Business / Uncategorized

City Council had a good year, with more revenues and smaller deficit- audit shows

By Alexis R. Milan
Staff Reporter

The Belize City Council has released the results of its annual audit conducted by PKF Accountants and Business Advisers for the period up to March 2014.

The audit shows that the council’s total asset value as of March 2014 was $84,999,721 or nearly 16 percent higher than the previous year ($73,376,598).
Property and equipment account for more than $70 million of this year’s total asset value.

The council’s total cash value stands at $3,234,431 as of March 2014; the previous year the cash value was $5,575,076.

Trade and other receivables account for more than $10 million of the council’s assets.

The council’s liabilities for this year amount to $47,254,935 which, represents a significant increase over last year’s total of just over $35 million.
The year in review (2013/2014) produced an increase in revenue of some $4.5 million, up from over $21 million the previous year. The increase comes mainly from liquor license fees, property tax, rental revenues and trade license fees.

Government subventions of $4.2 million also accounted for a substantial boost in the council’s revenue compared to $2,197,294 the year before.

The City Council also spent more money – $1.74 million more than it did the previous year, reflecting higher expenditures for the Office of the Mayor and for public relations, but with reductions in areas of works, sanitation and traffic.

The auditors point out that the City Council’s deficit is significantly smaller than the year before. This year’s deficit amounts to $136,601 compared to last year’s deficit of $1,969,959.

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