On Tuesday, August 5, 2014, Saint John Common Council approved the City of Saint John Consolidated Financial Statements for the year ended December 31, 2013. The General Fund had a surplus of $567,702 and the Water and Sewerage Utility had a surplus of $1,475,129.
The City remains committed to fully resolving the pension funding issues. In 2013, the City was able to apply savings from temporary vacancies, debt service costs, and budgeted pension costs to take another step forward and reduce the outstanding pension deferral account by $5.4 million.
Reducing the balance in the pension deferral account will result in approximately $740,000 annual savings for each of the next six years. The conversion to the shared risk pension model is well underway and taxpayers have already seen a reduction in plan contributions in excess of $8.5 million. The better financial position has allowed Common Council to continue to focus on its priorities – roads, recreation and economic growth.