San Pedro Town Council Reports $8.66 Million Surplus in Latest Audit

The San Pedro Town Council (SPTC) has released its audited financial statements for the fiscal year ending March 31, 2025. The independent audit report, completed on March 27, 2026, was made public by the Council on June 22nd. According to the report, the Council’s financial position improved significantly during the year, ending with a surplus of BZD $8.66 million and total net assets of BZD $36.97 million.
The audit was conducted by Moore Audit Advisory LLC, which stated that the financial statements present fairly, in all material respects, the Council’s financial position, financial performance, and cash flows in accordance with the International Financial Reporting Standard (IFRS) for Small and Medium-sized Entities (SMEs).
However, the auditors included an “Emphasis of Matter” regarding a parcel of land previously appraised at BZD $2.5 million and recorded as investment property. The report noted that legal ownership of the property remained unresolved and was pending a determination by the Lands and Surveys Department. The matter was still under review at the time the audit was completed.
The statement of financial position shows that the Council ended the fiscal year with total assets of BZD $67.04 million, up from BZD $49.66 million in 2024. Non-current assets accounted for most of that total at BZD $56.40 million, led by property, plant, and equipment valued at BZD $47.42 million and investment property valued at BZD $8.96 million.
Current assets stood at BZD $10.64 million and included BZD $6.54 million in receivables, BZD $700,000 in restricted cash, and BZD $3.40 million in cash and cash equivalents. On the liabilities side, total liabilities increased to BZD $30.08 million, driven primarily by borrowings totaling BZD $19.16 million and trade and other payables of BZD $6.96 million.
The notes accompanying the financial statements show that major capital investments, debt management activities, and land transfers shaped the Council’s operations during the year. During the fiscal year, the Council acquired three parcels of land and several buildings from the Government of Belize at no cost. These assets were recognized at a fair value of BZD $14.26 million.
The Council also recorded BZD $7.65 million in expenditures for property, plant, and equipment and reported that infrastructure works under the San Pedro Road Enhancement Project were completed during the reporting period. Additionally, the Council disclosed that it had not complied with a required BZD $980,199 transfer to its sinking fund during the fiscal year. However, it noted that allocations toward the fund began in July 2025 and that full compliance is expected by December 2026.
A closer examination of the income statement shows where the financial improvement originated. Total revenue and other income increased to BZD $27.98 million, compared to BZD $19.18 million in 2024. The increase was largely driven by BZD $14.72 million in other income, including gains recognized from contributed assets.
Revenue from regular operations totaled BZD $13.26 million, led by property tax collections of BZD $5.71 million and traffic-related revenues of BZD $3.58 million. Total expenditures rose to BZD $19.33 million; however, revenue growth outpaced expenses, resulting in a surplus of BZD $8.66 million for the year.
The Council’s expense categories also highlighted areas of financial pressure. Bad debt expense totaled BZD $4.88 million, while salaries and wages amounted to BZD $5.35 million. Depreciation and repayment expenses reached BZD $2.75 million.
Finance costs totaled BZD $927,665 and included interest payments on loans, municipal securities, overdraft facilities, and credit card charges. The cash flow statement shows that the Council ended the year with BZD $3.40 million in cash and cash equivalents, up from BZD $1.54 million in the previous year. Financing activities generated BZD $8.79 million, primarily through new borrowings.
Overall, the audited financial statements show that the San Pedro Town Council closed the fiscal year with a reported surplus and an increase in total assets. The audit also notes ongoing financial commitments, including outstanding debt obligations, required contributions to sinking funds, and the unresolved legal dispute over the ownership of a parcel of land that remains recorded as a Council asset pending the outcome of court proceedings.