ESTEVAN — The City of Estevan had an increase in long-term and net debt, according to audited financial statements released at the May 12 meeting of Estevan city council.
The document shows the city's long-term debt was at $12.655,540 at the end of last year, an increase of more than $400,000 from the $12,229,461 reported at the end of 2023. The city took out an additional loan last year to cover the costs incurred during the downtown revitalization project, meaning the long-term debt increased for the first time since 2015.
The net debt, which measures the excess of liabilities over assets, is the figure that the city has often emphasized in the past. It stood at $9,231,209, up more than $600,000 from the $8,603,226 recorded as of Dec. 31, 2023.
The city had $14,458,715 in total financial assets, led by $6,330,893 in cash and temporary investments; and $23,689,924 in total liabilities, with the majority of it being long-term debt.
Neal Fense with the Virtus Group accounting firm said the downtown revitalization project, which started last year and is continuing into this year, played a role in the debt increase, and it also impacted a number of categories, including accounts receivable and payable.
"It's a bit of an ongoing trend throughout the statements, a little bit of a one-off blip this year," he said.
Assets held for sale decreased slightly, he said, primarily due to a lot that was granted to a non-profit at less-than-market value, which Fense said was council's decision to support the organization.
Revenues from last year stood at $35,645,737, with taxes ($18,905.986), fees and charges ($11,219,085) and other unconditional revenue ($2,549,516) accounting for the bulk of the income. Revenue for 2023 stood at $35,782,851.
Expenses were at $34,809,294, down slightly from the $35,104,586 seen in 2023. The bulk of the expenses included general government services ($8,126,986), protective services ($6,942,673), transportation services ($5,199,193), recreational and cultural services ($7,542,229) and utility services ($5,781,529).
The annual surplus before other capital revenues was $836,443. The city received $9,170,220 in provincial/federal capital grants and contributions,
For a full look at the statements, visit the
