2023 FINANCIAL STATEMENTS

Apr 23, 2024

The Edmundston City Council has just adopted the financial statements for the year 2023. According to the budget method, the general operating fund shows a surplus of $102,412. The water and wastewater services operating fund (water and sewer) shows a surplus of $80,105.  The surplus in the electricity generation operating fund amounted to $31,704.

The New Brunswick Local Governance Act stipulates that any surplus must be credited to the current account in the second year following the year in question. As a result, surpluses from all three funds will be included in the respective budgets in 2025.

According to Mayor Eric Marquis, these positive results are a continued sign of the council's determination in managing taxpayers' funds prudently.

 "We recorded slight surpluses in all our operating funds, which this year included the Green River sector and the LSDs of Saint-Jacques and Saint-Joseph for the first time. I believe that we continue to demonstrate excellent control over spending, which has enabled us to achieve positive financial results.

Our debt is also down considerably, as we continue to pay it down faster than we borrow it, while still being able to maintain our annual investments as budgeted."

Net debt in 2023 has been reduced by $8.6 million compared with the previous year. It therefore fell from $38 million to $29.4 million at December 31, 2023.

Under Canadian Public Sector Accounting Standards (CPSAS), Edmundston has a consolidated surplus of $12.3 million. It is important to note that grants received for various projects are considered as revenues.

Edmundston's consolidated reserve funds totaled $13.8 million, compared with $10.4 million last year.

The financial statements were presented by Nadeau Picard et Associés, CPA, at the April 23 public meeting. Copies of the 2023 financial statements are available at City Hall or can be downloaded by CLICKING HERE.

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CONTACT: Éric Marquis, Mayor, 506.739.2115, eric.marquis@edmundston.ca