Audited statements show CBS in good shape, says Tilley

By Craig Westcott

Last year’s audited financial statements for the Town of Conception Bay South are in and Ward 3 councillor Gerard Tilley says they point to the administration being in good shape.
Tilley made the remarks at last month’s council meeting speaking on behalf of the finance and administration committee.
“The statements, independently audited by Grant Thornton LLP, confirm the Town’s continued financial stewardship and strategic investments in community infrastructure,” said Tilley. “A strong financial position has been maintained. The Town ended 2024 with a robust cash and cash equivalent balance of $7.73 million maintaining its strong liquidity position. Net debt improved to $12.3 million, down from $12.7 million in 2023.”
In terms of long-term debt, the Town paid down some $1.97 million reducing the outstanding balance from $17.5 million in 2023 to $15.6 million in 2024.
“This progress demonstrates council’s commitment to long term financial sustainability,” Tilley said.
Last year was an historic one when it came to capital investment in CBS, said Tilley, and a landmark year for infrastructure development with $14.96 million in capital spending by the Town, which is more than double what was spent the previous year.
The Town’s total revenue for 2024 stood at $50.1 million,” Tilley noted, with residential tax revenue accounting for $38.7 million of that, and grants and transfers from other levels of government coming to $6.5 million.
“Total actual expenses of $46.7 million were within the approved 2024 budget and in accordance with the public sector accounting standards,” he added. “(Outstanding) Taxes received increased modestly to $4.34 million, up from $4.16 million in 2023. Of that, $2.71 million has been outstanding for more than one year. The Town continues to monitor and manage these balances proactively. The auditors, as well, reported no instances of fraud during their examination and confirmed that the Town’s internal controls and financial management practices are sound and effective in preventing fraudulent activity.”
Mayor Darrin Bent said prudent management of debt is important as it allows council to plan for things such as the new lifestyle and recreation dome coming to the Gateway off Legion Road, and handle unexpected trouble that may come along, such as the big water main break last year that cost over $2 million.
“The other thing I’m very proud of is that, in these financial documents, it will show that our revenue from commercial (taxes) is up over half a million dollars a year, and that’s money that we can use to help pay for some of the things that we need and to offset some of the increases in the cost of doing business for the Town, and that’s critically important,” Bent said.