,173,000 170,367,000 Other Debentures Canada Mortgage and Housing Debentures 20093.97015 124,740 --- 124,740 Total Debentures 22,318,740 157,173,000157,173,000157,173,000 170,491,740 Theaggregateamountofprincipalrepaymentsrequiredineachofthenextfivefivefiveyearsyearsyearsandandandthereafterthereafterthereaftertototomeetmeetmeetprovisionsoflong-termdebt, assuming maturity debt is renewed at terms comparable to those currently in effect, is as follows:assuming maturity debt is renewed at terms comparable to those currently in effect, is as follows:assuming maturity debt is renewed at terms comparable to those currently in effect, is as follows: $ 2025 20,817,000 2026 19,417,000 2027 17,296,000 2028 15,929,000 2029 10,730,000 Thereafter 72,984,000 157,173,000 16 The City of Saint John Notes to the Consolidated Financial Statements For the year ended December 31, 2024 14.Post Employment Benefits and Compensated Absences City of Saint John Shared Risk Plan TheCityofSaintJohnPensionPlan(FormerCSJPlan)wasconvertedtotheCityofSaintJohnSharedRiskPlan("CSJSRP")effectiveJanuary 1,2013(theconversiondate).ThepurposeoftheCSJSRPistoprovidesecurebenefitstomembersoftheplanwithoutanabsolute guaranteebutwithariskfocusedmanagementapproachdeliveringahighdegreeofcertaintythatbasebenefitscanbemetinthevast majorityofpotentialfutureeconomicscenarios.Theseobjectivesareachievedthroughthedevelopmentofariskmanagementframework thatadherestothelegislatedcriteria,resultsinalowprobabilitythatbasebenefitswillbereduced,andsetsoutthespecificstepstobe takenshouldthePlan'sfundedratiofallbelow,orexceed,specifiedthresholds.Thesesteps,whenthePlanisunderfunded,includethe cessationofindexationofbenefits,increasingcontributionrates(toapredeterminedmaximum),reducingcertainancillarybenefits,and ultimatelyreducingbasebenefits.WhenthePlanhasexcessfunding,previousbenefitreductionscanbereversed,indexingisfully implemented,andvariousotherpotentialincreasescanbeimplemented,includingadecreaseincontributionrates(toapredetermined maximum). SharedriskplansarelegislatedundertheprovincialPensionBenefitsAct(PBA)whichcontainsanumberofrequirementsthatmustbemet inordertoqualifyforregistrationbytheOfficeoftheSuperintendentofPensions.ThePlanisalsosubjecttotheIncomeTaxAct.ThePlan isadministeredbyaBoardofTrusteeswhichincludes4individualsnominatedbytheCityand4individualsnominatedbyeachofthefour unions. TheassetsofthePlanareheldbyRBCInvestorandTreasuryServiceswhichactsascustodiancustodiancustodianofofofthePlan.ThethePlan.ThethePlan.TheassetsofthePlanare managedbyvariousinvestmentmanagerswhohavediscretionaryinvestmentauthoritywithinwithinwithinthethetheinvestmentinvestmentinvestmentmandatesgiventothemby the Plan's Board of Trustees. The performance of the Plan relative to its benchmarks is measured on a regular basis.the Plan's Board of Trustees. The performance of the Plan relative to its benchmarks is measured on a regular basis.the Plan's Board of Trustees. The performance of the Plan relative to its benchmarks is measured on a regular basis. Forservicepriortotheconversiondate,thePlanprovidesforpensionsattherateofofof2%2%2%peryearperyearperyearofofofserviceserviceservicetimestimestimesthethetheaverageofthethree consecutiveyearsofservicehavingthehighestsalaryatthetimeofconversion.Forofconversion.Forofconversion.Forserviceserviceserviceafterafterafterthethetheconversionconversionconversiondate,thepensionaccru al foreachyearofserviceis1.8%timesthesalary(excludingovertimepay)earnedearnedearnedduringtheduringtheduringtherelevantyearrelevantyearrelevantyeartototoacertainmaximumsalaryof $155,499 that is indexed every year. Pensionbenefitsaccruedbeforetheconversiondatearepayablewithoutreductionpayablewithoutreductionpayablewithoutreductionwhenwhenwhenthethethemember’smember’smember’sageandserviceequalatleast85 (oratage65,ifearlier).Pensionbenefitsaccruedaftertheconversionconversionconversiondatedatedatearearearepayablewithoutreductionpayablewithoutreductionpayablewithoutreductionatage60foremployeesinthe InternationalAssociationofFireFightersandSaintJohnPoliceAssociationAssociationAssociationandandandatatatageageage656565forforforallallallotheremployees.Pensionbenefitscanbe paid as early as age 55 with a reduction. Sharedriskplansextinguishallaccruedrightstoautomatictoautomatictoautomaticfutureindexing.futureindexing.futureindexing.TheseTheseTheseautomaticautomaticautomaticadjustmentshavebeenreplacedbyindexinga s permitted by the Plan's funding policy, which is contingent on the SRP performance.permitted by the Plan's funding policy, which is contingent on the SRP performance.permitted by the Plan's funding policy, which is contingent on the SRP performance. Theinitialrequiredemployeecontributionsareequalequalequaltototo12%12%12%ofofofearningsearningsearningsforforforemployeesemployeesemployeesintheInternationalAssociationofFireFightersand SaintJohnPoliceAssociationandemployeecontributionscontributionscontributionsofofof9%9%9%ofofofearningsearningsearningsforotheremployees.Membersinpublicsafetyoccupations whoacceptanon-unionpositionwillhavehavehaveaaaone-timeone-timeone-timeopportunityopportunityopportunitytototoelectelectelecttocontinuetocontributeatthehigherrate.TheCitymakes initialrequiredemployercontributionsofofof15.2%15.2%15.2%andandand11.4%11.4%11.4%ofofofearningsearningsearnings(representingabout126.7%ofemployeecontributionrates)foreach ofthesegroups.TheinitialcontributioncontributioncontributionratesratesratesforbothforbothforboththethetheemployeesemployeesemployeesandtheCityissubjecttochangeasaresultofthetriggering mechanismandlimitationsimposedimposedimposedbythePlan’sfundingbythePlan’sfundingbythePlan’sfundingpolicy.policy.policy.Also,sinceApril1,2013,theCityisrequiredtomakecontributionsof17% ofearningsforaperiodof15years,orwhenwhenwhenthethethePlanPlanPlanachievesachievesachievesaminimumfundedratioof150%(ascalculatedunderthelegislation)usinga 15-yearopengroupmethod(nolessthanthanthan101010yearsyearsyearsofofofpaymentmustbepaymentmustbepaymentmustbemade).TheCityhasnootherfinancialobligationotherthanto make contributions at the above rates, and within the limits found under the Plan’s funding policy.make contributions at the above rates, and within the limits found under the Plan’s funding policy.make contributions at the above rates, and within the limits found under the Plan’s funding policy. Intheeventofawind-upofthePlaninthefiveyearsfollowingtheconversiondate,thePlanwouldbewoundupundertheprovisionsof theFormerCSJPlan.AllassumptionsrelatingtotheCSJSRPhavebeenmadeonthebasisofanon-goingPlanandtheCitydoesnotforesee a wind-up of the Plan. 17 The City of Saint John Notes to the Consolidated Financial Statements For the year ended December 31, 2024 14.Post Employment Benefits and Compensated Absences (Continued) City of Saint John Shared Risk Plan (Continued) Actuarial Valuations ActuarialvaluationsforthePlanareconductedannuallybytheBoardofTrusteesforregulatorypurposes.Inturn,theactuarialvaluations foraccountingpurposesarebasedonthesefigures(withadjustments).ThemostrecentactuarialvaluationwaspreparedasatJanuary1, 2024.Theactuarialvaluationsforaccountingpurposesarebasedonanumberofassumptionsaboutfutureevents,suchasinflationrates, interestrates,salaryincreases,employeeturnoverandmortality.TheaccruedbenefitobligationasatDecember31,2023andcurrent periodbenefitcostforthefollowingyeararebasedonanactuarialvaluationconductedasatDecember31,2023.Theaccruedbenefit obligationasatDecember31,2023andcurrentperiodbenefitcostforthefollowingyeararebasedonanactuarialvaluationconductedas atDecember31,2023andextrapolatedtoDecember31,2024,usingassumptionseffectiveforDecember31,2023.Theassumptionsused reflectmanagement'sbestestimates.Thefollowingsummarizesthemajorassumptionsintheaccountingvaluationsandextrapolationsat the various effective dates: 2024 2023 Discount rate 6.10%6.10% Inflation rate 2.10%2.10% Salary increase 2.85%2.85%2.85%2.85% MortalityCPM - 2014 mortality table with adjustments factorsCPM - 2014 mortality table with adjustments factorsCPM - 2014 mortality table with adjustments factors The Expected Average Remaining Service Life (EARSL) is 12 years. During the year, the City made pension contributions of $20,000,000 The Expected Average Remaining Service Life (EARSL) is 12 years. During the year, the City made pension contributions of $20,000,000 The Expected Average Remaining Service Life (EARSL) is 12 years. During the year, the City made pension contributions of $20,000,000 (2023 - $19,400,000). ThefollowingtablereflectstheCity'sshareoftheaccruedbenefitliability,whichwhichwhichequalsequalsequalstototothefullthefullthefullportionofportionofportionoftheAccumulatedBenefit Obligation("ABO")relatedtothetemporarycontributionsand55.9%oftheremainingtheremainingtheremainingportionofportionofportionofthethetheABOABOABOnetofPlanassetsbecause fundingcontributionsaresharedat55.9%bytheCityand44.1%byemployees,employees,employees,beforebeforebeforetakingtakingtakingintoaccounttheadditionalintoaccounttheadditionalintoaccounttheadditionaltempor ary contribution of 17% of earnings. 2024 2023 $$ City share of accrued benefit liability, beginning of year 20,200,000 25,600,000 City share of current period benefit cost 5,900,000 5,600,000 Interest cost 900,000 1,100,000 Less: City contributions (20,000,000) (19,400,000) Actuarial (gain) loss (3,800,000) 7,300,000 City share of accrued benefit liability, end of yearCity share of accrued benefit liability, end of yearCity share of accrued benefit liability, end of year 3,200,000 20,200,000 Unamortized actuarial gain 23,400,000 23,700,000 Pension liability, end of year 26,600,000 43,900,000 The following table reflects the City share of pension related expenses:The following table reflects the City share of pension related expenses:The following table reflects the City share of pension related expenses: 2024 2023 $$ Current period benefit cost 5,900,000 5,600,000 Interest cost 900,000 1,100,000 Amortization of City share of actuarial gain (4,100,000) (4,200,000) Total expense related to Pension 2,700,000 2,500,000 18 The City of Saint John Notes to the Consolidated Financial Statements For the year ended December 31, 2024 14.Post Employment Benefits and Compensated Absences (Continued) Other Employee Future Benefits TheCityprovidesforthepaymentofretirementallowancestoretiringemployeesinaccordancewiththetermsofthevariouscollective agreementsandMunicipalpolicy.Theretirementallowanceisbasedonthemember’sfinalannualsalaryandyearsofserviceatretirement. EmployeesuponretirementfromtheCityareentitledtoaretirementallowanceequaltoonemonth’spay,toamaximumofsixmonths,for everyfiveyearsofservice.Theprogramhasbeenamendedtoprovidecertainemployeeswithapayoutoptionpriortoretirement. Accepting the early payout option eliminates further accumulation of retirement allowance entitlement for those employees. TheCityalsoprovidesforemployeesickleave.Unusedsickleaveaccumulatestoamaximumnumberofhourswhichvariesbyemployment agreement.Underthisprogram,employeesarenotentitledtoacashpaymentinlieuofsickleavewhentheyleavetheCity’semployment except as described below with respect to the retirement both outside workers (local 18) and firefighters (local 771). Uponretirement,membersofLocal18and771willbeeligibletoreceive10%oftheirregularrateofpayforaccumulatedsickleavecredits in excess of 1,760 hours or 2,280 hours respectively. ForemployeesoftheCityofSaintJohnFiredepartment,whoareunabletoworkduetoheartdiseaseorpermanentinjurytothelungs,the CitypayscertainamountstodisabledfirefightersortheirsurvivorspouseasaresultoftheprovisionsofanActoftheLegislature,knownas the Act respecting the Saint John Firefighter's Association. AsatJanuary1,2013,theCity’spensionplanwasconvertedtoasharedriskmodel.Aspartpartpartofofofthethetheconversion,conversion,conversion,theCityassumedthe obligationforpayingexistingdisabilitypensions,thathadbeengrantedundertheoldplan,untildisabledplan,untildisabledplan,untildisabledmembersmembersmembersreachtheageof65.On agoforwardbasis,disabilitycoverageisnowprovidedforemployeesthroughalongtermtermtermdisabilitydisabilitydisabilityprogramprogramprogramadministeredadministeredadministeredbyaninsurance carrier. FinallytherearespecificagreementsthatobligatetheCitytopaytopuppensionsuppensionsuppensionstototocertaincertaincertainindividuals.Duringtheindividuals.Duringtheindividuals.Duringtheyear,theCitymade payments of $64,100 (2023 - $65,905) related thereto. Valuation Techniques and Assumptions Actuarialvaluationsoftheabovebenefitsarecompletedforaccountingpurposesusingtheaccountingpurposesusingtheaccountingpurposesusingtheprojectedbenefitprojectedbenefitprojectedbenefitmethodproratedonservi ces. Thelastactuarialvaluationofthepost-employmentbenefitplansplansplanswaswaswasconductedconductedconductedasatasatasatDecemberDecemberDecember31,2024.Previoustothat,anactuarial valuation was performed as at December 31, 2023. Theabovebenefitplansareunfundedandassuch,therearearearenoapplicablenoapplicablenoapplicableassets.assets.assets.BenefitsBenefitsBenefitsarepaidoutofgeneralrevenueastheybecome due. Areconciliationoftheaccruedbenefitobligationforforforthesethesetheseplans,plans,plans,alongalongalongwithwithwiththethethemainassumptionsusedfordisclosureandexpense calculations are as follows: 2024 2023 $$ Accrued benefit obligation, beginning of yearAccrued benefit obligation, beginning of yearAccrued benefit obligation, beginning of year 18,788,600 18,390,100 Current period benefit cost 1,007,900 903,200 Benefit payments (2,105,700) (2,103,600) Interest cost 779,000 823,700 Actuarial (gain) loss (925,300) 775,200 Other employee future benefits, end of year 17,544,500 18,788,600 2024 2023 $$ Main assumptions used for these plans: Discount rate 4.45%4.27% Salary increase 3.00%3.00% EARSL Range 1 to 25 1 to 25 19 The City of Saint John Notes to the Consolidated Financial Statements For the year ended December 31, 2024 14.Post Employment Benefits and Compensated Absences (Continued) Thesebenefitplansrequirenocontributionsfromemployees.ThebenefitliabilityasatDecember31,2024includesthefollowing components: 2024 2023 $$ Accrued Benefit Obligation (Carrying Value) Retirement allowances 4,413,300 3,948,200 Sick leave 6,630,000 7,811,200 Heart and lung pension 3,155,500 3,192,000 Disability benefits 1,770,000 2,326,800 Contractual top up agreements 705,000 722,500 Sick leave - Saint John Transit Commission 870,700 787,900 17,544,500 18,788,600 Unamortized actuarial gain (loss) 213,500 (1,005,200) 17,758,000 17,783,400 TheunamortizedactuariallosseswillbeamortizedovertheEARSLoftherelatedemployeegroupsstartinginthenextfiscalyear.EARSLis determined separately for each benefit program. The total expense related to other employee benefits described above includes the following components:The total expense related to other employee benefits described above includes the following components:The total expense related to other employee benefits described above includes the following components: 202420242024 2023 $$$$ Current period benefit cost 1,007,9001,007,9001,007,900 903,200 Amortization of actuarial loss 293,400293,400293,400 230,200 1,301,3001,301,3001,301,300 1,133,400 Other employee benefit interest expense 779,000779,000779,000 823,700 Total expense related to other employee future benefits 2,080,3002,080,3002,080,300 1,957,100 15.Contingencies TheCityis,fromtimetotime,subjecttovariousinvestigations,investigations,investigations,claims,claims,claims,andandandlegallegallegalproceedingsproceedingsproceedingscoveringmattersthatariseintheordina ry courseofitsbusinessactivities.TheoutcomeofalltheproceedingsandthetheproceedingsandthetheproceedingsandtheclaimsclaimsclaimsagainstagainstagainsttheCityissubjecttofutureresolutionandthe uncertaintiesoflitigation.Managementbelievesthatanythatanythatanyliabilityliabilityliabilitythatthatthatmayultimatelymayultimatelymayultimatelyresultfromtheresolutionofthesematterswillnot have a material adverse effect on the consolidated financial position or operating results of the City.have a material adverse effect on the consolidated financial position or operating results of the City.have a material adverse effect on the consolidated financial position or operating results of the City. 16.Commitments Fundy Regional Service Commission During2022,theFundyRegionalServiceServiceServiceCommissionroleCommissionroleCommissionrolewaswaswasexpandedbytheexpandedbytheexpandedbytheProvincialGovernmentthroughanamendmentofthe "RegionalServiceDeliveryAct".UndertheUndertheUndertheamendedamendedamendedprovisionsofprovisionsofprovisionsoftheAct,theRegionalServiceCommissionhastheauthoritytodetermine theannualamountoftotalmunicipalcontributionsmunicipalcontributionsmunicipalcontributionstototobemadebemadebemadetowardseconomicdevelopment,tourismpromotion,community development,regionaltransportation,recreationinfrastructureregionaltransportation,recreationinfrastructureregionaltransportation,recreationinfrastructurecostsharingandadditionalsocialfocus.Theoperati onoffiveregional facilities:SaintJohnAquaticCentreCommission,Commission,Commission,TDTDTDStationStationStationCommission,SaintJohnTradeandConventionCentre,ImperialTheatreand SaintJohnArtsCentrearenowundertheprovisionsofprovisionsofprovisionsoftheRegionalServiceDeliveryAct,theCity’scontributionisitsproratashareofthe RegionalFacilitiesCommission’soperatingbudgetandcapitalbudgetisbasedon50%ofthetaxbasesand50%ofpopulationbasedonthe participatingmunicipalitiesoftheTownofQuispamsis,theTownofRothesay,theTownofGrandBay-Westfield,TownofHampton,Local ServiceDistrictsofFundy-St.MartinsandFundyRuralDistrictandtheCityofSaintJohn.TheCity'scontributionis55.91%in2024(2023- 55.76%). TheCityisalsoliableforaproratashareofthedebenturesandotherlong-termdebtissuedonbehalfoftheCommission.Thetotalofsuch debt outstanding at December 31, 2024 amounted to $2,258,000 (2023 – $3,185,000). 20 The City of Saint John Notes to the Consolidated Financial Statements For the year ended December 31, 2024 17.Water and Sewer Fund Surplus TheMunicipalitiesActrequiresWaterandSewerFundsurplus/deficitamountstobeabsorbedintooneormoreoffourOperatingBudgets commencing with the second ensuing year; the balance of the surplus/deficit at the end of the year consists of: 2024 2023 $$ 2024 Surplus 2,592,951 - 2023 Surplus 307,813 307,813 2022 Surplus 199,713 266,284 2021 Surplus 758,148 1,137,222 2020 Surplus 242,260 484,519 2019 Surplus - 49,183 4,100,885 2,245,021 18.Water Cost Transfer TheCity’swatercosttransferforfireprotectioniswithinthemaximumallowablebyRegulation81-195undertheMunicipalitiesAct,based upon the applicable percentage of water system expenditures for the population. 19.Funds Held in Trust FundsadministeredbytheCityforthebenefitofexternalpartiesarenotincludedintheconsolidatedconsolidatedconsolidatedfinancialfinancialfinancialstatements.Theamount administered as at December 31, 2024 was $547,131 (2023 - $520,155). 20.Asset Retirement Obligation Theestimatedliabilityisthepresentvalueoffuturecashflowassociatedwiththethetheassetassetassetretirementretirementretirementcostscostscostsdiscountedusingdiscountedusingdiscountedusingadiscountingrate of 4.27% for the year 2024. The City asset retirement obligation consists of obligations as follows:of 4.27% for the year 2024. The City asset retirement obligation consists of obligations as follows:of 4.27% for the year 2024. The City asset retirement obligation consists of obligations as follows: TheCityhasbuildingsthatwerebuiltbefore1990thatmayhaveasbestosasbestosasbestosandandandfuelfuelfuelstoragestoragestoragetanks.tanks.tanks.TheTheThecostofremovaloftheasbestosand fuel storage tank remediation have been recognized under PS 3280 - Asset Retirement Obligation.fuel storage tank remediation have been recognized under PS 3280 - Asset Retirement Obligation.fuel storage tank remediation have been recognized under PS 3280 - Asset Retirement Obligation. The transition and recognition of asset retirement obligation involved an accompanying increase to the Capital Assets.The transition and recognition of asset retirement obligation involved an accompanying increase to the Capital Assets.The transition and recognition of asset retirement obligation involved an accompanying increase to the Capital Assets. Asset Retirement Obligation 2024 2023 $$ Gross undiscounted expenditure 24,332,214 24,332,214 16,141,422 - Opening balance Adjustment to recognize asset retirement obligationAdjustment to recognize asset retirement obligationAdjustment to recognize asset retirement obligation - 14,552,805 on adoption (note 2) Accretion expenses 229,907 1,588,618 16,371,329 16,141,422 Closing balance 21.Financial Instruments Risk Management The City has exposure to the following risks from its use of financial instruments: credit risk, liquidity risk and interest rate risk. Credit Risk Creditriskistheriskoffinanciallosstothecityifacustomerorcounterpartytoafinancialinstrumentfailstomeetitscontractual obligation.SuchrisksaremainlyfromcertainfinancialassetsheldbytheCityconsistingofcashandcashequivalents,ristrictedcash, receivablesandloansandadvancesgiven.TheCityisexposedtothecreditriskonitsreceivablesandloansgivenasdisclosedinnotes5and 9.Allowancesfordoubtfulaccountsareprovidedforpotentiallossesthathavebeenincurredatthereportingdate.Theamountsdisclosed ontheconsolidatedstatementoffinancialpositionarenetoftheseallowancesfordoubtfuldebt.Managementbelievesitsallowancefor doubtful accounts is sufficient on its receivable and has a collection recovery procedure in place to mitigate credit risk. Liquidity Risk LiquidityriskistheriskthattheCitywillnotbeabletomeetitsfinancialobligationsastheybecomedue.TheCity'sobjectiveistohave sufficientliquiditytomeettheseliabilitieswhendue.TheCitymonitorsitscashbalanceandcashflowsgeneratedfromoperationstomeet its liquidity requirements. 21 The City of Saint John Notes to the Consolidated Financial Statements For the year ended December 31, 2024 21.Financial Instruments (Continued) Liquidity Risk (Continued) Theliquidityriskarisesfromthefinancialliabilitiesconsistingofpayablesandaccrualsasdisclosedinnote11andlongtermdebtas disclosed in note 13. Interest Rate Risk Interestrateriskistheriskthatthefairvalueorfuturecashflowofitsfinancialinstrumentwillfluctuatebecauseofchangesinthemarket interestrates.Thelongtermdebtisatfixedinterestrateandarepaidbasedoncontractualrequirementsofthedebtinstrument.Achange inmarketinterestdoesnotimpactcashflowstoservicedebt.Theoperatinglineofcreditissubjecttofloatinginterestrate.Achangeinthe variable rate can impact cashflow to service the debt when such debt is outstanding. 22.Reclassification Prioryearamountshavebeenreclassifedtoconfirmtothecurrentyearfinancialstatementpresentationwhereverrequired.These reclassification have no impact on previous year reported surplus. 22 The City of Saint John Notes to the Consolidated Financial Statements For the year ended December 31, 2024 21.Statement of Reserves General Water & Sewer Water & Sewer Operating General Capital Capital ReserveOperating ReserveReserveReserve 2024 Total 2023 Total Assets Cash 13,231,8362,362,6728,044,70425,077,487 48,716,699 41,841,706 Investments (a) 700,000 - - 5,400,000 6,100,000 6,875,000 Accumulated surplus 13,931,836 2,362,672 8,044,704 30,477,48730,477,48730,477,487 54,816,699 48,716,706 Revenue Transfers from Water and Sewerage Utility Operating 13,624,400 1,118,631 - --- 14,743,031 4,221,629 Transfer between Operating and Capital - - 250,000250,000250,000 --- 250,000 - Transfers from General Operating Fund - - 816,000816,000816,000 11,608,75111,608,75111,608,751 12,424,751 10,864,514 Proceeds on Sale of Assets - - --- 1,054,1851,054,1851,054,185 1,054,185 52,929 Interest 679,238 121,185 412,624412,624412,624 984,935 2,197,982 1,990,666 Total Revenues 14,303,638 1,239,8161,239,8161,239,816 1,478,6241,478,6241,478,624 13,647,871 30,669,949 17,129,738 Expenditures - 1,637,8041,637,8041,637,804 1,134,7581,134,7581,134,758 5,391,119 8,163,681 5,959,871 Annual surplus (deficit) 14,303,638 (397,988)(397,988)(397,988) 343,866343,866343,866 8,256,752 22,506,268 11,169,867 Balance, beginning of year 13,231,836 2,362,6722,362,6722,362,672 8,044,7048,044,7048,044,704 25,077,487 48,716,706 37,546,839 Balance, end of year 27,535,474 1,964,6841,964,6841,964,684 8,388,5708,388,5708,388,570 33,334,239 71,222,974 48,716,706 (a) Included in the assets of General and Water and Sewer Capital Reserves is $6,100,000 of interfund debentures.(a) Included in the assets of General and Water and Sewer Capital Reserves is $6,100,000 of interfund debentures.(a) Included in the assets of General and Water and Sewer Capital Reserves is $6,100,000 of interfund debentures. Name of InvestmentPrinciple AmountPrinciple AmountPrinciple AmountInterest RateDate of Maturity Interfund Debenture - IFD 1 20235,400,0005,400,0005,400,0004.511%-5.245%December 12, 2033 Interfund Debenture - IFD 2 2023700,000700,000700,0004.511%-5.245%December 12, 2028 23 The City of Saint John Notes to the Consolidated Financial Statements For the year ended December 31, 2024 21.Statement of Reserves (Continued) Council Resolutions regarding transfers to and from reserves Common Council Meeting – December 9th, 2024 – Open Session Moved by Councillor Sullivan, seconded by Deputy Mayor MacKenzie: RESOLVED that as recommended by the Finance Committee Common Council approve the transfer of funds to and from the following reserves: General Operating Reserves $816,000 from the General Operating Fund to the General Operating Reserve $1,134,758 from the General Operating Reserve to the General Operating Fund $250,000 form the General Capital Reserve to the General Operating Fund General Capital Reserves $12,662,936 from the General Operating Fund to General Capital Reserve $6,543,838 from the General Capital Reserve to the General Capital Fund $250,000 from the General Capital Reserve to the General Operating Fund Utility Operating Reserves $1,118,631 from the Utility Operating Fund to the Utility Operating Reserve (Industrial Rate Stabilization) $1,637,894 from the Utility Operating Reserve to the Utility Operating Fund$1,637,894 from the Utility Operating Reserve to the Utility Operating Fund$1,637,894 from the Utility Operating Reserve to the Utility Operating Fund Utility Capital Reserves $3,124,400 from the Utility Operating Fund to the Utility Fund Capital Reserve$3,124,400 from the Utility Operating Fund to the Utility Fund Capital Reserve$3,124,400 from the Utility Operating Fund to the Utility Fund Capital Reserve Common Council Meeting – December 16th, 2024 – Open SessionCommon Council Meeting – December 16th, 2024 – Open SessionCommon Council Meeting – December 16th, 2024 – Open Session Moved by Councillor Stewart, seconded by Councillor Sullivan:Moved by Councillor Stewart, seconded by Councillor Sullivan:Moved by Councillor Stewart, seconded by Councillor Sullivan: RESOLVED that as recommended by the Finance Committee having met on RESOLVED that as recommended by the Finance Committee having met on RESOLVED that as recommended by the Finance Committee having met on December 4th, 2024 Common Council approve the transfer of $10,500,000 from the December 4th, 2024 Common Council approve the transfer of $10,500,000 from the December 4th, 2024 Common Council approve the transfer of $10,500,000 from the Utility Operating Fund to the Utility Capital Fund Reserve. Utility Operating Fund to the Utility Capital Fund Reserve. Utility Operating Fund to the Utility Capital Fund Reserve. 24 The City of Saint John Notes to the Consolidated Financial Statements For the year ended December 31, 2024 22.Tangible Capital Assets Water & Asset Land Leasehold Machinery & Wastewater Assets under Retirement ImprovementsImprovementsBuildingsVehiclesEquipmentTransportationNetworksConstructionObligation2024 Total Land $$$$$$$$$$$ COST Balance, beginning of year 148,316,192 52,353,900 5,802,760 221,755,132 56,700,770 22,571,598 479,870,382479,870,382479,870,382 780,159,858 32,043,240 14,552,805 1,814,126,636 Additions and transfers 4,979,033 17,542,366 - 17,092,041 5,670,262 1,659,2871,659,2871,659,287 13,953,32113,953,32113,953,321 10,867,459 (13,285,175) - 58,478,594 Disposals - 2,385,908 - 9,307,539 1,605,780 719,109719,109719,109 4,369,7984,369,7984,369,798 1,105,977 - - 19,494,111 Balance, end of year 153,295,225 67,510,358 5,802,760 229,539,634 60,765,252 23,511,77623,511,77623,511,776 489,453,905489,453,905489,453,905 789,921,340 18,758,065 14,552,805 1,853,111,119 ACCUMULATED AMORTIZATION Balance, beginning of year - 23,852,777 2,808,443 128,048,913 35,429,24135,429,24135,429,241 16,096,82416,096,82416,096,824 260,578,314260,578,314260,578,314 342,928,759 - 3,537,738 813,281,009 Amortization for the year - 2,247,231 325,843 5,805,434 3,844,3483,844,3483,844,348 1,712,3701,712,3701,712,370 12,078,28012,078,28012,078,280 17,350,448 - 1,168,757 44,532,711 Accumulated amortization - 2,088,364 - 8,422,685 1,598,3771,598,3771,598,377 398,549398,549398,549 3,909,415 893,777 - - 17,311,167 on disposal Balance, end of year - 24,011,644 3,134,286 125,431,662125,431,662125,431,662 37,675,21237,675,21237,675,212 17,410,64517,410,64517,410,645 268,747,179 359,385,430 - 4,706,495 840,502,553 NET BOOK VALUE OF TANGIBLE CAPITAL ASSETS 153,295,225 43,498,714 2,668,474 104,107,972104,107,972104,107,972 23,090,04023,090,04023,090,040 6,101,131 220,706,726 430,535,910 18,758,065 9,846,310 1,012,608,566 Consists of: General Fund assets 153,295,225 43,498,714 2,668,4742,668,4742,668,474 104,107,972104,107,972104,107,972 23,090,040 6,101,131 220,706,726 - 13,391,253 9,846,310 576,705,845 Water and Wastewater assets - - --- --- - - - 430,535,910 5,366,812 - 435,902,721 153,295,225 43,498,714 2,668,4742,668,4742,668,474 104,107,972104,107,972104,107,972 23,090,040 6,101,131 220,706,726 430,535,910 18,758,065 9,846,310 1,012,608,566 25 The City of Saint John Notes to the Consolidated Financial Statements For the year ended December 31, 2024 22.Tangible Capital Assets (Continued) Water & Asset Land Leasehold Machinery & Wastewater Assets under Retirement ImprovementsImprovementsBuildingsVehiclesEquipmentTransportationNetworksConstructionObligation2023 Total Land $$$$$$$$$$$ COST Balance, beginning of year 148,316,192 48,680,061 5,802,760 220,100,750 52,696,665 21,331,65121,331,65121,331,651 471,075,061471,075,061471,075,061 774,092,313 13,757,538 - 1,755,852,992 Additions and transfers - 3,678,230 - 1,809,467 4,488,660 1,239,9471,239,9471,239,947 11,786,13011,786,13011,786, 130 6,779,005 18,285,702 14,552,805 62,619,945 Disposals - 4,391 - 155,085 484,555 --- 2,990,8092,990,8092,990,809 711,460 - - 4,346,299 Balance, end of year 148,316,192 52,353,900 5,802,760 221,755,132 56,700,770 22,571,59822,571,59822,571,598 479,870,382479,870,382479,870,382 780,159,858 32,043,240 14,552,805 1,814,126,638 ACCUMULATED AMORTIZATION Balance, beginning of year - 22,304,968 2,482,600 122,680,510 32,415,07832,415,07832,415,078 14,510,03414,510,03414,510,034 251,229,769251,229,769251,229,769 326,217,347 - - 771,840,306 Amortization for the year - 1,551,980 325,843 5,408,334 3,498,7183,498,7183,498,718 1,586,7901,586,7901,586,790 11,955,09311,955,09311,955,093 17,233,548 - 3,537,738 45,098,043 Accumulated amortization - 4,171 - 39,931 484,555484,555484,555 --- 2,606,550 522,135 - - 3,657,343 on disposal Balance, end of year - 23,852,777 2,808,443 128,048,913128,048,913128,048,913 35,429,24135,429,24135,429,241 16,096,82416,096,82416,096,824 260,578,312 342,928,759 - 3,537,738 813,281,006 NET BOOK VALUE OF TANGIBLE CAPITAL ASSETS 148,316,192 28,501,123 2,994,317 93,706,21993,706,21993,706,219 21,271,53021,271,53021,271,530 6,474,774 219,292,070 437,231,099 32,043,240 11,015,067 1,000,845,631 Consists of: General Fund assets 148,316,192 28,501,123 2,994,3172,994,3172,994,317 93,706,21993,706,21993,706,219 21,271,530 6,474,774 219,292,070 - 26,676,428 11,015,067 558,247,720 Water and Wastewater assets - - --- - - - - 437,231,099 5,366,812 - 442,597,911 148,316,192 28,501,123 2,994,3172,994,3172,994,317 93,706,21993,706,21993,706,219 21,271,530 6,474,774 219,292,070 437,231,099 32,043,240 11,015,067 1,000,845,631 26 The City of Saint John Notes to the Consolidated Financial Statements For the year ended December 31, 2024 23.Segment Disclosure General Environmental Recreational & Government Protective Transportation Water & Sewer Environmental Development Cultural Energy 2024 2023 ServicesServicesServicesServicesHealth ServicesServicesServicesServicesConsolidated Consolidated $$$$$$$$$$ REVENUES Property taxes 150,579,477 - - - - - - - 150,579,477 142,169,733 Unconditional grant 13,773,578 - - - - --- - - 13,773,578 15,321,432 Fundy regional service grant 1,009,640 - - - - --- - - 1,009,640 546,630 Other revenue from own sources 4,405,204 2,275,978 10,287,886 - --- 10,021,34910,021,34910,021,349 1,610,709 - 28,601,126 29,638,033 Miscellaneous revenue 3,966,433 - - - --- --- - - 3,966,433 820,635 Water & sewer revenue - - - 63,679,362 --- - - - 63,679,362 47,634,536 Income from energy services - - - - --- - - 2,530,000 2,530,000 5,737,000 Contributions from others 356,943 19,745 201,833 145,560145,560145,560 --- 497,010 1,421,306 - 2,642,397 1,628,239 174,091,275 2,295,723 10,489,719 63,824,92263,824,92263,824,922 --- 10,518,359 3,032,015 2,530,000 266,782,013 243,496,238 EXPENSES Salaries and benefits 2,804,220 51,034,092 21,668,84921,668,84921,668,849 10,286,22110,286,22110,286,221 1,447,9071,447,9071,447,907 7,487,531 5,477,173 - 100,205,993 93,190,685 Goods and services 15,046,281 7,689,585 14,824,13914,824,13914,824,139 20,178,76120,178,76120,178,761 2,426,170 12,567,996 5,429,111 - 78,162,043 70,507,240 Amortization of tangible assets 10,737,942 - 14,103,61214,103,61214,103,612 17,347,37517,347,37517,347,375 - 157,943 2,185,839 - 44,532,711 45,098,043 Interest and bank charges 2,275,827 - 301,131301,131301,131 2,031,2222,031,2222,031,222 - 62,817 241 - 4,671,238 5,062,257 30,864,270 58,723,677 50,897,73150,897,73150,897,731 49,843,57949,843,57949,843,579 3,874,077 20,276,287 13,092,364 - 227,571,985 213,858,225 SURPLUS (DEFICIT) FOR THE YEAR 143,227,005 (56,427,954) (40,408,012)(40,408,012)(40,408,012) 13,981,343 (3,874,077) (9,757,928) (10,060,349) 2,530,000 39,210,027 29,638,013 27 The City of Saint John Notes to the Consolidated Financial Statements For the year ended December 31, 2024 24.Consolidated Schedule of Accumulated Surplus (Deficit) Reconciliation Water & General Sewer Water & Operating General Operating Sewer Capital Controlled FundCapital Fund Fund FundTrust FundsEntitiesTotal $$$$$$$$$ 2024 Annual Fund surplus (deficit), per Local Governance Act 39,097 30,406,62130,406,62130,406,621 2,592,9542,592,9542,592,954 22,633,175 - (7,753,157) 47,918,690 Adjustments to 2024 annual surplus (deficit) for funding requirements Second previous year's surplus 2,336,841 --- 737,731737,731737,731 - - - 3,074,572 PSAS adjusting entries 59,945,253 (57,588,884)(57,588,884)(57,588,884) 27,873,18327,873,18327,873,183 (29,894,414) - 1,395,000 1,730,138 Amortization expense - 27,182,26327,182,26327,182,263 - 17,350,448 - - 44,532,711 Long-term debt principal repayment (14,730,740)(14,730,740)(14,730,740) --- (6,193,000) - - (1,395,000) (22,318,740) Post employment adjustment 1,021,6001,021,6001,021,600 --- - - - - 1,021,600 Pension expense 13,200,00013,200,00013,200,000 - - - - - 13,200,000 Amortization of actuarial gain (38,130,000)(38,130,000)(38,130,000) - - - - - (38,130,000) Capital from operating 6,800,0006,800,0006,800,000 - 6,175,966 - - - 12,975,966 Total adjustments to 2024 annual surplus (deficit) 30,442,95430,442,95430,442,954 (30,406,621) 28,593,880 (12,543,966) - - 16,086,247 2024 Annual Surplus (Deficit), per PSAS 30,482,05130,482,05130,482,051 - 31,186,834 10,089,209 - (7,753,157) 64,004,937 28 The City of Saint John Notes to the Consolidated Financial Statements For the year ended December 31, 2024 25.Controlled Entities Operations The City of Saint John Saint John Saint John Harbour Saint John Trade and Transit Free Public Station Aquatic Center Convention Commission Commission Commission LibraryCommissionCommissionCentre $$$$$$$ Total assets 23,746,11623,746,11623,746,116 1,505,888 2,271,999 394,569 40,808 Total liabilities 10,081,60410,081,60410,081,604 18,063 1,908,573 458,786 385,939 Accumulated surplus (deficit) 13,664,51213,664,51213,664,512 1,487,825 363,426 (64,217) (345,131) Total revenues 6,093,5516,093,5516,093,551 274,778 2,356,351 2,142,674 1,270,492 Total operating expenses 14,359,06114,359,06114,359,061 667,049 2,890,729 2,890,310 1,225,583 Annual surplus (deficit) (8,265,510) (392,271) (534,378) (747,636) 44,909 Lord Power Saint John Beaverbrook Commission of Industrial 2024 2023 Rink at Saint the City of Parks (2024) Consolidated Consolidated John Inc. Saint JohnLtd $$$$$ Total assets 479,483 90,647,000 2,663,766 121,749,629 116,641,916 Total liabilities 331,325 - 11,043 13,195,333 11,900,021 Accumulated surplus (deficit) 148,158 90,647,000 2,652,723 108,554,296 104,741,895 Total revenues 416,756 2,530,000 - 15,084,602 16,815,935 Total operating expenses 626,422 - 178,605 22,837,759 21,322,597 Annual surplus (deficit) (209,666) 2,530,000 (178,605) (7,753,157) (4,506,662) The above noted entities are included in the Consolidated Financial Statements. The results of Saint John Energy are included in the Consolidated Financial Statements using the modified equity method 29 The City of Saint John Notes to the Consolidated Financial Statements For the year ended December 31, 2024 26.Reconciliation of Funding Deficit Upon Adoption of PSAS OnJanuary1,2017theCityadoptedtheuseofPSAS.Asaresult,certainliabilitiesrelatingtoemployment benefits had to be restated to reflect the adoption of the standards. Special Top-up Retirement AgreementsAllowancesHeart and Lung $$$ Liabilities at December 31, 2016 as calculated on 1,035,500 5,133,600 4,517,400 adoption of PSAS Amount of December 31, 2016 liabilities funded (330,500) (720,300) (1,361,900) in current year Balance to be funded in future years 705,000705,000705,000 4,413,3004,413,3004,413,300 3,155,500 30 The City of Saint John Notes to the Consolidated Financial Statements For the year ended December 31, 2024 27.Other Revenue and Expense Details 2024 Budget (Unaudited) (Note 2)2024 2023 $$$ REVENUE Other Revenue from Own Sources Transportation services 16,959,971 10,287,886 9,805,906 Environmental development services 7,687,972 10,021,349 9,052,405 Protective services 1,972,113 2,275,978 4,765,806 General government services 4,460,554 4,405,204 4,511,526 Recreational and cultural services 1,197,2851,197,2851,197,285 1,610,709 1,502,390 32,277,89532,277,89532,277,895 28,601,12628,601,12628,601,126 29,638,033 Contributions from Others Recreational and cultural services --- 1,421,306 1,074,546 Transportation services 250,000250,000250,000 201,833 220,989 Protective services 20,00020,00020,000 19,745 24,550 Water and sewer services --- 145,560 - Environmental development services 1,034,9461,034,9461,034,946 497,010 - General government services - 356,943 308,154 1,304,946 2,642,397 1,628,239 Government Transfers for CapitalGovernment Transfers for CapitalGovernment Transfers for Capital Regional Development CorporationRegional Development CorporationRegional Development Corporation - 858,891 - Canada Community Building FundCanada Community Building FundCanada Community Building Fund - 9,073,350 5,590,175 Funding Support Public Transit and HousingFunding Support Public Transit and HousingFunding Support Public Transit and Housing - 1,096,130 1,873,000 Community Development FundCommunity Development FundCommunity Development Fund - - 1,408,229 Other - 58,790 663,686 Deep Energy Retrofit - - 550,000 Low Carbon Fund - 512,796 786,504 Integrated Bilateral Funding - 12,703,304 15,094,720 Infrastructure Canada - DMAF - 227,074 957,990 - 24,530,335 26,924,303 Other Contributed Assets for Capital Net Assets from Saint John Trade & Convention - 242,554 - Centre Other - 22,019 - - 264,573 - 31 The City of Saint John Notes to the Consolidated Financial Statements For the year ended December 31, 2024 27.Other Revenue and Expense Details (Continued) 2024 Budget (Unaudited) (Note 2)2024 2023 $$$ EXPENDITURES General Government Services Legislative Common Council 593,458 546,252 607,768 Mayor's office 161,579 166,877 186,332 755,037 713,129 794,100 Chief Administration Chief administration officer 759,585759,585759,585 857,360 1,009,887 Corporate communications 527,882527,882527,882 443,428443,428443,428 403,524 Corporate planning 337,961337,961337,961 365,080365,080365,080 228,811 1,625,4281,625,4281,625,428 1,665,868 1,642,222 Common Services Property assessment 1,767,4931,767,4931,767,493 1,767,493 1,622,340 City hall building 1,021,6961,021,6961,021,696 1,245,382 1,011,057 Public liability insurance 575,000575,000575,000 544,561 538,821 3,364,189 3,557,436 3,172,218 Other Amortization - 9,564,693 8,978,077 Accretion expense - asset retirement obligationAccretion expense - asset retirement obligationAccretion expense - asset retirement obligation - 229,907 1,588,618 Amortization of asset retirement obligationAmortization of asset retirement obligationAmortization of asset retirement obligation - 1,168,757 3,537,738 Other 10,939,174 6,063,521 2,654,183 Information systems and supportInformation systems and supportInformation systems and support 3,782,930 3,454,086 3,439,469 Debt charges 15,622,929 2,275,827 2,503,728 Post employment (gains) expenses 10,225,000 (6,942,184) (7,620,306) Finance 1,484,128 2,019,567 1,950,674 Human resources 2,379,425 2,428,615 2,503,978 Materials management 1,013,206 920,017 945,410 City solicitor 1,150,316 1,422,142 1,284,433 External Relations 217,937 202,236 180,262 Insurance 216,465 156,197 113,428 Common clerk 742,413 718,334 657,517 Customer Service 993,066 887,874 808,044 Regional Services Commission 343,299 358,248 180,197 49,110,288 24,927,837 23,705,449 Total General Government Services 54,854,942 30,864,270 29,313,989 32 The City of Saint John Notes to the Consolidated Financial Statements For the year ended December 31, 2024 27.Other Revenue and Expense Details (Continued) 2024 Budget (Unaudited) (Note 2)2024 2023 $$$ Protective Services Police Protection Police operations 16,176,386 14,979,360 14,971,836 Criminal investigations 5,091,043 5,382,923 4,653,780 Administration 2,633,517 2,627,821 2,583,433 Support services 3,243,679 2,748,390 2,366,459 Stations and buildings 988,812 1,161,172 1,097,316 Automotive 1,215,6301,215,6301,215,630 638,642 669,776 Detention services 188,410188,410188,410 212,522 183,004 29,537,47729,537,47729,537,477 27,750,83027,750,83027,750,830 26,525,604 Fire Protection Fire operations 26,897,28026,897,28026,897,280 24,481,544 22,895,864 Fire prevention 930,493930,493930,493 852,875 846,542 Fire investigation 68,54868,54868,548 70,037 63,709 27,896,32127,896,32127,896,321 25,404,456 23,806,115 Other Protective Services Emergency dispatch centre 3,184,016 2,803,284 2,794,896 Inspection services 1,412,306 1,392,673 1,340,548 Enforcement services 297,303 280,640 233,441 Dangerous buildings 468,954 324,925 148,839 Emergency measuresEmergency measuresEmergency measures 356,233 224,770 222,923 Minimum standards 492,521 436,987 369,867 Animal control 109,250 105,112 100,310 6,320,583 5,568,391 5,210,824 Total Protective Services 63,754,381 58,723,677 55,542,543 Transportation Services Public Works Amortization - 12,078,280 11,955,093 Roads and sidewalks 19,259,238 13,539,790 11,138,975 Other drainage services 4,049,980 3,121,959 2,285,382 Street lighting 1,060,000 1,077,483 951,587 Municipal operations 369,657 350,717 357,266 24,738,875 30,168,229 26,688,303 33 The City of Saint John Notes to the Consolidated Financial Statements For the year ended December 31, 2024 27.Other Revenue and Expense Details (Continued) 2024 Budget (Unaudited) (Note 2)2024 2023 $$$ General Engineering Traffic engineering and systems 2,572,507 2,817,312 2,180,164 Transportation 1,388,104 1,202,594 1,026,213 3,960,611 4,019,906 3,206,377 Parking Administration Parking administration 2,715,972 2,333,283 2,060,031 2,715,9722,715,9722,715,972 2,333,283 2,060,031 External Controlled Entities Saint John Transit Commission 17,499,29217,499,29217,499,292 14,376,31314,376,31314,376,313 12,969,152 17,499,29217,499,29217,499,292 14,376,31314,376,31314,376,313 12,969,152 Total Transportation Services 48,914,75048,914,75048,914,750 50,897,731 44,923,863 Water and Sewer Services Saint John Water & Wastewater Amortization - 17,350,448 17,233,548 Drinking water 16,247,77116,247,77116,247,771 14,577,753 14,068,521 Wastewater 12,650,313 10,989,573 10,532,554 Fiscal charges 19,084,140 3,185,853 3,365,556 Industrial water 3,834,667 2,926,005 2,459,346 Infrastructure managementInfrastructure managementInfrastructure management 837,530 636,582 614,971 Internal charges 930,000 177,365 146,344 Total Water and Sewer ServicesTotal Water and Sewer ServicesTotal Water and Sewer Services 53,584,421 49,843,579 48,420,840 Environmental Health Services Sanitary Services 4,082,708 3,874,077 4,134,170 Total Environmental Health Services 4,082,708 3,874,077 4,134,170 34 The City of Saint John Notes to the Consolidated Financial Statements For the year ended December 31, 2024 27.Other Revenue and Expense Details (Continued) 2024 Budget (Unaudited) (Note 2)2024 2023 $$$ Environmental Development Services Research and Planning Community planning 1,826,081 1,514,457 1,435,137 Succeed and stay 165,118 121,909 114,237 Affordable Housing 217,660 703,122 1,319,049 Plan SJ 240,600 - - 2,449,459 2,339,488 2,868,423 Administration and Geographic Information Systems (GIS) Carpenter shop 401,162401,162401,162 328,127328,127328,127 333,155 GIS 442,180442,180442,180 429,894429,894429,894 390,669 843,342843,342843,342 758,021 723,824 Economic Development Market Square common area 2,250,0002,250,0002,250,000 1,742,169 2,469,398 Regional facilities 1,733,7041,733,7041,733,704 712,269 799,236 Growth reserve 350,000350,000350,000 691,756 88,875 4,333,704 3,146,194 3,357,509 Real Estate Management Property management 1,633,135 1,597,337 1,532,212 Real estate 186,004 202,101 174,592 1,819,139 1,799,438 1,706,804 Other Environmental Development ServicesOther Environmental Development ServicesOther Environmental Development Services City Market 1,188,448 1,320,768 1,184,940 Community development 3,383,765 3,544,824 3,341,320 4,572,213 4,865,592 4,526,260 External Controlled Entities Aquatic Centre Commission - 2,890,310 2,852,558 TD Station Commission 3,253,224 2,890,729 3,826,365 Industrial Parks (2004) Ltd 604,163 360,932 - Develop Saint John - - 121,627 Trade and Convention Centre 554,220 1,225,583 501,391 4,411,607 7,367,554 7,301,941 Total Environmental Development Services 18,429,464 20,276,287 20,484,761 35 The City of Saint John Notes to the Consolidated Financial Statements For the year ended December 31, 2024 27.Other Revenue and Expense Details (Continued) 2024 Budget (Unaudited) (Note 2)2024 2023 $$$ Recreational and Cultural Services Cultural Grants Other cultural grants 2,845,309 1,390,382 1,272,715 2,845,309 1,390,382 1,272,715 Parks Parks general services 2,182,303 2,585,389 2,229,437 Rockwood Park 527,829 585,153 278,392 2,710,1322,710,1322,710,132 3,170,542 2,507,829 Community Services Recreation and parks 783,062783,062783,062 748,948748,948748,948 524,448 Parks and playgrounds 414,446414,446414,446 198,898198,898198,898 244,382 Pro Kids 175,057175,057175,057 130,629 79,371 1,372,5651,372,5651,372,565 1,078,475 848,201 Other Recreational and Cultural Services Sports and recreation 3,257,5963,257,5963,257,596 3,249,295 2,958,202 Amortization - 2,158,821 1,551,980 Community centres 720,239720,239720,239 644,931 625,980 Cultural affairs 139,453 106,447 120,446 4,117,288 6,159,494 5,256,608 Externally Controlled EntitiesExternally Controlled EntitiesExternally Controlled Entities Saint John Free Public LibrarySaint John Free Public LibrarySaint John Free Public Library - 667,049 591,632 Lord Beaverbrook RinkLord Beaverbrook RinkLord Beaverbrook Rink 520,500 626,422 561,074 520,500 1,293,471 1,152,706 Total Recreational and Cultural ServicesTotal Recreational and Cultural ServicesTotal Recreational and Cultural Services 11,565,794 13,092,364 11,038,059 TOTAL EXPENDITURES 255,186,460 227,571,985 213,858,225 36 The City of Saint John Operating Fund by Service Area December 31, 2024 202420242023 BudgetActualActual $$$ Revenues Property Taxes 150,579,477 150,579,477 142,105,410 PILT Adjustment - - 64,323 Equalization & Unconditional Grant 13,773,578 13,773,578 15,321,432 Regional Services Grant 1,009,640 1,009,640 546,630 Surplus 2nd Previous Year 2,335,841 2,336,841 1,753,145 Transfer from Operating Reserves 1,330,000 1,134,758 161,700 Growth & Community Development Services 4,505,063 5,257,906 5,736,666 Public Safety Services 1,992,113 2,311,180 3,170,367 Transportation & Environment Services 6,378,970 7,193,369 6,797,529 Finance & Adminstrative Services 4,380,000 10,472,470 6,801,053 Corporate Services - - 476,090 Utilities & Infrastructure Services 316,000 295,717 287,727 Saint John Energy Rebates 1,200,000 1,442,276 79,339 Total Revenues 187,800,682 195,807,212 183,301,410 Expenditures Growth & Community Development Services 19,451,786 18,898,526 18,723,674 Transportation & Environment Services 45,457,077 47,908,465 42,647,833 Public Safety Services - Fire, EMO & PSCC 32,507,007 32,502,908 30,997,605 Public Safety Services - Saint John Board of Police Commissioners 29,537,477 28,466,478 27,382,664 Strategic Services 8,610,100 7,737,365 7,315,033 Corporate Services 8,295,166 8,233,498 8,016,146 Other Charges 36,584,607 44,407,497 41,110,309 Utilities & Infrastructure Services 7,357,462 7,613,379 6,835,287 Total Expenditures 187,800,682 195,768,116 183,028,552 Surplus (Deficit) - 39,097 272,858 1 The City of Saint John Operating Fund by Service Area December 31, 2024 202420242023 BudgetActualActual $$$ Growth & Community Services Salaries 6,207,974 6,225,221 5,315,440 Goods & Services 13,243,812 12,673,305 13,408,234 TOTAL 19,451,786 18,898,526 18,723,674 Transportation & Environment Services Salaries 17,490,504 17,660,935 16,412,316 Goods & Services 27,966,573 30,247,530 26,235,517 TOTAL 45,457,077 47,908,465 42,647,833 Public Safety Services - Fire, EMO & PSCC Salaries 25,686,798 25,581,114 24,296,321 Goods & Services 6,820,209 6,921,794 6,701,285 TOTAL 32,507,007 32,502,908 30,997,605 Public Safety Services - Saint John Board of Police Commissioners Grant 29,537,477 28,466,478 27,382,664 TOTAL 29,537,477 28,466,478 27,382,664 Strategic Services Salaries 4,353,217 4,094,953 3,839,072 Goods & Services 4,256,883 3,642,412 3,475,961 TOTAL 8 ,610,100 7,737,365 7 ,315,033 Corporate Services Salaries 5,740,434 5,728,085 5,221,102 Goods & Services 2,554,732 2,505,413 2,795,044 TOTAL 8 ,295,166 8,233,498 8 ,016,146 Other Charges Goods & Services 36,584,607 44,407,497 41,110,309 TOTAL 36,584,607 44,407,497 41,110,309 Utilities & Infrastructure Services Salaries 3,842,743 3,784,053 3,499,703 Goods & Services 3,514,719 3,829,326 3,335,584 TOTAL 7 ,357,462 7,613,379 6 ,835,287 TOTAL EXPENDITURES 187,800,682 195,768,116 183,028,552 2 The City of Saint John Operating Fund by Service Area December 31, 2024 202420242023 BudgetActualActual $$$ Revenues Property Taxes 150,579,477 150,579,477 142,105,410 PILT Adjustment - - 64,323 Equalization & Unconditional Grant 13,773,578 13,773,578 15,321,432 Regional Services Grant 1,009,640 1,009,640 546,630 Surplus 2nd Previous Year 2,335,841 2,336,841 1,753,145 Transfer from Operating Reserves 1,330,000 1,134,758 161,700 Growth & Community Development Services 4,505,063 5,257,906 5,736,666 Public Safety Services 1,992,113 2,311,180 3,170,367 Public Works & Transportation Services 6,378,970 7,193,369 6,797,529 Strategic Services 4,380,000 10,472,470 6,801,053 Corporate Services - - 476,090 Utilities & Infrastructure Services 316,000 295,717 287,727 Saint John Energy Rebates 1,200,000 1,442,276 79,339 Total Revenues 187,800,682 195,807,212 183,301,410 Expenditures Growth & Community Development Services Growth & Community Planning Services 1,826,081 1,715,779 1,612,144 Development Services 240,600 - 200,000 Development Engineering 369,657 364,438 344,536 Community Development 783,062 754,126 526,216 Animal Control 109,250 105,112 100,310 Dangerous & Vacant Buildiings 468,954 328,810 150,552 Minimum Property Standards 492,521 442,421 373,474 Heritage Conservation Service 202,480 196,394 199,905 Cultural Affairs 139,453 107,814 121,725 Other By-laws 297,303 286,006 238,564 Permitting & Inspection Services 1,412,306 1,411,067 1,357,842 Envision Saint John 3,087,500 3,243,635 3,054,227 Market Square 2,250,000 1,728,225 2,455,454 Saint John Trade & Convention Centre 317,066 377,023 321,313 Imperial Theatre 308,048 308,048 295,501 Saint John Aquatic Centre 421,418 512,906 520,820 Saint John Arts Centre 195,223 195,220 178,280 TD Station 491,949 553,436 587,411 Library 489,909 492,397 487,597 City Market 1,188,448 1,326,952 1,189,487 Arts & Cluture Board 70,000 47,190 58,992 Public Arts Maintenance 16,000 - 19,315 Remembrance Day Ceremonies 3,500 - 8,988 New Years & Canada Day Celebrations 50,000 68,826 33,076 PRO Kids 175,057 133,027 80,653 3 The City of Saint John Operating Fund by Service Area December 31, 2024 202420242023 BudgetActualActual $$$ Succeed & Stay 165,118 121,909 115,138 Local Immigration Partnership 93,785 108,297 90,643 Carleton Community Centre 190,700 190,313 187,500 Loch Lomond Community Centre 45,000 45,000 45,000 North End Community Centre 190,313 190,313 187,500 Recreation Programming 720,239 656,048 670,925 Neighbourhood Development 172,000 150,000 172,000 YMCA - Contracted Services 157,560 153,265 136,932 Boys & Girls - Contracted Services 145,887 142,050 139,951 Unspecified Grants 284,000 289,000 215,710 Lifeguards 199,410 207,957 197,595 Play SJ 45,000 26,317 15,169 Lord Beaverbrook Rink 167,764 160,854 183,712 Regional Services Commission 343,299 358,248 180,197 Growth Reserve Fund 350,000 691,756 350,000 Affordable Housing 775,926 215,664 1,319,321 Housing Accelerator Fund - 492,683 - Total Growth & Community Development Services 19,451,786 18,898,526 18,723,674 Public Safety Services - Fire, EMO & PSCC Fire Rescue and Suppression Service 24,270,385 25,000,351 23,379,121 Fire Training 10,437 447 - Technical Rescue Response 52,120 42,352 42,165 Hazardous Materials 74,775 69,139 61,805 Fire Prevention 930,493 862,570 855,788 Fire Investigation 68,548 70,037 63,709 Emergency Management Service 356,233 225,209 223,342 Water Supply and Hydrants 2,500,000 2,317,033 2,588,571 Public Safety Communications 3,184,016 2,838,288 2,831,516 Street Lighting 1,060,000 1,077,483 951,587 Total Public Safety Services 32,507,007 32,502,908 30,997,605 Public Safety Services - Saint John Board of Police Commissioners Grant 29,537,477 28,466,478 27,382,664 Total Public Safety Services - Saint John Board of Police Commissioners 29,537,477 28,466,478 27,382,664 4 The City of Saint John Operating Fund by Service Area December 31, 2024 202420242023 BudgetActualActual $$$ Public Works & Transportation Services Snow Control Streets 5,592,712 5,776,919 4,912,739 Street Cleaning 1,641,956 2,730,604 2,093,928 Utility Cuts 1,506,716 1,309,996 1,036,191 Street Services - Surface Maintenance 8,445,799 8,363,601 7,396,588 Snow Control Sidewalk 1,158,926 1,147,936 1,102,581 Sidewalk Maintenance 913,129 592,387 536,537 Pedestrian & Traffic Management Service 2,555,863 3,093,747 2,403,960 Solid Waste Management 4,082,708 4,255,383 4,574,813 Regional Services Commission - - - Landscape - Parks & Open Spaces 2,182,303 2,666,971 2,325,340 Rockwood Park 527,829 585,149 278,391 Urban Forestry 414,446 309,011 258,265 Saint John Horticultural Association 60,000 60,000 50,000 Arena Operation and Maintenance 1,501,505 1,629,275 1,448,509 Sportsfield Operation and Maintenance 1,294,245 1,401,470 1,283,150 Other Facility Operation and Maintenance 461,846 365,309 379,490 Parking Administration 953,960 889,384 826,100 Transit Debt 1,609,000 1,624,131 1,745,331 Transit Subsidy 6,651,541 7,104,058 6,334,303 Transit Operations - 215 (20,429) Fleet Operations 9,183 758 4,749 Fleet Fuel -- 2,165 10,627 Fleet Pooled Vehicles 682 - 12,282 Fleet Welding 6,779 - - Fleet Stockroom 346,687 364,648 294,159 Stormwater Rural 1,799,191 2,073,407 1,972,749 Peel Plaza 405,697 329,701 125,772 Market Square Parking 154,280 234,760 229,198 Off Street Parking 1,180,094 1,001,330 1,032,511 Municipal Operations Admin - 479 - Total Public Works & Transportation Services 45,457,077 47,908,465 42,647,833 Strategic Services Finance 1,484,128 1,276,837 1,243,463 Assessment 1,767,493 1,767,493 1,622,340 Supply Chain Management 446,623 421,318 441,954 Information Technology 3,782,930 3,199,587 3,121,093 Corporate Planning 337,961 369,916 232,653 Insurance 215,965 157,653 114,709 Liability Insurance 575,000 544,561 538,821 Total Strategic Services 8,610,100 7,737,365 7,315,033 5 The City of Saint John Operating Fund by Service Area December 31, 2024 202420242023 BudgetActualActual $$$ Corporate Services City Manager 759,585 860,627 1,013,075 Mayor's Office 161,579 169,618 189,310 Common Council 593,458 560,376 622,154 Common Clerk 742,413 728,695 667,748 Human Resources 2,379,425 2,452,233 2,522,776 Legal Department 1,150,316 1,450,421 1,294,328 Real Estate 186,004 204,284 175,872 Saint John Industrial Parks 583,501 253,522 121,628 External Relations 217,937 204,466 181,719 Corporate Communications 527,882 447,746 406,121 Customer Service 993,066 901,510 821,415 Total Corporate Services 8,295,166 8,233,498 8,016,146 Utilities & Infrastructure Services Engineering 1,388,104 1,301,871 1,118,992 Carpenter Shop 401,162 351,046 356,790 Facilities Management 1,633,135 1,631,384 1,562,706 City Hall Building 1,021,696 1,245,381 1,011,058 Police Headquarters - 810 8,375 GIS 442,180 437,857 395,588 Stockroom 220,396 179,477 256,737 Stormwater Urban 2,250,789 2,465,553 2,125,041 Total Utilities & Infrastructure Services 7,357,462 7,613,379 6,835,287 Other Charges Fiscal Charges 15,420,433 15,390,295 15,657,705 Landfill Closure 300,000 300,000 300,000 Special Pension Contributions 10,225,000 10,230,416 9,345,794 Reserves 3,790,721 8,751,543 8,008,449 Other Charges 48,453 2,935,242 2,148,361 Capital from Operating 6,800,000 6,800,000 5,650,000 Total Other Charges 36,584,607 44,407,497 41,110,309 Total Expenditures 187,800,682 195,768,116 183,028,552 Surplus (Deficit) - 39,097 272,858 6 {ğźƓƷWƚŷƓğƷĻƩ ЋЉЋЍğƷĻƩε{ĻǞĻƩğŭĻhƦĻƩğƷźƓŭ.ǒķŭĻƷ 5ĻĭĻƒĬĻƩЌЊͲЋЉЋЍ ЋЉЋЍЋЉЋЍЋЉЋЌ BudgetActualsActuals wĻǝĻƓǒĻƭ FlatRateAccounts22,250,00022,174,22322,233,613 MeterRateAccounts15,732,05718,304,67415,991,606 IndustrialRawWaterAccounts7,819,4128,625,8987,417,166 FireProtectionLevy2,500,0002,317,0332,588,571 StormSewerLevy945,0001,087,2341,056,155 OtherRevenues1,455,22114,763,8382,135,992 PreviousYear'sSurplus737,731737,476680,796 TransferfromReserves750,0001,637,804 ƚƷğƌwĻǝĻƓǒĻƭЎЋͲЊБВͲЍЋЊЏВͲЏЍБͲЊБЉЎЋͲЊЉЌͲБВВ 9ǣƦĻƓķźƷǒƩĻƭ 5ƩźƓƉźƓŭğƷĻƩ{ĻƩǝźĭĻ WatershedManagement676,220745,556431,804 WaterTreatment9,122,3648,911,4568,659,767 WaterPumping&Storage1,244,6111,327,6901,318,078 Transmission&Distribution4,491,7835,245,6074,863,952 CustomerMetering712,793761,227727,925 InternalCharges465,000547,893400,662 OtherCharges562,486574,206589,103 DebtServicing3,676,7743,642,8733,739,675 TransfertoOperating/CapitalReserve12,549,2901,978,600 CapitalfromOperating1,715,6221,715,6222,135,000 ƚƷğƌ5ƩźƓƉźƓŭğƷĻƩ{ĻƩǝźĭĻЋЋͲЏЏАͲЏЎЌЌЏͲЉЋЊͲЍЋЉЋЍͲБЍЍͲЎЏЏ Service Wastewater WasterwaterPumping3,314,7634,008,6053,706,086 WastewaterCollection3,110,3443,450,9493,123,635 WastewaterTreatment6,225,2065,452,5915,318,741 InternalCharges465,000402,500431,072 OtherCharges562,486574,206589,103 DebtServicing2,959,5982,951,3283,012,356 CapitalfromOperating3,825,1343,825,1342,732,300 ƚƷğƌğƭƷĻǞğƷĻƩ{ĻƩǝźĭĻƭЋЉͲЍЏЋͲЎЌЊЋЉͲЏЏЎͲЌЊЌЊБͲВЊЌͲЋВЌ InfrastructureManagement EngineeringServices837,530791,820738,948 ƚƷğƌLƓŅƩğƭƷƩǒĭƷǒƩĻağƓğŭĻƒĻƓƷБЌАͲЎЌЉАВЊͲБЋЉАЌБͲВЍБ IndustrialWaterService WatershedManagement695,929611,982461,026 WaterPumping&Transmission2,869,2754,089,6622,220,223 CustomerMetering269,463132,89859,237 DebtServicing1,796,5221,846,5701,846,586 TransfertoCapitalReserves836,6771,025,544980,000 TransfertoOperatingReserve1,118,6311,234,810964,497 CapitalfromOperating635,210635,210767,708 ƚƷğƌLƓķǒƭƷƩźğƌğƷĻƩ{ĻƩǝźĭĻБͲЋЋЊͲАЉАВͲЎАЏͲЏАЏАͲЋВВͲЋАА ƚƷğƌ9ǣƦĻƓķźƷǒƩĻƭЎЋͲЊБВͲЍЋЊЏАͲЉЎЎͲЋЋВЎЊͲАВЏͲЉБЍ {ǒƩƦƌǒƭΛ5ĻŅźĭźƷΜЋͲЎВЋͲВЎЊЌЉАͲБЊЎ {ğźƓƷWƚŷƓğƷĻƩ ЋЉЋЍğƷĻƩε{ĻǞĻƩğŭĻhƦĻƩğƷźƓŭ.ǒķŭĻƷ 5ĻĭĻƒĬĻƩЌЊͲЋЉЋЍ {ğƌğƩźĻƭğƓķDƚƚķƭε{ĻƩǝźĭĻƭ ЋЉЋЍЋЉЋЍЋЉЋЌ BudgetActualsActuals DrinkingWaterService WagesandBenefits3,682,6074,202,2143,933,206 Goods&Services18,985,04631,819,20620,911,360 Total22,667,65336,021,42024,844,566 WastewaterService WagesandBenefits4,501,5944,261,5304,131,535 Goods&Services15,960,93716,403,78314,781,758 Total20,462,53120,665,31318,913,293 InfrastructureManagement WagesandBenefits591,394572,070541,605 Goods&Services246,136219,750197,343 Total837,530791,820738,948 IndustrialWaterService WagesandBenefits1,193,6791,250,407790,204 Goods&Services7,028,0288,326,2696,509,073 Total8,221,7079,576,6767,299,277 TOTALEXPENDITURES52,189,42167,055,22951,796,084 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 the 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 position as at December 31, 2024, and the statementcomprise the statement of financial position as at December 31, 2024, and the statementcomprise the statement of financial position as at December 31, 2024, and the statements of operations, changes in net assetsand cash flows for the year then ended, and notes to the financial statements, and cash flows for the year then ended, and notes to the financial statements, and cash flows for the year then ended, and notes to the financial statements, t 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”). f 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, 2024, and the results of its operations, its changes in net assetsas at December 31, 2024, and the results of its operations, its changes in net assetsas at December 31, 2024, and the results of its operations, its changes in net assets, and its cash flows for the years then ended in accordance with Canadian public sector accounting and its cash flows for the years then ended in accordance with Canadian public sector accounting and its cash flows for the years then ended in accordance with Canadian public sector accounting a standards (“PSAS”). BasisforOpinion r 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 GAAS”). Our responsibilities under those standards are further described in the GAAS”). Our responsibilities 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 section of our report. We are independent of the section of our report. We are independent of the Cityin accordance with the ethical requirements that are relevant to our audit of the financial statements in accordance with the ethical requirements that are relevant to our audit of the financial statements in 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.Canada, and we have fulfilled our other ethical responsibilities in accordance with these requirements.Canada, and we have fulfilled our other ethical responsibilities in accordance with these requirements. D 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 Organization’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 City or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the City’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 inthe aggregate, they could reasonably be expected to influence the economic decisions of users taken on the 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 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 the audit in order to design audit procedures Obtain an understanding of internal control relevant to the audit in order to design audit procedures Obtain an understanding of internal control relevant to the 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 Organization’s internal control. ’s internal control. ’s internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting Evaluate the appropriateness of accounting policies used and the reasonableness of accounting Evaluate the appropriateness of accounting policies used and the reasonableness of accounting t estimates and related disclosures made by management.estimates and related disclosures made by management.estimates and related disclosures made by management. f 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 related to events or based on the audit evidence obtained, whether a material uncertainty exists related to events or 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 OrganizationOrganizationOrganization’s ability to continue as a going ’s ability to continue as a going ’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our concern. If we conclude that a material uncertainty exists, we are required to draw attention in our concern. If we conclude that a material uncertainty exists, we are required to draw attention in our a auditor’s report to the related disclosures in the financial statements or, if such disclosures are auditor’s report to the related disclosures in the financial statements or, if such disclosures are auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modifinadequate, to modifinadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to y our opinion. Our conclusions are based on the audit evidence obtained up to y 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 the date of our auditor’s report. However, future events or conditions may cause the the date of our auditor’s report. However, future events or conditions may cause the Citytocease to r continue as a going concern.continue as a going concern.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 fair presentation.a manner that achieves fair presentation.a manner that achieves fair presentation. D 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. (To be signed Deloitte LLP) Chartered Professional Accountants Saint John, NB Date of the auditor’s report ttttttt fffffff aaaaaaa rrrrrrr DDDDDDD ttttttttt fffffffff aaaaaaaaa rrrrrrrrr DDDDDDDDD Statement of revenue and Statement of revenue and Statement of revenue and expenses of The City of Saint John The City of Saint John The City of Saint John Trade and Convention Centre Trade and Convention Centre Trade and Convention Centre December 31, 2024 December 31, 2024 December 31, 2024 Independent AuditorÓs Report 1Î2 Statement of revenue and expenses Statement of revenue and expenses Statement of revenue and expenses 3 Notes to the statement of revenue and expenses Notes to the statement of revenue and expenses Notes to the statement of revenue and expenses 4 Deloitte LLP Brunswick House 44 Chipman Hill 7th Floor Saint John NB E2L 2A9 Canada Tel: 506 ȃ 632 ȃ 1080 Fax: 506 ȃ 632 ȃ 1210 www.deloitte.ca IndependentAuditorsReport To the Mayor and Common Counsel of The City of Saint John Opinion We have audited the statement of revenue and expenses of The City of Saint John Trade and Convention CentreΛƷŷĻ ͻ/ĻƓƷƩĻͼΜ ŅƚƩ ƷŷĻ ǤĻğƩ ĻƓded December 31, 2024 and notes to the financial statement, źƓĭƌǒķźƓŭ ğ ƭǒƒƒğƩǤ ƚŅ ƭźŭƓźŅźĭğƓƷ ğĭĭƚǒƓƷźƓŭ ƦƚƌźĭźĻƭ ΛĭƚƌƌĻĭƷźǝĻƌǤ ƩĻŅĻƩƩĻķ Ʒƚ ğƭ ƷŷĻ ͻŅźƓğƓĭźğƌ źƓĭƌǒķźƓŭ ğ ƭǒƒƒğƩǤ ƚŅ ƭźŭƓźŅźĭğƓƷ ğĭĭƚǒƓƷźƓŭ ƦƚƌźĭźĻƭ ΛĭƚƌƌĻĭƷźǝĻƌǤ ƩĻŅĻƩƩĻķ Ʒƚ ğƭ ƷŷĻ ͻŅźƓğƓĭźğƌ źƓĭƌǒķźƓŭ ğ ƭǒƒƒğƩǤ ƚŅ ƭźŭƓźŅźĭğƓƷ ğĭĭƚǒƓƷźƓŭ ƦƚƌźĭźĻƭ ΛĭƚƌƌĻĭƷźǝĻƌǤ ƩĻŅĻƩƩĻķ Ʒƚ ğƭ ƷŷĻ ͻŅźƓğƓĭźğƌ ƭƷğƷĻƒĻƓƷͼΜ͵ ŷźƭ ŅźƓğƓĭźğƌ ƭƷğƷĻƒĻƓƷ Ǟğƭ ƦƩĻƦğƩĻķ ĬǤ management in accordance with the provisions of management in accordance with the provisions of management in accordance with the provisions of the management agreement between The City of SainƷ WƚŷƓ ΛƷŷĻ ͻ/źƷǤͼΜ ğƓķ DƌƚĬğƌ {ƦĻĭƷƩǒƒ CğĭźƌźƷǤ Ʒ WƚŷƓ ΛƷŷĻ ͻ/źƷǤͼΜ ğƓķ DƌƚĬğƌ {ƦĻĭƷƩǒƒ CğĭźƌźƷǤ Ʒ WƚŷƓ ΛƷŷĻ ͻ/źƷǤͼΜ ğƓķ DƌƚĬğƌ {ƦĻĭƷƩǒƒ CğĭźƌźƷǤ Management Limited dated July 1, 2024. In our opinion, the accompanying financial statement of the Centre for the year ended December 31, In our opinion, the accompanying financial statement of the Centre for the year ended December 31, In our opinion, the accompanying financial statement of the Centre for the year ended December 31, 2024, are prepared, in all material respects, in accordance with threspects, in accordance with threspects, in accordance with the provisions of the management e provisions of the management e provisions of the management agreement between the City and Global Spectrum Facility e City and Global Spectrum Facility e City and Global Spectrum Facility Management Limited dated July 1, 2024. Management Limited dated July 1, 2024. Management Limited dated July 1, 2024. Basis for Opinion We conducted our audit in accordance with CanaWe conducted our audit in accordance with CanaWe conducted our audit in accordance with Canadian generally accepted auditing standards dian generally accepted auditing standards dian generally accepted auditing standards Λͻ/ğƓğķźğƓ D!!{ͼΜ͵ hǒƩ ƩĻƭƦƚƓsibilities under those standards are further described in the sibilities under those standards are further described in the sibilities under those standards are further described in the !ǒķźƷƚƩƭ Responsibilities for the Audit of the Financial Statements Responsibilities for the Audit of the Financial Statements Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Centre in accordance with the ethical requirements Centre in accordance with the ethical requirements Centre in accordance with the ethical requirements that are relevant to our audit of the financial that are relevant to our audit of the financial that are relevant to our audit of the financial statements in Canada, and we have fulfilled our othestatements in Canada, and we have fulfilled our othestatements 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 requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. provide a basis for our opinion. provide a basis for our opinion. 9ƒƦŷğƭźƭ ƚŅ ağƷƷĻƩ Α .ğƭźƭ ƚŅ !ĭĭƚǒƓƷźƓŭ 9ƒƦŷğƭźƭ ƚŅ ağƷƷĻƩ Α .ğƭźƭ ƚŅ !ĭĭƚǒƓƷźƓŭ 9ƒƦŷğƭźƭ ƚŅ ağƷƷĻƩ Α .ğƭźƭ ƚŅ !ĭĭƚǒƓƷźƓŭ We draw attention to Note 1 to the financial statements, which describes the basis of accounting. The financial statements are prepared to assist the Centre in complying with the provisions of the ƒğƓğŭĻƒĻƓƷ ğŭƩĻĻƒĻƓƷ ĬĻƷǞĻĻƓ ŷĻ /źƷǤ ƚŅ {ğźƓƷ WƚŷƓ ΛƷŷĻ ͻ/źƷǤͼΜ ğƓķ DƌƚĬğƌ {ƦĻĭƷƩǒƒ CğĭźƌźƷǤ Management Limited dated July 1, 2024. As a result, the financial statements may not be suitable for another purpose. Our opinion is not modified in respect of this matter. Responsibilities of Management and Those Charged with Governance for the Financial Statements Management is responsible for the preparation of the financial statement in accordance with the provisions of the management agreement between the City and Global Spectrum Facility Management Limited dated July 1, 2024, 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 assessinŭ ƷŷĻ /ĻƓƷƩĻƭ ğĬźƌźƷǤ Ʒƚ 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 Centre or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeiƓŭ ƷŷĻ /ĻƓƷƩĻƭ ŅźƓğƓĭźğƌ ƩĻƦƚƩƷźƓŭ ƦƩƚĭĻƭƭ͵ !ǒķźƷƚƩƭ wĻƭƦƚƓƭźĬźƌźƷźĻƭ ŅƚƩ ƷŷĻ !udit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whetŷĻƩ ķǒĻ Ʒƚ ŅƩğǒķ ƚƩ ĻƩƩƚƩͲ ğƓķ Ʒƚ źƭƭǒĻ ğƓ ğǒķźƷƚƩƭ ƩĻƦƚƩƷ ƷŷğƷ 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 on the basis of these financial statements. As part of an audit in accordance with Canadian GAAS, we exercise professional judgment and maintain As part of an audit in accordance with Canadian GAAS, we exercise professional judgment and maintain 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 toterial misstatement of the financial statements, whether due toterial misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audifraud or error, design and perform audit procedures responsive to those risks, and obtain audifraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to providence that is sufficient and appropriate to providence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detee a basis for our opinion. The risk of not detee a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higherent resulting from fraud is higherent resulting from fraud is higher than for one resulting fr than for one resulting fr than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, e collusion, forgery, intentional omissions, e collusion, forgery, intentional omissions, misrepresentations, or thmisrepresentations, or thmisrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedur an understanding of internal control relevant to the audit in order to design audit procedur an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the appropriate in the circumstances, but not for the purpose of expressing an opinion on the appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectivĻƓĻƭƭ ƚŅ ƷŷĻ /ĻƓƷƩĻƭ źƓƷĻƩƓğƌ ĭƚƓƷƩƚĻƓĻƭƭ ƚŅ ƷŷĻ /ĻƓƷƩĻƭ źƓƷĻƩƓğƌ ĭƚƓƷƩƚĻƓĻƭƭ ƚŅ ƷŷĻ /ĻƓƷƩĻƭ źƓƷĻƩƓğƌ ĭƚƓƷƩƚl.l.l. Evaluate the appropriateness of accounting policate the appropriateness of accounting policate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.tes and related disclosures made by management.tes and related disclosures made by management. /ƚƓĭƌǒķĻ ƚƓ ƷŷĻ ğƦƦƩƚƦƩźğƷĻƓĻƭƭ ƚŅ ƒğƓğŭĻƒĻƓƷƭ ǒƭ/ƚƓĭƌǒķĻ ƚƓ ƷŷĻ ğƦƦƩƚƦƩźğƷĻƓĻƭƭ ƚŅ ƒğƓğŭĻƒĻƓƷƭ ǒƭ/ƚƓĭƌǒķĻ ƚƓ ƷŷĻ ğƦƦƩƚƦƩźğƷĻƓĻƭƭ ƚŅ ƒğƓğŭĻƒĻƓƷƭ ǒƭe of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events based on the audit evidence obtained, whether a material uncertainty exists related to events based on the audit evidence obtained, whether a material uncertainty exists related to events or condźƷźƚƓƭ ƷŷğƷ ƒğǤ ĭğƭƷ ƭźŭƓźŅźĭğƓƷ ķƚǒĬƷ ƚƓ ƷŷĻ /ĻƓƷƩĻƭ ğĬźƌźƷǤ Ʒƚ ĭƚƓƷźƓǒĻ ğƭ ğ ŭƚźƓŭ ĭƚƓĭĻƩƓ͵ LŅ ǞĻźƷźƚƓƭ ƷŷğƷ ƒğǤ ĭğƭƷ ƭźŭƓźŅźĭğƓƷ ķƚǒĬƷ ƚƓ ƷŷĻ /ĻƓƷƩĻƭ ğĬźƌźƷǤ Ʒƚ ĭƚƓƷźƓǒĻ ğƭ ğ ŭƚźƓŭ ĭƚƓĭĻƩƓ͵ LŅ ǞĻźƷźƚƓƭ ƷŷğƷ ƒğǤ ĭğƭƷ ƭźŭƓźŅźĭğƓƷ ķƚǒĬƷ ƚƓ ƷŷĻ /ĻƓƷƩĻƭ ğĬźƌźƷǤ Ʒƚ ĭƚƓƷźƓǒĻ ğƭ ğ ŭƚźƓŭ ĭƚƓĭĻƩƓ͵ LŅ ǞĻ ĭƚƓĭƌǒķĻ ƷŷğƷ ğ ƒğƷĻƩźğƌ ǒƓĭĻƩƷğźƓƷǤ ĻǣźƭƷƭͲ ǞĻ ğƩĻ ƩĻƨǒźƩĻķ Ʒƚ ķƩğǞ ğƷƷĻƓƷźƚƓ źƓ ƚǒƩ ğǒķźƷƚƩƭ ƩĻƦƚƩƷĭƚƓĭƌǒķĻ ƷŷğƷ ğ ƒğƷĻƩźğƌ ǒƓĭĻƩƷğźƓƷǤ ĻǣźƭƷƭͲ ǞĻ ğƩĻ ƩĻƨǒźƩĻķ Ʒƚ ķƩğǞ ğƷƷĻƓƷźƚƓ źƓ ƚǒƩ ğǒķźƷƚƩƭ ƩĻƦƚƩƷĭƚƓĭƌǒķĻ ƷŷğƷ ğ ƒğƷĻƩźğƌ ǒƓĭĻƩƷğźƓƷǤ ĻǣźƭƷƭͲ ǞĻ ğƩĻ ƩĻƨǒźƩĻķ Ʒƚ ķƩğǞ ğƷƷĻƓƷźƚƓ źƓ ƚǒƩ ğǒķźƷƚƩƭ ƩĻƦƚƩƷ to the related disclosures in 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 auditorƭ report. However, future events or conditions may cause the Centre to cease to continue as a going concern. 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. Chartered Professional Accountants \[DATE\] The City of Saint John Trade and Convention Centre Statement of revenue and expenses Year ended December 31, 2024 20242024 2023 BudgetActual Actual Notes $$$ 1 Revenue Room rental 194,257 429,441 207,476 Commissions on food and beverage sales and sundry revenue 281,596 610,956 273,284 475,853 1,040,398 480,760 Direct expenses Wages and benefits 210,035210,035 240,300 99,465 Laundry 19,85619,856 10,059 20,450 Supplies 8,9838,983 8,0238,023 17,784 238,874238,874 258,382258,382 137,699 236,979236,979 782,016782,016 343,061 Overhead expenses Salaries and benefits 172,003172,003 396,002 259,733 Cleaning and maintenance 25,05725,057 19,297 12,260 Advertising and promotion— 13,944 13,944 Miscellaneous expense 49,64149,641 49,056 23,360 Garbage removal 9,077 5,175 10,350 Legal and audit 14,183 77,263 6,638 Equipment rental 3,309 13,535 2,411 Gas— 3,280 3,017 Telecommunication 9,455 10,115 2,609 Water heating chargesWater heating chargesWater heating charges— 11,984 3,091 Postage, printing and stationeryPostage, printing and stationeryPostage, printing and stationery 2,364 6,134 1,852 Licenses— 958 1,220 Entertainment— 139 921 Outside services 14,183 19,771 27,385 Travel and training 13,710 6,793 8,146 Operating Equipment and Uniforms 2,364 23,316 700 315,346 656,763 377,637 Operating surplus (deficit) for the year (78,367) 125,253 (34,576) Expenses not paid directly by the Centre Management fee 227,755 174,695 220,534 HVAC utility/maintenance 137,551 89,866 145,451 Real estate tax 77,143 66,995 65,279 Utilities 32,604 56,380 32,604 Professional services— — 64,661 475,053 387,936 528,529 Total expenses 1,043,865 Total deficit for the year (553,420)(262,683) (563,105) The accompanying notes are an integral part of the statement of revenue and expenses. Page 3 The City of Saint John Trade and Convention Centre Notes to the statement of revenue and expenses December 31, 2024 1.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 food and beverage with cost of sales, including product and labour costs, being the responsibility of Hilton Canada Co. As of July 1, 2024, the management agreement with Global Spectrum Facility Management Limited became effective. The Centre is responsible for all other operating costs. 2.Management agreement Î Saint John Trade and Convention Centren Trade and Convention Centren 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 management agreement between the City of Saint John (the ÐCityÑ) and Global Spectrummanagement agreement between the City of Saint John (the ÐCityÑ) and Global Spectrummanagement agreement between the City of Saint John (the ÐCityÑ) and Global Spectrum Facility Management Limited. The Centre is owned by the City and managed by Global Spectrum Facility Management LimitedThe Centre is owned by the City and managed by Global Spectrum Facility Management LimitedThe Centre is owned by the City and managed by Global Spectrum Facility Management Limited under an amended management agreement dated Juunder an amended management agreement dated Juunder an amended management agreement dated July 1, 2024. According to the terms of thisly 1, 2024. According to the terms of thisly 1, 2024. According to the terms of this agreement, the City is responsible for the operating loss of the Centre. In addition to theagreement, the City is responsible for the operating loss of the Centre. In addition to theagreement, the City is responsible for the operating loss of the Centre. In addition to the operating loss under this agreement, the City incurs common area costs and management feesoperating loss under this agreement, the City incurs common area costs and management feesoperating loss under this agreement, the City incurs common area costs and management fees which are reflected in the general operating fund of the CityÓs consolidated financial statements.which are reflected in the general operating fund of the CityÓs consolidated financial statements.which are reflected in the general operating fund of the CityÓs consolidated financial statements. With the establishment of the Fundy Regional Service Commission, operating deficits,With the establishment of the Fundy Regional Service Commission, operating deficits,With the establishment of the Fundy Regional Service Commission, operating deficits, management fees and property taxes included in common area costs are shared with themanagement fees and property taxes included in common area costs are shared with themanagement fees and property taxes included in common area costs are shared with the municipalities making up the Fundy Regional Service Commission. These costs are allocated inmunicipalities making up the Fundy Regional Service Commission. These costs are allocated inmunicipalities making up the Fundy Regional Service Commission. These costs are allocated in proportion to the tax bases of the municipalities.proportion to the tax bases of the municipalities.proportion to the tax bases of the municipalities. 3.Recording of assets and liabilitiRecording of assets and liabilitiRecording of assets and liabilitieseses The CityÓs investment in the structure and reThe CityÓs investment in the structure and reThe CityÓs investment in the structure and related equipment, furnishings and fixtures is reported on the Capital and Loan Fund balance sheet of the City.reported on the Capital and Loan Fund balance sheet of the City.reported on the Capital and Loan Fund balance sheet of the City. 4.Fundy Regional Service CommissionFundy Regional Service CommissionFundy Regional Service Commission Under the Fundy Regional Service Commission regional facilities committee by-law, councils ofUnder the Fundy Regional Service Commission regional facilities committee by-law, councils ofUnder the Fundy Regional Service Commission regional facilities committee by-law, councils of the participating communities of the Fundy Regional Service Commission 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 in proportion to the tax base of the contributing municipality. 5.Budget figures The 2024 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. Page 4 SmallCity, 2026 Shape your Budget Public Engagement BigHeart. Finance Committee August 20, 2025 ЋЉЋЏ hƦĻƩğƷźƓŭ .ǒķŭĻƷ tǒĬƌźĭ 9ƓŭğŭĻƒĻƓƷ Purpose of the presentation is to provide an overview of Overall survey results for 706 participants. Online survey resulted in 706 participants (compared to 154 last year) 358% increase over prior year Paper copy of survey completed by 0 Participants (Results added into online survey results) Oneopen house with 0 Attendance ЋЉЋЏ hƦĻƩğƷźƓŭ .ǒķŭĻƷ tǒĬƌźĭ 9ƓŭğŭĻƒĻƓƷ Overallresultsforonlineparticipationsawa hugeincreasecomparedtopriortwoyears. Resultsmaynotberepresentativeofthe totalpopulation.However,canprovidesome interestinginformationtoconsiderasthe budgetprocesscontinues. Surveyresultsfromyourand commentsincludedinappendix. 1. ŷĻƩĻ Ǟƚǒƌķ Ǥƚǒ ƌźƉĻ Ʒƚ ƭĻĻ ƷŷĻ /źƷǤ ƭƦĻƓķźƓŭ ƒƚƩĻ źƓ ƷŷĻ ЋЉЋЏ .ǒķŭĻƷͪ Λ/ŷƚƚƭĻ ǒƦ Ʒƚ ЎΜ 2. LŅ ƷŷĻ /źƷǤ ĭƚƌƌĻĭƷƭ ƒƚƩĻ Ʒğǣ ƩĻǝĻƓǒĻ ƷŷğƓ ĻǣƦĻĭƷĻķ źƓ ЋЉЋЏͲ ŷƚǞ Ǟƚǒƌķ Ǥƚǒ ƦƩĻŅĻƩ ƷŷĻ ĻǣƷƩğ ƒƚƓĻǤ ǒƭĻķͪ 3. ŷĻƩĻ Ǟƚǒƌķ Ǥƚǒ ƌźƉĻ Ʒƚ ƭĻĻ ƷŷĻ /źƷǤ ƭƦĻƓķźƓŭ ƌĻƭƭ źƓ ƷŷĻ ЋЉЋЏ ЋЉЋЏ hƦĻƩğƷźƓŭ ĬǒķŭĻƷͪ Λ/ŷƚƚƭĻ ǒƦ Ʒƚ ЎΜ .ǒķŭĻƷtǒĬƌźĭ 9ƓŭğŭĻƒĻƓƷ 4. LŅ ƷŷĻ /źƷǤ ĬƩźƓŭƭ źƓ ƌĻƭƭ Ʒğǣ ƩĻǝĻƓǒĻ ƷŷğƓ ĻǣƦĻĭƷĻķ źƓ ЋЉЋЏͲ ŷƚǞ Ǟƚǒƌķ Ǥƚǒ ƦƩĻŅĻƩ ƷŷĻ ƭŷƚƩƷŅğƌƌ ĬĻ ŷğƓķƌĻķͪ vǒĻƭƷźƚƓƭ LƓĭƌǒķĻķ 5. ŷĻ /źƷǤγƭ ЊЉΏǤĻğƩ ƭƷƩğƷĻŭźĭ ƦƌğƓ ƚǒƷƌźƓĻƭ ƷŷĻ ƌƚƓŭΏƷĻƩƒ ŭƚğƌƭ ƷŷğƷ ŭǒźķĻ ƚǒƩ ƭĻƩǝźĭĻƭ ğƓķ ĬǒķŭĻƷ ķĻĭźƭźƚƓƭ͵ \[ƚƚƉźƓŭ ğŷĻğķ Ʒƚ ƷŷĻ ƓĻǣƷ ǤĻğƩͲ Ǟŷźĭŷ Ў ƦƩźƚƩźƷźĻƭ ķƚ Ǥƚǒ ƷŷźƓƉ ƷŷĻ /źƷǤ ƭŷƚǒƌķ Ņƚĭǒƭ ƚƓ ƒƚƭƷͪ Λ/ŷƚƚƭĻ ǒƦ Ʒƚ ЎΜ 6. hǝĻƩğƌƌͲ ŷƚǞ Ǟƚǒƌķ Ǥƚǒ ƩğƷĻ ƷŷĻ /źƷǤ ƚŅ ƷŷĻ ƨǒğƌźƷǤ ƚŅ ƦƩƚŭƩğƒƭ ğƓķ ƭĻƩǝźĭĻƭ źƷ ƦƩƚǝźķĻƭ ğƓķ ƷŷĻ ǝğƌǒĻ Ǥƚǒ ƩĻĭĻźǝĻ ŅƚƩ ǤƚǒƩ Ʒğǣ ķƚƌƌğƩƭ͵ 7. 5ƚ Ǥƚǒ ŷğǝĻ ğƓǤ źķĻğƭ ŅƚƩ ŷƚǞ ƷŷĻ /źƷǤ ĭƚǒƌķ ĬƩźƓŭ źƓ ƒƚƩĻ ƩĻǝĻƓǒĻͲ ƩĻķǒĭĻ ĭƚƭƷƭͲ ƚƩ ƚƦĻƩğƷĻ ƒƚƩĻ ĻŅŅźĭźĻƓƷƌǤͪ 8. ŷĻ /źƷǤ źƭ ĭƚƒƒźƷƷĻķ Ʒƚ ĬĻźƓŭ ǞĻƌĭƚƒźƓŭͲ źƓĭƌǒƭźǝĻͲ ğƓķ ƩĻƭƦĻĭƷŅǒƌ ƚŅ ķźǝĻƩƭźƷǤ͵ ƚ ŷĻƌƦ ǒƭ ĬĻƷƷĻƩ ǒƓķĻƩƭƷğƓķ ğƓķ ƭĻƩǝĻ ƚǒƩ ĭƚƒƒǒƓźƷǤͲ ƦƌĻğƭĻ ƭĻƌĻĭƷ ğƓǤ ƚŅ ƷŷĻ ŅƚƌƌƚǞźƓŭ ƷŷğƷ ķĻƭĭƩźĬĻ Ǥƚǒʹ 9.IğǝĻ Ǥƚǒ ƒƚǝĻķ Ʒƚ {ğźƓƷ WƚŷƓ ǞźƷŷźƓ ƷŷĻ ƦğƭƷ Ў ǤĻğƩƭͪ ЋЉЋЏ hƦĻƩğƷźƓŭ .ǒķŭĻƷtǒĬƌźĭ 10. What is your current housing situation? 9ƓŭğŭĻƒĻƓƷ vǒĻƭƷźƚƓƭ 11. IƚǞ ƒğƓǤ ƦĻƚƦƌĻ ƌźǝĻ źƓ ǤƚǒƩ ŷƚƒĻͪ LƓĭƌǒķĻķ 12. 5ƚ Ǥƚǒ ƚƦĻƩğƷĻ ğ ĬǒƭźƓĻƭƭ źƓ {ğźƓƷ WƚŷƓ? 13. ŷğƷ źƭ ǤƚǒƩ ƦƚƭƷğƌ ĭƚķĻͪ ЋЉЋЏ hƦĻƩğƷźƓŭ .ǒķŭĻƷ tǒĬƌźĭ 9ƓŭğŭĻƒĻƓƷ ЋЉЋЏ hƦĻƩğƷźƓŭ .ǒķŭĻƷ tǒĬƌźĭ 9ƓŭğŭĻƒĻƓƷ ЋЉЋЏ hƦĻƩğƷźƓŭ .ǒķŭĻƷ tǒĬƌźĭ 9ƓŭğŭĻƒĻƓƷ If the City achieves more tax revenue than expected, how should additional money be spent? ЋЉЋЏ hƦĻƩğƷźƓŭ .ǒķŭĻƷ tǒĬƌźĭ 9ƓŭğŭĻƒĻƓƷ Increase Tax Rate v/s Reduce Service Levels -706 respondents 60080% 79% 561 If the City achieves less 550 70% tax revenue than 500 expected, how should shortfall be handled? 60% 450 400 50% 350 40% 300 250 30% 200 21% 20% 145 150 10010% Reduce service level based on top 5 prioritiesIncrease property tax rate Priorities Total No.of responsesTotal % of total responses ЋЉЋЏ hƦĻƩğƷźƓŭ .ǒķŭĻƷ tǒĬƌźĭ 9ƓŭğŭĻƒĻƓƷ Top 5 Priorities from 10 year Strategic Plan -706 respondents 60% 390 375 386 55% 55% 360 345 50% 330 315 45% 300 285 27040% 250 255 35% 240 35% 219 225 207 31% 210 30% 189 187 182 195 29% 177 180 165 27% 25% 26% 25% 16526% 150 147 23% 150 135 126 20% 21% 21% 135 19% 120 95 18% 15% 105 13% 90 7510% 10 Yr. Strategic Plan Priorities Total No.of responsesTotal % of total responses ЋЉЋЏ hƦĻƩğƷźƓŭ .ǒķŭĻƷ tǒĬƌźĭ 9ƓŭğŭĻƒĻƓƷ Value For Tax Dollars -706 respondents 25540% 240 238 240 225 35% 34% 210 34% 195 30% 180 165 158 25% 150 22% 135 20% 120 105 15% 90 75 57 10% 60 8% 45 5% 30 13 15 2% -0% Fairly goodFairly poorVery poorDon't knowVery good Ranking Total No.of responsesTotal % of total responses Respondents had the opportunity to provide comments and feedback. All responses are including the Shape your Budget report. CĻĻķ ĬğĭƉ ŅƩƚƒ 307 responses were provided with a variety of ideas, opinions and suggestions for the City. .ǒķŭĻƷ There were no consistent themes among the answers however plenty of interesting comments. ЋЉЋЏ hƦĻƩğƷźƓŭ .ǒķŭĻƷ tǒĬƌźĭ 9ƓŭğŭĻƒĻƓƷ Conclusion Theresultsofthesurveyisfor informationpurposesonly. Theresultspresentedwouldnotbe statisticallyvalid. Publicengagementisconsideredbest practiceforcreatinganopenand transparentprocessaroundthe budgetingprocess. Recommendation FinanceCommitteereceiveandfilethis presentationandattacheddocuments. Provincial Fiscal Reform Update Fiscal Reform On June 6, 2025, Bill 33 -received Royal Assent in the New Brunswick Legislature and established a new funding model designed to support local governments and Regional Service Commissions in delivering services to residents and aligns with the local governance structure. The new funding model includes three funding streams: 1.Fiscal Capacity (Equalization) Funding 2.Capital Renewal Funding 3.Regional Services Support Fund (RSSF) Regulations are used to propose details around programs that are enacted through legislation. The -day public comment period on July 24, 2025 and comment period is open until August 21st. 3 1. Fiscal Capacity Funding Regulation (Equalization) 4 1. Fiscal Capacity Funding Regulation (Equalization) continued ESTABLISHMENT OF GROUPS Section 4 of the of the Fiscal Capacity Funding Regulation proposes six groups for the purposes of applying the formula for fiscal capacity (equalization). The purpose of these groups is to compare similar local governments. The premise is that similar local governments provide similar services and therefore, require similar revenue. These six groups were determined based on multiple comparison factors, and included things such as population, services provided, commuting patterns, availability of infrastructure, types of fire and police services, presence of high schools, post-secondary institutions, hospitals and more. Rural districts are in their own group to acknowledge their specific needs. 5 1. Fiscal Capacity Funding Regulation (Equalization) continued FORMULA Based on Sections 7, 8 and 9 of the proposed Regulation, the unadjusted equalization amount for a community is determined by the following base allocation formula: C ×D ÷100 ×E Saint John Tax Base Deficiency & Median Tax Rate 2025 Tax Base City Tax Rate City ResidentialNon ResidentialHeavy IndustryTax BasePopulationTax Base Per Capita Saint John Њ͵ЎЎ Saint John υ ЏͲЌБВͲЋЊЉͲЋВВυ ЋͲБЋЍͲАЊЊͲЌЌЉυ ВЊЋͲБЉБͲАЊЉυ ЊЉͲЊЋЏͲАЌЉͲЌЌВ АБͲЊЏЎυ ЊЋВͲЎЎЎ͵БЋ Fredericton Њ͵ЌЏЊЍ Fredericton υ ВͲЊАЏͲЏЏБͲЋЉЉυ ЌͲЊБЏͲАЎЍͲВЊЌυ Ώυ ЊЋͲЌЏЌͲЍЋЌͲЊЊЌ АБͲЎЎБυ ЊЎАͲЌАВ͵ЎЏ Moncton υ ВͲБЏВͲВЋЊͲЉЉЉυ ЍͲЎЍВͲЌЍАͲЋЋЉυ ЌАͲВЉЏͲЍЌЉυ ЊЍͲЍЎАͲЊАЍͲЏЎЉ ВБͲЋЉБυ ЊЍАͲЋЉВ͵АЎ Moncton Њ͵ЌЉБЏ Average$ 8,478,599,833$ 144,715.04 Median1.4067 Deficiency$ 15,159.22 Estimated Unadjusted Equalization City Tax Base DeficiencyPopulationMedian Tax RateUnadjusted Equalization {ğźƓƷ WƚŷƓυ ЊЎͲЊЎВ АБͲЊЏЎυ Њ͵ЍЊυ ЊЏͲЏЏАͲББЍ Adjustments Tax Burden (Fiscal Effort) ğǣ .ğƭĻ tĻƩ /ğƦźƷğğǣ wğƷĻaĻķźğƓ LƓĭƚƒĻğǣ .ǒƩķĻƓCźƭĭğƌ 9ŅŅƚƩƷ υ ЊЋВͲЎЎЎ͵БЋЊ͵ЎЎυ ЎЏͲЉЉЉυ ЊͲАЏБ͵ЍЍВЍ͵ЊЏі υ ЊЎАͲЌАВ͵ЎЏЊ͵ЌЏЊЍυ ЏЎͲЎЉЉυ ЊͲВЉА͵ЌЎЊЉЊ͵ЎЎі υ ЊЍАͲЋЉВ͵АЎЊ͵ЌЉБЏυ ЏВͲЉЉЉυ ЊͲБАЊ͵БЎВВ͵ЏЏі $ 144,715.041.4067$ 63,500 υ ЊͲБАБ͵ЋЉ burden/fiscal effort calculation. Cap Limit on Equalization Calculation As outlined in subsection 6(2) of the proposed Regulation, the second adjustment to the formula considers how much fiscal capacity (equalization) should represent as a share of local government revenues. Equalization should be a tool to aid but should not create dependency. The provincial government is projecting its equalization revenue from the federal government in 2024-25 will be $2.9 billion. This represents 20 per cent of its estimated total revenue. Applying a similar ratio where no local government receives more than 20 per cent of its net revenue from equalization is proposed. expect this cap to impact Saint John. ANNUAL ALLOCATION As outlined in Bill 33, section 12, fiscal capacity (equalization) for each local government will be the average of the new year and the last three years. This provides greater predictability, as each year, communities will know 75 per cent of their fiscal capacity (equalization) funding ahead of time. In other words, the calculation for the future year would be as follows: 25 per cent of the third previous year 25 per cent of the second previous year 25 per cent of current year 25 per cent of future year Estimated Saint John Allocation /ğƌĭǒƌğƷźƚƓυ ЊЏͲЏЏАͲББЍ Cźƭĭğƌ 9ŅŅƚƩƷВЍ͵ЊЏі 9ƭƷźƒğƷĻķ DƩğƓƷυ ЊЎͲЏВЌͲБЎБ ЋЎі ЋЉЋЏυ ЌͲВЋЌͲЍЏЍ ЋЎі ЋЉЋЎυ ЌͲЋЉЉͲВЋЌ ЋЎі ЋЉЋЍυ ЌͲЍЍЌͲЌВЎ ЋЎі ЋЉЋЌυ ЌͲБЌЉͲЌЎБ Estimated 2026 υ ЊЍͲЌВБͲЊЍЉ DƩğƓƷ ЋЉЋЎυ ЊЋͲБЉЌͲЏВЊ Estimated Increase υ ЊͲЎВЍͲЍЍВ 2. Capital Renewal Funding The purpose of capital renewal funding is to support local governments in renewing, upgrading, replacing, and/or maintaining to extend the useful life of locally owned infrastructure. The program aims to improve infrastructure and assets local governments own (e.g. roads, water systems, wastewater systems, public buildings) and supports communities in making wise infrastructure investment decisions. Eligible Projects As per subsection 4(1), capital renewal funding may be used for capital projects related to the renewal or replacement of eligible infrastructure. Examples of eligible infrastructure, considered tangible capital assets, include the following: e.g. roads, water and sewer, sport recreation and culture facilities. systems or resources for asset management. e.g. lining pipes to prevent corrosion or upgrades to a facility to improve plumbing or HVAC systems. , e.g. Maintenance vehicles, buses and fire trucks, garbage and recycling collection trucks, snowplows, heavy machinery. community-owned or regional infrastructure that provides a public service. This may include regionally owned infrastructure like and arena, or community hall. Ineligible Expenditures IneligibleExpenditures Under subsection 4(2) of the proposed Regulation, the following expenses will not be eligible under the capital renewal funding: Costs incurred before January 1st, 2026 New infrastructure development, examples include: Water or sewer line extensions New building or building extensions Routine repair and maintenance, examples include: Repairing potholes on an end-of-life road Changing 10 metresor less of crushed water or wastewater lines Vehicle repairs Flushing of water mains Operational costs Purchase of land, real estate, or related costs Projects that expand or fundamentally alter the original purpose or size of the facility Legal fees Taxes for which the recipient is eligible for a tax rebate and all other cost eligible for rebates Formula Terms Stacking is permitted Interest earned off funds is permitted Asset disposals that were funded by the capital renewal fund will require another investment by the municipality equal to that value into another community capital project. Subject to regular audits and reporting. Funds can be banked up to 4 years and must be accounted for as restricted cash. Reporting Annually: Financial report showing how funds were used, Progress Report, Capital Renewal Plan (if changes are made) and capital completion forms. Every4Years: Asset Management Plan Capital Renewal Plan State of the Infrastructure Report TheProvincehasnotyetreleasedallocationdetailsto municipalities Some data points to consider: Saint John currently receives roughly 10% of the Canada Community Building Fund Allocation Estimated (Formerly Gas Tax) in NB City has 1.8 Billion in Tangible Capital Assets, Funding for $840M in accumulated amortization and Net Book Value of $1B. Saint John Not all data is publicly available to estimate the grant to Saint John highest Net Book Values in the Province. SaintJohnStaffestimate-$3-5 million in additional funding based on a $45 million envelope for 2026. As part of the new funding model, the following changes were made to the RSSF. They were not proposed in regulation but were part of the amendments to the . The RSSF is decoupled from the Community Funding Grant and 3. Regional will have a fixed annual allocation of $18 million, providing regional service commissions (RSCs) with stable and Services predictable funding. Support RSCs are now required to match 50 per cent of the total allocation for their mandates rather than 50 per cent per Fund activity. In addition to these amendments, RSCs will now be able to use a maximum of 25 per cent of the funding to offset cost-sharing expenses for regional infrastructure. These changes are designed to enhance access to regional funding and promote stronger regional collaboration. Recommendation Finance Committee Receive and File this Update FINANCE COMMITEEREPORT M&C No.2025- Report DateAugust 13, 2025 Meeting DateAugust 20, 2025 Service AreaStrategic Services Chairman Gary Sullivan and Members of Finance Committee SUBJECT:Amendment to Wage and Benefit Budget EscalationPolicy AUTHORIZATION Primary AuthorCommissioner/Dept. HeadChief Administrative Officer Kevin FudgeKevin FudgeJ. Brent McGovern RECOMMENDATION Finance Committee recommends that Common Council approve the amended Wage and Benefits Budget Escalation PolicyFAS-007. EXECUTIVE SUMMARY The Wage and Benefits Budget Escalation Policy is an important part of a Long-Term Financial Plan to ensure wage and benefit budgets are affordable for taxpayers. The Policy supports the City in achieving-year priorities, 10-year strategic plan and Long-Term Financial Plan. The amendment to the Policy is being brought forward to allow for additional room when sustainable equalization revenue increases as well asto incorporate a growth factor mechanism that can be leveraged to maintain new infrastructure and services when tax base growth exceeds CPI + 2. PREVIOUS RESOLUTION 13.1 Finance Committee: Amendment to the Wage Escalation Policy FAS-007 November 25, 2024 RESOLVED that as recommended by the Finance Committee, having met on November 18, 2024, Common Council approves the amended Wage and Benefits Budget Escalation Policy FAS-007. REPORT -Term Financial Plan a number of key financial policies were adopted to put the City on a sustainable path forward. The Wage & Benefits Budget Escalation Policy embeds a framework to ensure financial policies are reviewed periodically. The Wage & Benefits Budget Escalation Policy was adopted on September 24, 2019,and includes the following objectives and application guidance: Objectives of the Wage & Benefits Budget Escalation Policy: The Cityspends within its means; Wage and benefit budget escalation does not cause a tax rate increase in order to balance the General Operating Budget; Wage and benefit budget escalation does not cause a reduction in service levels in order to balance the General Operating Budget; Wage and benefit budget escalation does not exceed the recurring revenue; Application: The City Manager shall recommend increases to the wage and benefit budget in accordance with the Wage and Benefit Budget Escalation Policy; Recommendations for wage and benefit budget increases shall be based on a three year rolling average of recurring revenue growth; Wage and benefit budget increases shall not exceed CPI plus 1% unless supported by a business case and approved by Common Council. Staff is recommending two revisions to the Wage & Benefit Budget Escalation Policy that will offer additional flexibility: 1.Equalization Grant Revenue: The Provincial government has committed proposedequalization fiscal reform will provide predictable and fully funded equalization funding for municipalitiesand has released the proposed formula for feedback. Equalization has not previously been incorporated into the Wage and Benefits Budget Escalation policy given the volatility and risk of relying on the funding to be available on a reoccurring basis. Given the program is being re-introduced with reliable, dependable, and indexed full funding, staff is satisfied that it can be incorporated into the annualincremental revenue formula for the Wage and Benefits Budget Escalation calculation. The proposed policy amendment will allow 50% of incremental revenue from equalization be included in the Wage and Benefit budget threshold. This is supported by the fact that 53% of the total budget is comprised of wages and benefits. The Government of New Brunswick is phasing the new equalization formulaover a 4- yearperiod;therefore staff is recommending 100% of incremental revenue from equalization be eligible to allocate to wages and benefits during thephase in period (years 2026-2029), and 50% of incremental equalization revenue thereinafter. 2.Wage Escalation Growth Factor: The Wage Escalation limit ofCPI +1 cap can be challenging when additional resources are needed to manage new capital/infrastructure investments in the community. Additional policy flexibility is required when the City experiences high tax base growth. Staff recommendsaddinga WEP Growth Factor into the policy of 1% that would be eligible to fund new positions to support new assets, infrastructure and services subject to being supported by a business case. The use of the 1% WEP Growth Factor would be conditional on Tax Base Growth exceeding CPI + 2% and the additional 1% can only be used to fund new positions needed to operate, service or maintain news assets, infrastructure or service levels added to the community. The current formula of the Lower of CPI +1-or 3-Year Rolling Assessment Base would still apply to the existing establishment wage and benefit budget. The new WEP Growth Factor of an additional 1% to fund new positions would apply if assessment base growth is greater than CPI + 2 and is supported by a business case. Some examples of business case considerations are (1) Will it decrease goods and services costs, (2) Will it generate revenue that exceeds the cost of the position (3) are the resources needed to fund a new service (4) are the resources needed to maintain new infrastructure, (5) Is it a service enhancement to achieve Council Strategic Plan Conclusion The Wage and Benefits Escalation Policy is needed to ensure revenue growth is sufficient to fund expense growth, preventing structural deficits. The amendment to the Wage Escalation Policy will continue to mitigate the risk of the City falling into future structural deficits while increasing transparency of calculation within the policy. STRATEGIC ALIGNMENT The Wage and Benefits Escalation Policy is aligned with Council Priority to Perform. SERVICE AND FINANCIAL OUTCOMES The Wage and Benefits Escalation Policy is aligned with Council Priorities and will contribute to the successful implementation of the Long-Term Financial Plan. INPUT FROM OTHER SERVICE AREAS AND STAKEHOLDERS Name of Service Area/StakeholderName of Staff Person Finance Department Kevin Fudge CAO Brent McGovern ATTACHMENTS FAS 007 Wage and Benefits Budget Escalation Policy Title: Wage and Benefits Budget Escalation Policy Subject: Wage and Benefit budget increases Category: Finance and Administrative Services Policy No.: FAS-007 M&C Report No.: th Effective Date: August 20, 2025 Next Review Date: Area(s) this policy applies to: Cross Corporate Office Responsible for review of this Policy: Finance and Administrative Services Related Instruments: Policy Sponsors: FAS-001 Asset Management Policy Chief Administrative Officer FAS-002 Investment Management Policy Chief Financial Officer FAS-003 Reserves Policy FAS-004 Operating Budget Policy FAS-005 Capital Budget Policy FAS-006 Debt Management Policy Document Pages: This document consists of 5 pages. Revision History: November 25, 2024 September 24, 2019 Common Clerk's Annotation for Official Record Date of Passage of Current Framework: _________________________ I certify that this Policy was adopted by Common Council as indicated above. ________________________ ______________________ Common Clerk Date Date Created: Common Council Approval Date: Contact: Finance and Administrative Services City of Saint John Wage and Benefits B´£¦¤³ Escalation Policy (DRAFT) TABLE OF CONTENTS 1. 2. POLICY STATEMENT ..................................................................................................... . 3 3. DEFINITIONS ................................................................................................................... 3 4. PRINCIPLES AND APPLICATION ..................................................................................... 3 5. ROLES AND RESPONSIBILITIES ....................................................................................... 5 2 City of Saint John Wage and Benefits B´£¦¤³ Escalation Policy (DRAFT) 1. PURPOSE AND CONTEXT 1.1. The -term financial plan has put the City on a sustainable path and to continue to be sustainable, the City must find ways to control costs that have been escalating faster than its revenue growth. 1.2. To be sustainable, wage and benefit budget increases should not exceed assessment base growth. 1.3. Wage and Benefits Budget Escalation policy provides direction to staff and ensures that ability to pay is a consideration in future wage and benefit budget recommendations. 2. POLICY STATEMENT 2.1. The Wage and Benefits Budget Escalation Policy is established to ensure that the City is on a sustainable path by aligning expenditure growth with tax base growth. 2.2. The Wage and Benefits Budget Escalation policy objectives are as follows: The City spends within its means. Wage and Benefits Budget Escalation does not cause a tax rate increase in order to balance the General Operating Budget. Wage and Benefits Budget Escalation does not cause a reduction in service levels in order to balance the General Operating Budget. Wage and Benefits Budget Escalation assessment base growth. All employee groups are treated equitably. 3. DEFINITIONS Municipal Assessment Base for Tax Purposes means the total amount of property values for property tax purposes. Assessment Base Growth means the percentage increase in the Municipal Assessment Base on an annual basis. Phase In The budget years for which the new equalization formula is being phased in, specifically 2026-2029. 4. PRINCIPLES AND APPLICATION 4.1 Principles: 4.1.1 Wage and benefit budget increases must be affordable. 4.1.2 Wage and benefit budget increases must not exceed the tax base growth. 3 City of Saint John Wage and Benefits B´£¦¤³ Escalation Policy (DRAFT) 4.1.3 Notwithstanding clause 4.1.2, wage and benefits budget increases cannot exceed the average of NB CPI for the months of January to September plus 1% in the prior year of annual budget (Example 2025 Operating Budget would use January to September 2024 NB CPI for calculation), unless it is supported by a business case and approved by Common Council. 4.1.4 Bargaining or non-bargaining employees are treated equitably. 4.2 Application: 4.2.1 The City Manager shall recommend increases to wages and benefits budget in accordance with the Wage and Benefits Budget Escalation Policy. 4.2.2 Recommendations for the increase in the wage and benefit budget shall be calculated based on the sum of the following: Percentage increase based on the previous three-year rolling average of Tax Base Growth (%) 50% of the annual incremental equalization revenue ($) (100% prior to completion of phase in). 4.2.3 Utilizing a Three-Year Rolling Average is a recommended approach due to the following factors: The fluctuation in the assessed value of properties for tax purposes will be smoothed out by the rolling average. Historical trend can help predict future growth. The Three-Year Rolling Average is a reliable source of information that can be validated. A wage and benefit budget model based on the Three-Year Rolling Average is predictable, affordable and equitable. Example of a 3-year rolling average of tax base growth: 2022202320243 Year Rolling AverageCPI + 1 6.24%8.76%8.65%7.88%5% 4.2.4 In any case, the increase in the wage and benefit budget shall not exceed the average of New Brunswick CPI from January to September plus 1% plus 50% of the annual incremental equalization revenue (100% prior to completion of phase in) for the calendar year unless it is supported by a business case and approved by Common Council. See below for an example of the calculation of NB CPI for the calendar year: 4 City of Saint John Wage and Benefits B´£¦¤³ Escalation Policy (DRAFT) 2024 Calendar Year JanFebMarAprMayJunJulAugSep 6.5%5.9%4.2%4.3%2.3%2.1%2.9%3.5%4.0% Average4.0% 4.2.5 An additional growth factor of 1% may be applied to ŅǒƓķ ƓĻǞ ƦƚƭźƷźƚƓƭ ğƭƭƚĭźğƷĻķ ǞźƷŷ ƚƦĻƩğƷźƓŭ ğƓķ ƒğźƓƷğźƓźƓŭ ƓĻǞ ğƭƭĻƷƭͲ ƓĻǞ ƭĻƩǝźĭĻ ƌĻǝĻƌƭ ğƓķ ƓĻǞ źƓŅƩğƭƷƩǒĭƷǒƩĻ ĭƚƓķźƷźƚƓğƌ ǒƦƚƓ Ʒğǣ ĬğƭĻ ŭƩƚǞƷŷ ŅƚƩ ƷŷĻ ǒƦĭƚƒźƓŭ ǤĻğƩ ĻǣĭĻĻķźƓŭ /tL Ʀƌǒƭ Ћ ğƓķ ƭǒƦƦƚƩƷĻķ ĬǤ ğ ĬǒƭźƓĻƭƭ ĭğƭĻ͵ 4.2.6 Examples of business cases would include if the additional wage and benefit budget would increase City revenues, reduce City expenses or is required to service newly built infrastructure or new service levels. 4.2.7 Any wage and benefit budget increases for employee groups that are beyond may result in a corresponding reduction in the workforce of those groups. 5. ROLES AND RESPONSIBILTIES 5.1 Council shall: 5.1.1 Approve the Wage and Benefits Budget Escalation Policy. 5.1.2 Direct staff to use the three-year rolling average of the assessment base growth in future contract negotiations. 5.2 Finance Committee shall: 5.2.1 Recommend the Wage and Benefits Budget Escalation Policy to Common Council for approval. 5.2.2 Review any changes to the Wage and Benefits Budget Escalation Policy in the future. 5.3 The Chief Financial Officer: 5.3.1 Review annually to ensure that wage and benefit budget increases are in compliance with the Wage and Benefits Budget Escalation Policy. 5.3.2 Update the three-year rolling average of the assessment base growth on an annual basis and make the information available to Human Resources and all employee groups. 5.3.3 Recommend any changes to the Wage and Benefits Budget Escalation policy in the future. 5 SmallCity, 2026Draft General and Utility Fund Capital Budget BigHeart. th Finance Committee August 20, 2025 2026DraftGeneralFundCapitalBudget 2026CapitalBudgetInputs AssetManagementPlan CouncilPriorities City Approved Plans CapitalBudgetPolicy DebtManagementPolicy ClimateChange LongTermFinancialPlan Funding Programs Draft 5-year Capital Program rolled into the opening 2027 program. Final 5-year plan to be brought to Finance Committee late fall 2025 2 2026 Draft General Fund and Utility Fund Capital Budgets General Fund Capital Budget -$43,631,587 City Share -$24,436,350 Other Share -$19,195,237 Utility Fund Capital Budget -$19,377,011 Utility Share-$12,624,320 Other Share -$6,752,691 2026DraftGeneralFundCapitalBudget 2026CapitalBudgetalignswithCapitalBudgetPolicy CityShare-80%Renewal,20%NewCapitalInvestment 2026CapitalBudget New Investments/Enhancement $4.78M 19.5% Renewal-$19.66M 80.5% RenewalNew 4 2026 General Fund Draft Capital Budget City Share General Fund -$24,436,350 City Debt -$9,000,000 Pay As you Go -$9,186,350 Capital Reserves -$6,250,000 Continued focus on Financial Principles Targeting 25% reduction on infrastructure deficit over 10 years Continue to focus on pay as go by maintaining or increasing annually Reduction of debt by 25% over next 10 years 2026 General Fund Draft Capital Budget Other Share $19,195,237 Funding From Regional Development Corporation (RDC) Regional Facilities Partners Canadian Community Building Fund (CCBF) Integrated Bilateral Funding Active Transportation Fund Disaster Mitigation Adaptation Fund (DMAF) Canada Housing Infrastructure Fund (CHIF) Thisfunding allows more investment in Regional Facilities Active Transportation Harbour Passage Extension Asphalt Resurfacing, Curb and Sidewalk Renewal Street Reconstruction and Reimagination Climate Change Resilience Courtney Bay Causeway Sewer Separation/Storm Outflows 2026 Investment in New/Enhancements City Market Strategic Plan Investments -$272,700 Extension of Harbour Passage Riverview Drive -$1,830,000 Upgrades to Rainbow Park (Phase 2) - $1,360,000 Four new Sidewalk Plows -$1,000,000 New security gates for Leisure Services Office -$100,000 New Roundabout Airport Arterial - $2,000,000 New Cricket Field -$140,000 (additional funds included in prior capital budgets) ERP Replacement Project -$1,000,000 Saint John Fire Ladder Truck Replacement Phase 1 Overview of -$1,000,000 2026 Regional Facilities Investments CGAC -$2,660,000 in Existing TD Station $850,000 Trade and Convention Centre -$100,000 Assets Various Fire Stations -$200,000 Shamrock Park Washroom/Changerooms -$500,000 St. Patrick Pedway -$500,000 Overview of 2026 Investments in Existing Assets (cont.) Parks and Recreation Renewal EllerdalePlayground -$600,000 Tot Lot Playground and Upgrades -$250,000 Saint John Transit 2 buses and shelters -$2,436,000 Asphalt Curb/Sidewalks -$1,500,000 Raising of Courtney Bay Causeway -$1,728,177 Howes Lake Landfill Closure Phase 1 -$1,500,000 Traffic Signals Somerset/Churchill Boulevard -$180,000 Lower Cover Loop Sewer Rehabilitation -$3,364,299 Overview of 2026 Investments in Existing Assets (cont.) Road Reconstruction Projects -$13,684,060 Charlotte Street Broad to Vulcan Street Charlotte Street Queen Square N to Princess Street LandsdowneAve. Visartto Pugsley Ave. Rope Walk Road Somerset Street to Intersection Canterbury Street Duke to Queen Street Proposing Capital and Funding Accountant Position -$120,000 SaintJohnWater2026DraftCapitalBudget 11 SaintJohnWater 2026DraftCapital Budget Proposed2026 CapitalBudget-$19,377,011 UtilityShare$12,624,320fundedfromCapital fromOperating(payasyougo and reserves) Fundingfromothersources-$6,725,691 DisasterMitigationAdaptationFunding CanadaCommunityBuildingFund IntegratedBi-lateralfunding IndustrialReserves Canada Housing Infrastructure Fund (CHIF) Nonewborrowingfor2026Capitalprogram 12 SaintJohnWater2026 DraftCapitalBudget Saint John Water investmentsare muchmorethan replacingpipesundera street; ClimateChange/Environmentinvestments includereconstructionofwastewaterlift stationsabovefloodleveltoensurereliable collectionofwastewater,protectthe environment Enhancingthereliabilityofthewaterand wastewatersystems Watershed Improvements Investment to ensure the City can meet its growth objectives. 13 SaintJohnWater2026 DraftCapitalBudget Significant Investments in Sanitary System Wastewater Pumping Stations KennebecasisDrive -$1,000,000 Majors Brook -$1,125,000 Wastewater Treatment Plants -$491,790 Millidgeville Sanitary Sewer Replacement Charlotte Street -$1,772,368 Conner & Morris Street-$275,000 Lancaster Avenue -$420,000 Lancaster Lagoon -$1,865,000 Structural Lining -$600,000 14 SaintJohnWater2026 DraftCapitalBudget Significant Investments in Water Network Watermain Renewal Charlotte Street -$2,495,324 Lansdowne Ave -$530,000 Sydney Street -$246,250 Rehabilitation of Water Storage Tanks -$1,450,000 Universal Metering Planning $350,000 System backup investments $900,000 Loch Lomond Watershed -$1,100,000 Aqueduct Pipe Repairs -$500,000 Meter replacements for IOL -$600,000 Mill Street Transfer Station -$290,000 15 Conclusion The proposed Capital Budgets for both the General and Utility Funds align with the Capital Budget Policy, Reserve Policies and Long-Term Financial Plan. Both budgets ĬğƌğƓĭĻ the need for strategic ensuring there is also new investment. Staff are recommending Finance Committee approve the 2026 Draft General and Utility Fund Capital Budgets and send to the next meeting of Common Council for receive and file. THE CITY OF SAINT JOHN 14-Aug-25 14-Aug-25 TRANSPORTATION & ENVIRONMENT SERVICES CAPITAL PROGRAM SUMMARY GENERAL FUND Proposed Program Summary For - 2026 No. ofOtherCity Category Total ProjectsShareShare Corporate Performance4$0$2,870,000$2,870,000 Facility and Asset Management24$2,652,954$2,532,047$5,185,001 Growth Projects5$20,000$292,700$312,700 Parks & Recreation Services4$0$2,350,000$2,350,000 Transit2$630,000$1,806,000$2,436,000 Transportation15$7,318,096$9,741,914$17,060,011 Urban and Rural Storm6$8,574,186$4,843,689$13,417,875 TOTALS: 60$19,195,237$24,436,350$43,631,587 Summary of Capital Costs (City Share) Corporate Performance Urban and Rural Storm 12% 20% Facility and Asset Management 10% Growth Projects 1% Parks & Recreation Services 10% Transit 7% Transportation 40% Page 1 of 10 THE CITY OF SAINT JOHN 14-Aug-25 TRANSPORTATION & ENVIRONMENT SERVICES PROPOSED GENERAL FUND PROGRAM 2026 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 Funding OfficerCity Hall / Rothesay AvenueCapital & Funding Accountant/ Officer.0120,000 Information TechnologyCity HallImplementation of a new ERP system which 01,000,000 will include resourcing, training and configuration. Information TechnologyCity HallIT Infrastructure Renewal (Funded from IT 0750,000 Capital Reserves) Ladder TruckVarious LocationsPurchase of a Fire Ladder Truck to replace an 01,000,000 existing one (Phase 2 of 4). $0$2,870,000 TOTAL: Page 2 of 10 THE CITY OF SAINT JOHN 14-Aug-25 TRANSPORTATION & ENVIRONMENT SERVICES PROPOSED GENERAL FUND PROGRAM 2026 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 * 2029 Summer GamesCanada Games Aquatic CentreUpgrades to the Canada Games Aquatic Centre 2,175,954374,047 in preparation for the 2029 Summer Games (Phase I) (Including replacing the competition pool bulkhead) (Funding assumed 40% funding from Federal Government, 33.33% funding from RDC. Remainder to be funded by the City and FRSC) Automatic GateLeisure Services officeDesign and installation of a new automatic gate.0100,000 * Brine Plate Chiller TD StationReplace Brine Plate Chiller Gasket. (Other 22,50027,500 GasketShare funding from FRSC) * CarpetTrade & Convention CenterPurchase of a carpet cleaner/vacuum. (Other 13,50016,500 Share funding from FRSC) * Competition Pool ChairCanada Games Aquatic CentreReplace competition pool guard chair. (Other 6,7508,250 Share funding from FRSC) * Concourse DishwasherTD StationUpgrade Concourse Dishwasher. (Other Share 9,00011,000 funding from FRSC) * Cyber SecurityTD StationNetwork Cyber Security and Building 22,50027,500 Management System Upgrades. (Other Share funding from FRSC) * Enhancement StudyTD StationEnhancement Study. (Other Share funding 29,25035,750 from FRSC) * Fitness equipmentCanada Games Aquatic CentreReplace various fitness equipment apparatuses. 22,50027,500 (Other Share funding from FRSC) Flat Roof RepairsLord Beaverbrook RinkDesign services for structural repairs at flat roof.050,000 * Flood Water Boiler #1TD StationReplace Flood Water Boiler #1 at the end of its 6,7508,250 useful life. (Other Share funding from FRSC) * Grill UpgradeTrade & Convention CenterUpgrade Grill. (Other Share funding from 4,5005,500 FRSC) * Ice MachineTrade & Convention CenterRenew large ice machine. (Other Share funding 11,25013,750 from FRSC) Lord Beaverbrook RinkLord Beaverbrook RinkSupply and Installation of 120 Ton Chiller.0175,000 * PlatewareTrade & Convention CenterPurchase of additonal plateware. (Other Share 6,7508,250 funding from FRSC) * PVC Roof MembraneTD StationDesign services to replace sloped PVC Roof 56,25068,750 Membrane. (Other Share funding from FRSC) Roofing MembraneFire Station #4Replace Roofing Membrane.0200,000 * Sabre CompressorsTD StationReplace Sabre Compressors 1, 2, 3. (Other 236,250288,750 Share funding from FRSC) St Patrick PedwaySt Patrick Pedway050,000 Design Work Page 3 of 10 THE CITY OF SAINT JOHN 14-Aug-25 TRANSPORTATION & ENVIRONMENT SERVICES PROPOSED GENERAL FUND PROGRAM 2026 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 St Patrick Pedway curtin St Patrick PedwayReplace curtain wall and metal framed 0500,000 wall/windowswindows. * Tot's Pool Water FeatureCanada Games Aquatic CentreReplace tot's pool water feature. (Other Share 4,5005,500 funding from FRSC) * Touch PadsCanada Games Aquatic CenterReplace ten touch pads for competition pool. 15,75019,250 (Other Share funding from FRSC) Washroom/ Changeroom Shamrock ParkShamrock Park Washroom/Changeroom 0500,000 RenovationRenovation. * Website UpdateTrade & Convention CenterComplete a website update. (Other Share 9,00011,000 funding from FRSC) $2,652,954$2,532,047 TOTAL: Page 4 of 10 THE CITY OF SAINT JOHN 14-Aug-25 TRANSPORTATION & ENVIRONMENT SERVICES PROPOSED GENERAL FUND PROGRAM 2026 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 Design and Concept City MarketConcept and design preparation services for the 085,000 Workcompletion of work planned to be constructed in 2027. Hooper TimepieceCity MarketInstallation of a platform in the centre of the 055,200 market for the Hooper Timepiece to be on display. KioskCity MarketAs a result of the installation of the new 0103,500 platform area for seating this project intends to remove 4 of the existing benches and will be looking to reinstall 2 Kiosks. The Kisosks would be 1 above and 1 below the platform. New doorsCity MarketDesign and construction of creating doors for 029,000 the North and South Tenants that are accessible. * Uptown Saint JohnUptown Saint JohnUptown Saint John Improvements. City Share 20,00020,000 conditional on Uptown Saint John Inc. securing Other Share funding through Downtown Inc's "Heart of Communities" Investment initiative. $20,000$292,700 TOTAL: Page 5 of 10 THE CITY OF SAINT JOHN 14-Aug-25 TRANSPORTATION & ENVIRONMENT SERVICES PROPOSED GENERAL FUND PROGRAM 2026 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 Cricket FieldTBD0140,000 TBD Ellerdale Street Ellerdale StreetRenew the existing Ellerdale Playground.0600,000 Playground Rainbow ParkSydney Street/Broad Complete upgrades to the Rainbow park 01,360,000 Street/Charlotte Streetplayground and surrounding area. Upgrades may include vegatable garden, dog park, open space, memorial garden, tot lot, sand play area, covered seating area, pod sculptures, berm buffers, and picnic area (Phase 2 of 2). * Tot Lot Playground & Intersection of Grant Cresent & Installation of new benches, trees and possibly 0250,000 UpgradesDaniel Avenuea tot lot within the City property. $0$2,350,000 TOTAL: Page 6 of 10 THE CITY OF SAINT JOHN 14-Aug-25 TRANSPORTATION & ENVIRONMENT SERVICES PROPOSED GENERAL FUND PROGRAM 2026 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 Bus SheltersVarious LocationsReplace Transit Shelters (Ellerdale & Wood 036,000 Hollow, Margaret, Ellerdale Villa) * Transit Bus ReplacementVarious LocationsReplace two Transit Buses (Other Share 630,0001,770,000 funding from Permanent Transit Funding) $630,000$1,806,000 TOTAL: Page 7 of 10 THE CITY OF SAINT JOHN 14-Aug-25 TRANSPORTATION & ENVIRONMENT SERVICES PROPOSED GENERAL FUND PROGRAM 2026 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 * Active Transportation - Civic # 399 to Market Place Harbour Passage Extension including new 1,098,000732,000 Riverview DriveOverpasslights, new curb on one side, Harbour Passage sidewalk, landscaping, required paving, including design and construction management services. Project contingent on the City receiving Active Transportation Funding. * 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 funded under the CCBF (2024-2028) funding program. * Canterbury StreetDuke Street to Queen StreetStreet reconstruction (excavation, backfill, 750,0000 curb, sidewalk, paving), including design and construction management services. Project funded under the CCBF (2019-2023) funding program. w&s* Charlotte StreetBroad Street to Vulcan StreetStreet reconstruction, (excavation, backfill, 993,622361,379 curb, sidewalk, landscaping, paving), including design and construction management services. Asphalt pavements $105,000 / 0.62 LK. Project contingent on the City receiving CHIF funding (73.33%). w&s* Charlotte StreetQueen Square North to Princess Street reconstruction (excavation, backfill, 473,163500,000 Streetcurb, sidewalk, landscaping, paving), including design and construction management services. Asphalt pavements $125,000 / 0.83LK. Project funded under Bilateral Funding. * Courtenay Bay CausewayCrown Street to Bayside DriveDesign Services for the raising of the 691,2711,036,906 Courtenay Bay Causeway - Phase I . Other Share is DMAF funding. Project contingent on the City signing DMAF funding agreement. Engineering Various locationsFunding for engineering investigations and 089,963 Investigations and Designdesign for various projects under Transporation and Storm categories. Fleet ReplacementVarious locationsFleet Replacement for General Fund (Funded 03,000,000 from Fleet Capital Reserves) Howes Lake LandfillHowes Lake LandfillHowes Lake Landfill Closure - Phase I. 1,500,000 Funding from the City's Capital Reserve. Page 8 of 10 THE CITY OF SAINT JOHN 14-Aug-25 TRANSPORTATION & ENVIRONMENT SERVICES PROPOSED GENERAL FUND PROGRAM 2026 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 w&s* Lansdowne AvenueVisart Street to Pugsley AvenueStreet reconstruction (excavation, backfill, 560,0000 curb, sidewalk, landscaping and paving), including design and construction management services. Asphalt pavements $64,000 / 0.42 LK. Project funded under the CCBF (2024- 2028) funding program. * Rocky Bluff TerraceSand Cove Road to EndDesign Services for the Rocky Bluff Terrace 252,04191,667 Infrastructure Upgrade Project (Transportation Component) (including Indigenous Consultation, GHG calculations and Climate Reporting requirements). Project contingent on the City receiving CHIF funding (73.33%) Rope Walk RoadSomerset Street @ Rope Walk Road reconstruction to add left turn lane 0250,000 Intersection(excavation, backfill, curb, sidewalk, landscaping, paving), including design and construction management services as well as obtaining required land. * RoundaboutLoch Lomond Road and Airport Construction of a new roundabout at the 1,000,0001,000,000 Arterialintersection of Loch Lomond Road and the Airport Arterial. Project is congingent on the City recieving Other Share funding DTI/Province. City Share funding from the City's Capital Reserve. Sidewalk PlowsVarious locationsPurchase of 4 new Sidewalk Plows to align 01,000,000 with the City's Strategic Plan. Traffic SignalsSomerset Street @ Churchill Design services to upgrade the Somerset Street 0180,000 Boulavard& Churchill Blvd Intersection (Upgrades required for New North End School). $7,318,096$9,741,914 TOTAL: Page 9 of 10 THE CITY OF SAINT JOHN 14-Aug-25 TRANSPORTATION & ENVIRONMENT SERVICES PROPOSED GENERAL FUND PROGRAM 2026 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 w&s* Charlotte StreetBroad Street to Vulcan StreetDesign and Construction of the Charlotte Street 6,511,7042,368,296 Reconstruction project (Broad St. to Vulcan St) including new storm outfall. (Project contingent on the City reciving CHIF funding 73.33% w&s* Charlotte StreetQueen Square North to Princess Install approx. 280m of new 300 mm storm 282,128303,758 Streetsewer, including design and construction management services. Project to be funded under Bilateral Funding. w&s* Lansdowne AvenueVisart Street to Pugsley AvenueInstall approx. 175 m of new 300 mm storm 330,0000 sewer, including design and construction management services. Project funded under the CCBF (2024-2028) funding program. * Lower Cove Loop Sewer Charlotte Street to Lift Station 9Construction to separate the Lower Cove 1,345,7202,018,579 Rehabilitationcombined sewer system to reduce flood water infiltration and tidewater inflow from entering the sanitary system (Phase 1 of 2). Project includes construction management services. Project partially funded under the DMAF funding program. Riverhill Drive Riverhill Drive AreaDesign services to complete improvements to 0115,000 Stormwater the storm sewer system in the area based on Improvementsconsultants investigation and recommendations (Phase I). * Rocky Bluff TerraceSand Cove Road to endDesign Services for the Rocky Bluff Terrace 104,63538,055 Infrastructure Upgrade Project (Storm Component) (including Indigenous Consultation, GHG calculations and Climate Reporting requirements). Project contingent on the City receiving CHIF funding (73.33%) $8,574,186$4,843,689 TOTAL: Page 10 of 10 12-Aug-25 THE CITY OF SAINT JOHN SAINT JOHN WATER CAPITAL PROGRAM SUMMARY W & S UTILITY FUND Proposed Program Summary For - 2026 No. ofOtherUtility Category Total ProjectsShareShare Industrial Water Renewal - East3$1,195,000$1,105,000$2,300,000 Industrial Water Renewal - West1$475,000$0$475,000 Infrastructure Renewal - Sanitary12$2,901,579$4,847,541$7,749,120 Infrastructure Renewal - Water19$2,181,112$6,381,779$8,562,891 Safe, Clean Drinking Water1$0$290,000$290,000 TOTALS: 36$6,752,691$12,624,320$19,377,011 Summary of Capital Costs (Utility Share) Safe, Clean Drinking Industrial Water Renewal Water 2.3% 8.8% Water Re -West 0.0% Infrastructure Renewal - Water 50.6% Infrastructure Renewal - Sanitary 38.4% Page 1 of 8 THE CITY OF SAINT JOHN 12-Aug-25 SAINT JOHN WATER PROPOSED W & S FUND PROGRAM 2026 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 * Aqueduct pipe RepairBetween Robertson Lake and Investigation, design and repair of existing 210,000390,000 Latimer Lakeaqueduct pipe between Robertson Lake and Latimer Lake. * Loch Lomond WatershedMcBrien Lake DamsRenew the southeast and southwest dams. 385,000715,000 Build an access road to the southeast dam. Complete the detailed designs for both dams (Phase 3 & 4) * Raw water billing metersIrving oil refineryNew raw water billing meters (2) for Irving oil 600,0000 refinery. $1,195,000$1,105,000 TOTAL: Page 2 of 8 THE CITY OF SAINT JOHN 12-Aug-25 SAINT JOHN WATER PROPOSED W & S FUND PROGRAM 2026 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 - West OtherUtility ProjectLocationDescription ShareShare * Mill Street Custody Mill StreetMill Street Custody Transfer Station - 475,0000 Transfer StationBackflow preventor and new meter for 250mm line to IPP. $475,000$0 TOTAL: Page 3 of 8 THE CITY OF SAINT JOHN 12-Aug-25 SAINT JOHN WATER PROPOSED W & S FUND PROGRAM 2026 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 * Charlotte StreetBroad Street to Vulcan StreetRenew approx. 210m of 300mm T.C. sanitary 717,024260,781 sewer, including design and construction management services. (Project contingent on the City receiving CHIF funding (73.33%)) * Charlotte StreetQueen Square North to Princess Renew approx. 280m of 375mm T.C. with new 394,563400,000 Street375mm sanitary sewer, including design and construction management services. Project funded under Bilateral Funding. Connors Street & Morris Connors Street & Morris StreetDesign and construction of an off-road sanitary 0275,000 Streetsewer realignment between Connors Street & Morris Street Lancaster Lagoon Lancaster LagoonDesign and construction of the Lancaster 0365,000 GeneratorLagoon Generator upgrade project including duct banks and required programming. * Lansdowne AvenueVisart Street to Pugsley AvenueInstall approx. 175 m of new 300 mm sanitary 420,0000 sewer, including design and construction management services. Project funded under CCBF(2024-2028). Removal and disposal of Lancaster LagoonRemoval and disposal of sludge from sludge 01,500,000 sludge from sludge bagsbags at the Lancaster Lagoon. Riverhill Drive Sanitary Riverhill Drive AreaDesign services to complete improvements to 0100,000 Improvementsthe existing sanitary sewer system in the area based on consultants investigation. * Rocky Bluff TerraceSand Cove Road to endDesign services for the Rocky Bluff Terrace 73,30226,660 Infrastructure Upgrade Project (Sanitary Component) (including Indigenous Consultation, GHG calculations and Climate Reporting requirements) (Project contingent on the City receiving CHIF funding (73.33%)) Structural liningVarious LocationsStructurally line and/or point repairs to existing 0600,000 sanitary sewers, including design and construction management services. WWPS Kennebecasis 11099 Kennebecasis DriveReconstruct lift station above flood level to 01,000,000 provide for reliable collection of wastewater, including design and construction management services. Project being completed as part of an approved DMAF funding program. Page 4 of 8 THE CITY OF SAINT JOHN 12-Aug-25 SAINT JOHN WATER PROPOSED W & S FUND PROGRAM 2026 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 * WWPS Majors BrookRothesay AvenueReplacement of a wastewater pumping station 1,100,00025,000 that is at the end of it's asset life to provide for reliable collection of wastewater, including design and construction management services and easment aquisition. Project funded under CCBF(2024-2028). * WWTP Millidgeville UVMillidgeville WWTPSupplemential funding for the commissioning 196,690295,100 of the new UV disinfection system and building with updated mechanical and electrical components. Project partially funded under the DMAF funding program. $2,901,579$4,847,541 TOTAL: Page 5 of 8 THE CITY OF SAINT JOHN 12-Aug-25 SAINT JOHN WATER PROPOSED W & S FUND PROGRAM 2026 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 Bay StreetPorter Street to Civic # 516Investigation and conceptual design of an 0100,000 upgraded water system on a section of Bay Street (i.e. need for both a watermain and a rider main on this section). Champlain Heights PSChamplain Heights PSDesign a permanent backup power supply for 0150,000 facility to be used during power outages. * Charlotte StreetBroad Street to Vulcan StreetRenew approx. 210m of 250 mm C.I. 908,510330,424 watermain with new 250mm watermain including a new water bottle filling station and including design and construction management services. (Project contingent on the City receiving CHIF funding (73.33%). * Charlotte StreetQueen Square North to Princess Renew approx. 280m of 300mm C.I. 656,390660,000 Streetwatermain, including design and construction management services. Project funded under Bilateral Funding. Chesley DriveMain Street North to The Design services to upgrade approximately 2 0350,000 Reversing Falls Bridgekms of watermain on Chesley Drive from Main Street North to the Reversing Falls Bridge. Engineering Various locationsFunding for engineering investigations and 0200,000 Investigations and Designdesign for various projects under the Water and Sanitary categories. Fleet ReplacementVarious locationsFleet Replacement for Utility Fund (Funded 0750,000 from Fleet Capital Reserves) * Lansdowne AvenueVisart Street to Pugsley AvenueRenew approx. 175 m of 150 mm watermain 530,0000 with 200 mm watermain, including design and construction management services. Project funded under CCBF(2024-2028). Ocean Drive & Seaward Ocean Drive & Seaward CresentConcept planning for the future operation of the 0150,000 Cresent wellsOcean Drive & Seaward Cresent wells. Project scope to include proposed improvements requried to both facililities. Renewed Transmission Between Roberston Lake and Complete a design to install a new transmisison 0350,000 mainLatimer Lakemain between Roberston Lake and Latimer Lake. Project to include investigation of required land. Riverview Avenue Pump Riverview AvenueDesign and construction of a Backup Generator 0750,000 Station Generatorfor the Riverview Avenue Water Pumping Station. Page 6 of 8 THE CITY OF SAINT JOHN 12-Aug-25 SAINT JOHN WATER PROPOSED W & S FUND PROGRAM 2026 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 * Rocky Bluff TerraceSand Cove Road to endDesign Services for the Rocky Bluff Terrace 86,21231,355 Infrastructure Upgrade Project (Water Component) (including Indigenous Consultation, GHG calculations and Climate Reporting requirements) (Project contingent on the City receiving CHIF funding (73.33%). Rothesay Road Bridge Rothesay Road Bridge Near Design and construction services for the 0310,000 Hanger RenewalBrookville Manufacturingrenewal of the watermain hangers on the Rothesay Road bridge. South Bay WellfieldSouth Bay WellfieldInvestigation and concept design to address 0100,000 South Bay Wellfield pump shaft failures. Universal MeteringCity WideComplete a detailed plan (i.e. Road map) on 0350,000 how Saint John Water would execute the installation of metering throughout the City in a phased approach. Water Strategy (Overall)East/ West Saint JohnInvestigation and concept design to complete a 0350,000 long term water strategy to address residential, commerial and industrial growth throughout the City. Water Tank RockwoodRehabilitation of the existing Rockwood Park 1,200,000 ImprovementsWater Storage Tank including upgrades to the existing access road. Water Tank Sandy Point RoadInvestigation and the completion of conceptual 100,000 Improvementsdesign options to potentially change the location or add a new tank to double feed the Millidgeville area and the Sandy Point High Zone. Water Tank Various LocationsDesign services required to move forward the 150,000 Improvementsdesign to rehabilitate existing water tanks. $2,181,112$6,381,779 TOTAL: Page 7 of 8 THE CITY OF SAINT JOHN 12-Aug-25 SAINT JOHN WATER PROPOSED W & S FUND PROGRAM 2026 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 0290,000 Water Programannual Rehabilitation Payment for the Water Treatment plant. $0$290,000 TOTAL: Page 8 of 8 SmallCity, June 30, 2025 General & Utility Fund Year to Date Financial Results BigHeart. Finance Committee August 20, 2025 DĻƓĻƩğƌ ğƓķ ƷźƌźƷǤ CǒƓķ WǒƓĻ ЌЉͲ ЋЉЋЎͲ ĻğƩ Ʒƚ 5ğƷĻ CźƓğƓĭźğƌ wĻƭǒƌƷƭ Purposeofpresentationistoprovide FinanceCommitteeanoverviewof theJune30,2025,yeartodate GeneralandUtilityfundbased financialresults. Financialresultsreflectthefirst halfof2025.Mostvariancesarea resultoftimingdifferences(budgetvs expenditures) Overall,therehavebeennomajor unanticipatedexpenditures,however therearefewareasofconcern, particularlyinPublicWorksand Environmentwhichwillbeaddressed inthispresentation. DĻƓĻƩğƌ CǒƓķ WǒƓĻ ЌЉͲ ЋЉЋЎ ĻğƩ Ʒƚ 5ğƷĻ wĻƭǒƌƷƭ May 2021 Operating Budget May 2021 Operating Results WǒƓĻ ЌЉͲ ЋЉЋЎ 5DĻƓĻƩğƌ CǒƓķ CźƓğƓĭźğƌ wĻƭǒƌƷƭ Year to Date Revenue -$1,475,579 Surplus Growth and Community Services positive variance $737,137 largely related to more than anticipated building permit revenue Public Works and Transportation Services -positive variance $137,807 Strategic Service positive variance $598,718 mainly due tomore than budgeted interest income. WǒƓĻ ЌЉͲ ЋЉЋЎͲ 5DĻƓĻƩğƌ CǒƓķ CźƓğƓĭźğƌ wĻƭǒƌƷƭ June 30, 2025, June 30, 2025, Year to Date Operating BudgetOperating ResultsVariance υЌЋͲВЎВͲЎЉЏυЌЊͲЌЊЊͲЌЉАυЊͲЏЍБͲЊВВ Wages and Benefits Goods and υЍАͲЍАЉͲЌВВυЍЏͲБАЊͲВАЉυЎВБͲЍЋВ Services/Grants May 2021 Operating Budget Fiscal/Pension/ May 2021 Operating Results υЊАͲЌАЌͲЉЍЋυЊАͲЏЍЋͲЍЌБΛυЋЏВͲЌВЏΜ Other Charges υВАͲБЉЋͲВЍАυВЎͲБЋЎͲАЊЎυЊͲВААͲЋЌЋ Total WǒƓĻ ЌЉͲ ЋЉЋЎͲ 5 DĻƓĻƩğƌ CǒƓķ CźƓğƓĭźğƌ wĻƭǒƌƷƭ High-level YTD Variance Analysis Growth and Development Services -$18,844 positive variance Affordable Housing ($1.37M) in grants paid out and is offset by grant revenue received. Housing Accelerator Program $934K positive variance is related to timing of grant payouts. Public Safety Services -$1,821,382 positive variance Fire and EMO Services $502K favorable variance largely due to various vacancies. Police Commission -$1.32Mfavorable variance largely due to variousvacancies. Utilities and Infrastructure -$357,826positive variance Overall positive year to date variance of $357K which is combination of vacancies and timing of goods and services. Some of the financial pressure that is being mitigated is the additional cost of insurance and cost of security for City Hall. WǒƓĻ ЌЉͲ ЋЉЋЎͲ 5DĻƓĻƩğƌ CǒƓķ CźƓğƓĭźğƌ wĻƭǒƌƷƭ High-level YTD Variance Analysis Continued Public Works & Transportation Services -$788,265 negative variance The majority between service areas relates to budgeting issues around goods and services. Overall salaries have $236k positive variancefor entire service area. There are financial pressures that will impact the overall year end results including; Winter Maintenance -$370K anticipated unfavorable variance (this could be higher depending on end of year season) Arenas will be overbudget by $120K related to Multiplex, however this will be offset by reserves. Stormwater anticipated to be overbudget by $400K due unanticipated infrastructure failures. Fleet Charges for vehicle replacements is anticipated to be to be overbudget by $450K due to increase cost of new vehicle and equipment. WǒƓĻ ЌЉͲ ЋЉЋЎͲ 5DĻƓĻƩğƌ CǒƓķ CźƓğƓĭźğƌ wĻƭǒƌƷƭ High-level YTD Variance Analysis Continued Strategic Services -$462,449 positive variance Finance variance largely due to vacancies and timing of goods and services received Information Technology -variance combination of combination of staff vacancies and goods and services received. Corporate Services -$374,391 positive variance Overall variance year to date is related vacancies and timing differencesrelated to goods and services received Other Charges -$269,396 negative variance Overall positive variance relates to less special pension contribution to date due to timing and staff vacancies. Overage in transfer to capital reserve largely related to fleet auction proceeds transferred to fleet reserves which is offset by the revenue received from the auction. ƷźƌźƷǤ CǒƓķ WǒƓĻ ЌЉͲ ЋЉЋЎ ĻğƩ Ʒƚ 5ğƷĻ wĻƭǒƌƷƭ WǒƓĻ ЌЉͲ ЋЉЋЎ 5 ƷźƌźƷǤ CǒƓķ CźƓğƓĭźğƌ wĻƭǒƌƷƭ June 30, 2025 June 30, 2025 YTD Variance Operating BudgetOperating Results υЎͲЉАЉͲВЉЏυЎͲЉЎЉͲЋЊЍυЋЉͲЏВЋ Wages and Benefits υЋЊͲБЏЎͲВЍЍυЋЉͲЌБВͲЋАЉυЊͲЍАЏͲЏАЍ Goods and Services May 2021 Operating Budget May 2021 Operating Results υЋЏͲВЌЏͲБЎЉυЋЎͲЍЌВͲЍБЍυЊͲЍВАͲЌЏЏ Total WǒƓĻ ЌЉͲ ЋЉЋЎ 5 ƷźƌźƷǤ CǒƓķ CźƓğƓĭźğƌ wĻƭǒƌƷƭ Year to Date Revenue -$115,075Surplus Other revenue -$376K positive variance Interest Revenue $290K higher due to interest rates, not considered to be reoccurring revenues Misc Revenue-$90K higher due to Stumpage Fees and Environment Trust amounts that will be transferred to reserves at year end Meter Revenue-$200k is slightly underbudget for 2025 WǒƓĻ ЌЉͲ ЋЉЋЎ 5 ƷźƌźƷǤ CǒƓķ CźƓğƓĭźğƌ wĻƭǒƌƷƭ High-level YTD Variance Analysis Overall YTD Expense Results$1.5Mfavorable variance Industrial Water Service -$1M favorable variance related to timing issues with airport, east watershed and Musquash Wastewater Services-$500K favorable variance related to timing with dredging /ƚƓĭƌǒƭźƚƓ Overall financial results year to date are showing a surplus and can be largely attributed to a combination of salaries and benefits due to various vacancies and the balance within goods and services due to timing issues. Own sources revenue is largely on budget with a very favorable variance in building permits. As highlighted in the presentation, there are some anticipated financial pressures inPublic Works due to the recent winter season and infrastructure failures. Staff will continue to monitor and work to mitigate these over expenditures over the year. thattheFinanceCommitteereceiveandfilethispresentation anddirectanyquestionstostaff. The City of Saint John 2025 General Fund Operating Budget June, 30 2025 2025YTD YTD YTD BudgetBudgetActualVariance $$$$ Revenues Property Taxes 156,964,319 78,482,160 78,482,160 - PILT Adjustment 23,453 23,453 23,453 - Equalization & Unconditional Grant 12,803,691 6,401,850 6,401,850 - Regional Services Grant 1,006,997 503,496 503,496 - Surplus 2nd Year Previous Year 272,858 136,428 136,428 - Transfer from Operating Reserves 676,000 337,998 337,998 - Growth & Community Services 7,216,811 3,589,511 4,326,648 737,137 Public Works & Transportation Services 6,726,934 3,378,386 3,516,193 137,807 Public Safety Services 2,208,313 1,104,144 1,195,036 90,892 Utilities & Infrastructure Services 340,635 166,228 77,252 (88,976) Strategic Services 5,154,554 2,577,270 3,175,988 598,718 Saint John Energy Benefits 1,000,000 - - - Total Revenues 1 94,394,563 9 6,700,924 9 8,176,503 1 ,475,579 Expenditures Growth & Community Services 22,628,358 11,098,605 11,079,761 18,844 Public Works & Transportation Services 49,476,188 23,837,618 24,625,883 (788,265) Public Safety Services - Fire, EMO and PSCC 33,675,248 16,948,606 16,446,286 502,320 Public Safety Services - Police Commission 30,751,388 15,190,520 13,871,459 1,319,061 Utilities & Infrastructure Services 5,453,727 2,945,850 2,588,024 357,826 Strategic Services 9,072,153 6,102,988 5,640,539 462,449 Corporate Services 8,424,251 4,305,718 3,931,327 374,391 Other Charges 34,913,250 17,373,042 17,642,438 (269,396) Total Expenditures 1 94,394,563 9 7,802,947 9 5,825,715 1 ,977,232 Surplus (Deficit) - ( 1,102,023) 2 ,350,788 3 ,452,811 City of Saint John by Service 2025 General Fund Operating Budget June, 30 2025 2025YTD YTD YTD BudgetBudgetActualVariance $$$$ Growth & Community Services Salaries 7,138,317 3,589,872 3,198,425 391,447 Goods & Services 15,490,041 7,508,733 7,881,336 (372,603) TOTAL 22,628,358 11,098,605 1 1,079,761 18,844 Public Works & Transportation Services Salaries 18,456,763 9,000,082 8,764,000 236,082 Goods & Services 31,019,425 14,837,536 15,861,883 (1,024,346) TOTAL 49,476,188 23,837,618 2 4,625,883 (788,265) Public Safety Services - Fire, EMO and PSCC Salaries 26,733,140 13,360,506 12,947,943 412,563 Goods & Services 6,942,108 3,588,100 3,498,342 89,758 TOTAL 3 3,675,248 1 6,948,606 1 6,446,286 5 02,320 Public Safety Services - Police Commission Grant 30,751,388 15,190,520 13,871,459 1,319,061 TOTAL 3 0,751,388 1 5,190,520 1 3,871,459 1 ,319,061 Utilities & Infrastructure Services Salaries 3,253,673 1,626,848 1,423,199 203,649 Goods & Services 2,200,054 1,319,002 1,164,825 154,177 TOTAL 5 ,453,727 2 ,945,850 2 ,588,024 3 57,826 Strategic Services Salaries 4,704,798 2,352,402 2,108,682 243,720 Goods & Services 4,367,355 3,750,586 3,531,857 218,729 TOTAL 9 ,072,153 6 ,102,988 5 ,640,539 4 62,449 Corporate Services Salaries 6,059,634 3,029,796 2,869,058 160,738 Goods & Services 2,364,617 1,275,922 1,062,270 213,652 TOTAL 8 ,424,251 4 ,305,718 3 ,931,327 3 74,391 Other Charges Goods & Services 34,913,250 17,373,042 17,642,438 (269,396) 3 4,913,250 1 7,373,042 1 7,642,438 ( 269,396) TOTAL EXPENDITURES 1 94,394,563 9 7,802,947 9 5,825,715 1 ,977,232 The City of Saint John 2025 General Fund Operating Budget June, 30 2025 2025YTD YTD YTD BudgetBudgetActualVariance $$$$ Revenues Property Taxes 156,964,319 78,482,160 78,482,160 - PILT Adjustment 23,453 23,453 23,453 - Equalization & Unconditional Grant 12,803,691 6,401,850 6,401,850 - Regional Services Grant 1,006,997 503,496 503,496 - Surplus 2nd Year Previous Year 272,858 136,428 136,428 - Transfer from Operating Reserves 676,000 337,998 337,998 - Growth & Community Services 7,216,811 3,589,511 4,326,648 737,137 Public Works & Transportation Services 6,726,934 3,378,386 3,516,193 137,807 Public Safety Services 2,208,313 1,104,144 1,195,036 90,892 Utilities & Infrastructure Services 340,635 166,228 77,252 (88,976) Strategic Services 5,154,554 2,577,270 3,175,988 598,718 Saint John Energy Benefits 1,000,000 - - - Total Revenues 1 94,394,563 9 6,700,924 9 8,176,503 1 ,475,579 Expenditures Growth & Community Services Growth & Community Planning Services 1,680,262 784,086 933,444 (149,358) Development Engineering 391,301 194,617 182,737 11,880 Community Development 528,505 277,846 200,637 77,209 Animal Control 120,000 60,000 55,272 4,728 Dangerous and Vacant Building Program 278,451 140,161 79,400 60,761 Minimum Property Standards 506,125 255,065 182,132 72,933 Heritage Conservation Service 207,018 60,582 68,360 (7,778) Other By-Laws 297,552 149,651 146,588 3,063 Permitting & Inspection Services 1,459,850 725,107 765,788 (40,681) Regional Economic Development Agency 3,087,500 1,489,773 1,416,225 73,548 Market Square 2,500,000 1,249,998 1,195,974 54,024 Saint John Trade & Convention Centre 156,543 78,270 88,278 (10,008) Imperial Theatre 322,021 161,010 161,010 - Saint John Aquatic Centre 423,225 211,612 213,941 (2,329) Saint John Arts Centre 128,549 64,274 64,274 - TD Station 502,796 251,398 333,892 (82,494) Library 544,839 274,390 274,390 - Arts & Culture Board 70,000 34,998 2,720 32,278 PRO Kids 243,677 119,846 120,968 (1,122) Local Immigration Partnership 62,831 62,831 68,968 (6,137) Carleton Community Center 193,167 96,584 96,584 - Loch Lomond Community Center 45,000 45,000 - 45,000 North End Community Center 193,167 96,584 96,584 - Recreation Programming 1,222,380 638,147 463,918 174,229 Neighbourhood Development 172,000 86,000 150,000 (64,000) YMCA - Contracted Services 155,564 77,782 77,782 - Boys and Girls Club - Contracted Services 144,181 72,091 72,090 1 Unspecified Grants 289,000 289,000 216,500 72,500 Affordable Housing Strategy 197,583 100,012 1,465,048 (1,365,036) Lifeguards 203,400 - - - Play SJ 45,000 - - - Lord Beaverbrook Rink 182,000 104,502 92,924 11,578 Building Incentive Reserve 350,000 - - - Regional Services Commission 396,772 198,386 141,857 56,529 City Market 1,316,629 682,034 723,996 (41,962) The City of Saint John 2025 General Fund Operating Budget June, 30 2025 2025YTD YTD YTD BudgetBudgetActualVariance $$$$ Growth & Community Services (Continued) Housing Accelerator Program 2,775,572 1,386,110 452,130 933,980 Growth Department 720,897 323,368 217,862 105,506 Saint John Industrial Parks 515,000 257,490 257,490 - Total Growth & Community Development Services 2 2,628,358 1 1,098,605 1 1,079,761 1 8,842 Public Safety Services - Fire, EMO and PSCC Fire Rescue and Suppression Service 25,278,938 12,735,165 12,481,927 253,238 Fire Training 3,000 1,488 2,686 (1,198) Medical First Responders - 24,996 6,663 18,333 Technical Rescue Response 47,489 31,252 41,953 (10,701) Hazardous Materials 61,417 39,277 31,659 7,618 Fire Prevention 970,571 486,072 449,875 36,197 Fire Investigation 67,743 33,914 15,120 18,794 Emergency Management Services 330,971 165,726 99,007 66,719 Water Supply and Hydrants 2,500,000 1,249,998 1,249,998 - Public Safety Communications Centre 3,205,118 1,575,720 1,517,665 58,055 Street Lighting 1,210,000 604,998 549,732 55,266 Total Public Safety Services - Fire, EMO and PSCC 33,675,248 16,948,606 1 6,446,286 502,320 Public Safety Services - Police Commission Total Public Safety Services - Police Commission 30,751,388 15,190,520 1 3,871,459 1,319,061 Public Works & Transportation Services Snow Control Streets 5,509,023 3,158,740 4,047,034 (888,294) Street Cleaning 1,741,677 604,618 1,074,060 (469,442) Utility Cuts 1,222,668 611,288 462,119 149,169 Street Services - Surface Maintenance 8,608,264 4,323,872 3,401,771 922,101 Snow Control Sidewalk 1,197,741 697,140 814,327 (117,187) Sidewalk Maintenance 941,591 316,638 339,140 (22,502) Pedestrian & Traffic Management Service 2,607,775 906,125 1,293,222 (387,097) Solid Waste Management 4,145,894 2,086,530 1,821,397 265,133 Landscape - Parks & Open Spaces 3,094,030 1,546,506 1,618,928 (72,422) Rockwood Park 588,050 324,100 186,192 137,908 Urban Forestry 413,439 207,312 158,889 48,423 Saint John Horticultural Association 70,000 70,000 70,000 - Arena Operation & Maintenance 1,518,945 780,012 804,956 (24,944) Sportsfield Operation & Maintenance 1,428,466 826,638 673,393 153,245 Other Facilities Operation & Maintenance 539,239 267,690 169,182 98,508 Transit Debt 1,411,000 364,437 364,437 - Transit Subsidy 7,405,172 3,702,590 3,702,590 - Fleet Fuel - - - 1,297 1,297 Fleet Stockroom 340,939 196,502 476,505 (280,003) Stormwater 4,213,369 1,619,547 1,856,940 (237,393) Parking Administration 971,024 533,765 553,101 (19,336) Peel Plaza Parking Garage 332,673 206,482 191,979 14,503 Market Square Parking Garage 169,538 83,146 119,226 (36,080) Off Street Parking 1,005,670 403,940 427,791 (23,851) Total Public Works & Transportation Services 4 9,476,188 2 3,837,618 2 4,625,883 ( 788,265) The City of Saint John 2025 General Fund Operating Budget June, 30 2025 2025YTD YTD YTD BudgetBudgetActualVariance $$$$ Utilities & Infrastructure Services Engineering 1,457,300 743,023 598,988 144,035 Carpenter Shop 404,336 203,606 146,809 56,797 Facilities Management 1,763,070 905,942 763,165 142,777 City Hall Building 1,089,123 761,613 765,270 (3,657) GIS 517,550 220,526 261,263 (40,737) Stockroom 222,347 111,140 52,529 58,611 Total Utilities & Infrastructure Services 5 ,453,727 2 ,945,850 2 ,588,024 3 57,826 Strategic Services Finance 1,402,393 643,702 562,906 80,796 Assessment 1,879,282 1,879,282 1,879,282 - Supply Chain Management 449,811 224,874 220,113 4,761 Information Technology 4,129,729 2,464,890 2,122,724 342,166 Corporate Planning 487,609 243,608 221,755 21,853 Insurance 153,328 76,632 76,084 548 Liability Insurance 570,000 570,000 557,675 12,325 Total Strategic Services 9 ,072,153 6 ,102,988 5 ,640,539 4 62,449 Corporate Services City Manager's Office 808,249 404,082 285,058 119,024 Mayor's Office 199,201 99,705 80,387 19,318 Common Council 583,959 292,037 284,098 7,939 Common Clerk 737,800 368,862 293,624 75,238 Human Resources 2,801,678 1,390,922 1,466,862 (75,940) Legal Department 1,302,142 651,024 470,198 180,826 Real Estate 325,144 179,969 206,865 (26,896) Customer Service 956,699 564,489 511,669 52,820 Corporate Communications 520,949 260,422 241,609 18,813 External Relations 188,430 94,206 90,958 3,248 Total Corporate Services 8 ,424,251 4 ,305,718 3 ,931,327 3 74,391 Other Charges Fiscal Charges 14,191,000 7,011,924 7,022,266 (10,342) Landfill Closure 300,000 150,000 150,000 - Special Pension Contributions 10,622,250 5,311,122 5,043,687 267,435 Transfer to Capital Reserves 3,000,000 1,500,000 2,026,489 (526,489) Capital from Operating 6,800,000 3,399,996 3,399,996 - Total Other Charges 3 4,913,250 1 7,373,042 1 7,642,438 ( 269,396) Total Expenditures 1 94,394,563 9 7,802,947 9 5,825,715 1 ,977,232 Surplus (Deficit) - ( 1,102,023) 2 ,350,788 3 ,452,811 Saint John Water 2025 Water & Sewerage Operating Budget JUNE 2025 2025YTD YTD YTD BudgetBudgetActualVariance $$$$ Revenues Flat Rate Accounts 21,883,500 10,941,750 10,907,380 (34,370) Meter Rate Accounts 19,389,500 6,463,166 6,258,905 (204,261) Industrial Raw Water Accounts 7,438,122 2,479,374 2,483,719 4,345 Fire Protection Levy 2,500,000 1,249,998 1,249,998 - Storm Sewer Levy 1,000,000 499,998 472,500 (27,498) Other Revenues 1,667,360 733,668 1,110,525 376,857 Previous Year's Surplus 764,858 382,428 382,428 - Transfer from Reserve 750,000 - - - Total Revenues 55,393,340 22,750,382 22,865,457 115,075 Expenditures Drinking Water Service 25,974,629 12,741,038 12,762,159 (21,121) Wastewater Service 20,538,918 10,575,453 10,020,578 554,875 Infrastructure Management 861,410 431,025 483,195 (52,170) Industrial Water Service 8,018,383 3,189,334 2,173,552 1,015,782 Total Expenditures 55,393,340 26,936,850 25,439,484 1,497,366 Surplus (Deficit) - (4,186,468) (2,574,027) 1,612,441 1 Saint John Water 2025 Water & Sewerage Operating Budget Salaries and Goods & Services JUNE 2025 DrinkingWaterService Wages and Benefits 3,835,962 1,917,968 2,204,261 (286,293) Goods & Services 22,138,667 10,823,070 10,557,897 265,173 Total25,974,62912,741,03812,762,159 (21,121) WastewaterService Wages and Benefits 4,448,415 2,224,192 2,141,565 82,627 Goods & Services 16,090,503 8,351,261 7,879,013 472,248 Total20,538,91810,575,45310,020,578 554,875 InfrastructureManagement Wages and Benefits 614,431 307,214 381,025 (73,811) Goods & Services 246,979 123,811 102,169 21,642 Total861,410431,025483,195 (52,170) IndustrialWaterService Wages and Benefits 1,243,050 621,532 323,362 298,170 Goods & Services 6,775,333 2,567,802 1,850,191 717,611 Total8,018,3833,189,3342,173,552 1,015,782 TOTALEXPENDITURES55,393,34026,936,85025,439,4841,497,366 2 Saint John Water 2025 Water & Sewerage Operating Budget JUNE 2025 2025YTD YTD YTD BudgetBudgetActualVariance Revenues Flat Rate Accounts 21,883,500 10,941,750 10,907,380 (34,370) Meter Rate Accounts 19,389,500 6,463,166 6,258,905 (204,261) Industrial Raw Water Accounts 7,438,122 2,479,374 2,483,719 4,345 Fire Protection Levy 2,500,000 1,249,998 1,249,998 - Storm Sewer Levy 1,000,000 499,998 472,500 (27,498) Other Revenues 1,667,360 733,668 1,110,525 376,857 Previous Year's Surplus 764,858 382,428 382,428 - Transfer from Reserves 750,000 - - Total Revenues 55,393,340 22,750,382 22,865,457 115,075 Expenditures Drinking Water Service Watershed Management 879,877 442,345 128,833 313,512 Water Treatment 9,577,589 4,822,908 4,708,819 114,089 Water Pumping & Storage 1,256,362 703,810 691,363 12,447 Transmission & Distribution 4,623,509 2,327,546 2,571,925 (244,379) Customer Metering 707,124 354,996 481,350 (126,354) Internal Charges 470,000 203,748 283,213 (79,465) Other Charges 575,142 287,568 309,797 (22,229) Debt Servicing 3,410,695 1,360,957 1,349,395 11,562 Transfer to Capital Reserve 180,673 90,336 90,642 (306) Capital from Operating 4,293,658 2,146,824 2,146,824 - Total Drinking Water Service 25,974,629 12,741,038 12,762,159 (21,121) Wastewater Service Wasterwater Pumping 3,318,002 1,712,322 1,906,811 (194,489) Wastewater Collection 3,368,215 1,703,001 1,426,320 276,681 Wastewater Treatment 6,166,572 3,196,805 2,796,854 399,952 Internal Charges 650,672 294,084 203,748 90,336 Other Charges 575,142 287,568 309,797 (22,229) Debt Servicing 2,746,973 1,525,003 1,520,379 4,625 Capital from Operating 3,713,342 1,856,670 1,856,670 - Total Wastewater Services 20,538,918 10,575,453 10,020,578 554,875 Infrastructure Management Engineering Services 861,410 431,025 483,195 (52,170) Total Infrastructure Management 861,410 431,025 483,195 (52,170) Industrial Water Service Watershed Management 894,359 447,930 199,645 248,285 Water Pumping & Transmission 3,081,035 1,550,488 854,040 696,448 Customer Metering 245,421 122,718 51,671 71,047 3 Debt Servicing 1,661,162 - - - Transfer to Capital Reserves 836,677 418,338 418,338 - Transfer to Operating Reserve 703,469 351,732 351,732 - Capital from Operating 596,260 298,128 298,128 - Total Industrial Water Service 8,018,383 3,189,334 2,173,552 1,015,782 Total Expenditures 55,393,340 26,936,850 25,439,484 1,497,366 Surplus (Deficit) - (4,186,468) (2,574,027) 1,612,441 4