MOOSE JAW — The City of Moose Jaw’s 2024 general revenue fund (GRF) finished with a surplus of $236,866, with that money to flow into an accumulated surplus to replenish that empty rainy day-type account.
The GRF is the city’s operating fund and supports some of the municipality’s main programs, such as public works, parks and recreation, general government and police and fire, the 2024 audited financial statement report said.
Last year, this fund had revenues of $62,753,852 and expenses of $62,062,544, leading to a surplus of $691,308, of which $454,442 belonged to the Moose Jaw Police Service, the document showed. The remaining $236,866 belonged to the City of Moose Jaw.
Municipal taxation is the GRF’s largest revenue source and generated $36,960,612 last year, which was $268,034 more than anticipated, the report said. This additional tax money occurred because the value of property assessments grew.
In comparison, in 2023, the city collected $34,049,373 in municipal taxation; therefore, the city collected $2,911,239 more in taxes year over year.
Furthermore, the category of contributions, provincial and federal grants, and subsidies is the second-largest revenue source and generated $12,543,426, said the report.
Meanwhile, the category of protective services (fire and police) saw expenses last year of $23,421,924, while parks and recreation, the second-largest expense category, saw expenses of $13,531,947.
Some other highlights from last year’s general revenue fund included:
- Law enforcement revenue was $325,524 more than expected due to more provincial funding
- Recreation services revenues were $152,300 higher than budgeted because of increased use in recreation venues
- General government expenses were $1,029,000 less than budgeted based on departments saving money
- Law enforcement expenses were $808,000 under budget due to the MJPS having a surplus
- Public works expenses were $1,243,000 over budget, mostly due to road maintenance, snow operations, fleet operations and salary agreements
- Parks and recreation expenses were $106,000 over budget due to maintenance
“If we could predict the weather, we would not have to adjust our assumptions, but this is always a moving target requiring monitoring and consultation,” city manager Maryse Carmichael said during the recent regular city council meeting while reviewing the audited statements.
Overall, the report noted that the revenues were roughly $516,000 more than budgeted and expenses were $175,000 less than budgeted.
Meanwhile, the consolidated statement of operations, which presents the overall picture of revenues and expenses for the year, showed that the city had total revenues of $145,151,481 and total expenses of $102,964,656, for a surplus of $42,186,825.
This surplus will flow into another accumulated surplus account and boost that fund to over $527 million, the report showed. Most money in that accumulated surplus is for non-financial assets or physical objects, including tangible capital assets.
Other highlights
Other highlights from the 2024 audited financial statement showed:
- Debt increased by $10 million to $74.07 million, due to the city borrowing an extra $14.3 million for the Buffalo Pound Water Treatment Plant renewal project; the debt limit is $95 million
- Moose Jaw’s debt per person was $2,200.16, as compared to $1,903.29 per person in 2023
- The reserves increased by $1.4 million to $115.07 million
- The investment portfolios generated $7,644,588 in realized earnings, while they had unrealized gains of $9.3 million
“Moose Jaw has the lowest tax burden among comparable cities,” Carmichael said.
The numbers in the report showed that Moose Jaw’s taxation per capita was $1,095.15 per person last year, while the next closest city was Saskatoon with per capita taxation of $1,218.38 per person.
Furthermore, the report compared Moose Jaw’s net financial asset position — its net worth — to four other Saskatchewan cities and showed that The Friendly City’s net worth in 2024 was plus-$85,047,849. In comparison, Saskatoon’s net worth was plus-$269,258,000, the only other comparable city in the positive.
“Moose Jaw’s net financial asset position remains strong … . This highlights the effectiveness of our financial strategies and ability to invest in our long-term infrastructure,” said Carmichael.
Overall, the city remains “in a strong financial position,” as the surplus shows, but council must be vigilant in managing future capital needs like the new Crescent View Life Station, outdoor pool and Fourth Avenue (Thunderbird Viaduct) Bridge, the city manager pointed out.
However, borrowing money and going further into debt may be “the only way” to fund those infrastructure issues, especially if Ottawa fails to provide funding grants, she added.
The next regular council meeting is Monday, July 14.
