San Pedro Town Council Publishes Audited 2024 Financial Statements

The San Pedro Town Council (SPTC) has released its audited financial statements for the fiscal year ending March 31, 2024. Prepared in accordance with International Financial Reporting Standards for Small and Medium-sized Entities (IFRS for SMEs) and audited by Moore Belize LLP, the report was made public on February 18th. The statements provide an overview of the Council’s revenues, expenditures, assets, and liabilities, offering transparency into municipal operations in San Pedro Town, Ambergris Caye.
Key figures show total revenues and other income of BZD 19,176,783, resulting in net assets of BZD 28,310,874. The Council recorded a surplus of BZD 2,409,903 in 2024, a significant increase from the BZD 758,146 surplus reported in 2023.
The increase was largely driven by other income, which rose to BZD 5,357,506 from BZD 1,265,466 the previous year. This included BZD 3,569,000 in government funding and a BZD 1,625,000 fair value gain on contributed land parcels. Revenues totalled BZD 13,819,277, down from BZD 16,543,223 in 2023, primarily due to lower property tax collections of BZD 7,801,146, compared with BZD 11,187,694 the prior year.
Total expenditures totaled BZD 16,766,880, with general and administrative expenses totaling BZD 12,401,251. These expenses included salaries of BZD 5,311,111 and bad debt expense of BZD 3,800,785. Property, plant, and equipment (PPE) increased significantly to a net book value of BZD 28,250,568, driven by BZD 17,750,417 in additions, largely related to infrastructure investments.
In the previous fiscal year, net assets totaled BZD 25,900,971, with lower investment in property, plant, and equipment, net of BZD 11,444,629. The Council also reported higher bad-debt provisions in prior years.
Governed by the Town Councils Act since 1984, the San Pedro Town Council employed 195 staff in 2024, up from 174 the previous year. Under Mayor Gualberto “Wally” Nunez, operations continue to focus on infrastructure maintenance, waste management, and revenue collection.
The independent auditor’s report on the financial statements, including the statement of activities, changes in net assets, and statement of cash flows, stated that the statements were presented fairly and in compliance with applicable standards. Management’s notes confirm that the statements were prepared on a going-concern basis, despite challenges such as high receivables losses.
The surplus strengthens the Council’s financial position despite outstanding borrowings of BZD 7,948,492 and accounts payable totaling BZD 9,938,994. The Council previously issued BZD 21.4 million in municipal bonds to finance infrastructure projects, including roads and bridges, with the proceeds transferred to a sinking fund held by the Fiscal Agent. Although cash balances declined to BZD 1,543,019, operating cash flows remained strong at BZD 13,944,216.
Future financial stability will depend on improved receivable collections and the timely completion of infrastructure projects expected in November 2025, which could further support San Pedro’s tourism-driven economy.
The release of the financial statements audited is significant, particularly given SPTC’s repeated pledges to greater transparency and accountability in its financial management. Public access to these reports enables residents, taxpayers, and stakeholders to assess how municipal revenues are collected, allocated, and invested. In a growing tourism destination like San Pedro, where infrastructure demands and public spending continue to rise, transparent reporting strengthens public confidence and reinforces the Council’s commitment to responsible governance.