By Mark Squibb
The City of Mount Pearl took in more money than it anticipated in 2024, as noted in a financial audit approved by council last week.
Staff budgeted $58.9 million in revenue in Budget 2024, compared to actual revenue of $63 million, an increase of about six percent.
Councillor Mark Rice explained the City recorded a higher than anticipated intake primarily due to the unexpected receipt of money through the federal government’s Housing Accelerator Fund program, which subsidizes the development of high-density housing. Those funds had not been anticipated during the budget planning process. Rice added that higher interest rates led to greater than expected revenue in the municipal sector.
Operating and capital expenditures, meanwhile, were consistent with budgeted expectations.
“It’s so pleasing to bring this audit in,” said Rice. “In 2024, the City continued to demonstrate strong financial stewardship, which is very, very important.”
Council Bill Antle, meanwhile, spoke highly of the City’s financial health.
“When we look at our finances, Mount Pearl is so well run,” said Antle. “Our debt servicing here in the City of Mount Pearl, I would venture to guess, is one of the lowest in the province. When we do things, we do it right. When we do anything in Mount Pearl, we ask, ‘Is it budgeted?’”
Mayor Dave Aker also praised the audit results.
“I think this is a real reflection on the great job that everybody in our City does in terms of managing expenditures,” said Aker. “Collection rates are extremely high. Revenues typically do not come in under budget, they come in slightly over, and we don’t want to take too much from a tax revenue point of view. Expenditure control is really good, and management of the working capital and cash resources is second to none.”
The audit, conducted by BDO, expressed no concerns of potential fraud risk, non-compliance, or poor financial management among City staff.