The San Pedro Town Council (SPTC) has released its financial audit report for the year ending March 31, 2023, providing valuable insight into the council’s financial condition. Moore Belize LLP conducted the audit, and the financial statements have been prepared in accordance with the IFRS for Small and Medium Enterprises, which includes standards and interpretations approved by the International Accounting Standards Board (IASB). This marks the third consecutive audit report the current SPTC administration has issued, offering island residents important information about managing public funds and overall fiscal responsibility.
For the fiscal year, SPTC reported total revenues of BZD $17,808,689, a significant increase from BZD $9,194,238 in the previous year. This growth can be attributed to improved property tax collection, traffic-related revenues, and other fees. However, total expenditure also rose markedly to BZD $17,050,542, up from BZD $6,953,769 in 2022. The increase in spending was primarily due to higher operating costs and general administrative expenses related to ongoing community projects and services.
At the end of the fiscal year, the net assets totaled BZD $25,900,971, showing a modest increase from BZD $25,147,611 in 2022. This suggests that the council has maintained a stable financial position despite increased spending. Notably, the report indicates an increase in cash flows from operating activities, amounting to BZD $3,351,406. The report stated that at the end of the fiscal year, SPTC had cash and cash equivalents of BZD $2,534,146. SPTC also had a long-term borrowing total of BZD $5,473,324 from loans secured from Atlantic Bank Ltd, the Government of Belize, and private entities.
The audit report’s findings align with several community projects undertaken by the council. Residents have expressed mixed feelings about the effectiveness of these initiatives. While many feel optimistic about recent projects aimed at improving public spaces, facilities, and waste management services funded by increased revenues, others have raised concerns about transparency and accountability in allocating and spending funds.
The San Pedro Town Council’s 2023 audit report is important for assessing its financial health and operational effectiveness. It shows significant revenue growth and prudent resource management, but it also highlights areas where improvement is needed in community engagement and transparency. As residents continue to voice their opinions on council initiatives, fostering an open dialogue will be essential for building trust and ensuring that community needs are met effectively. This audit’s findings reflect past performance and provide a foundation for future governance strategies prioritizing accountability and responsiveness to community concerns.
Visit https://shorturl.at/nMakJ to view the complete San Pedro Town Council financial audit reports.
Share
Read more
 has released its financial audit report for the year ending March 31, 2023.){kind=link}