San Pedro Town Council Reports Record $37 Million in Net Assets

The San Pedro Town Council is reporting a much stronger financial position, ending the 2024-2025 fiscal year with net assets of nearly thirty-seven million dollars. According to the Council’s latest audited financial statements, net assets increased by more than eight-point-six million dollars, rising from just over twenty-eight million dollars in 2024. The audit shows that total assets grew from forty-nine-point-six million dollars to sixty-seven million dollars. Much of that increase came from infrastructure investments and the acquisition of government-owned lands and buildings valued at more than fourteen million dollars.  The Council also recorded a surplus of eight-point-six million dollars for the year, a significant improvement over the two-point-four-million-dollar surplus reported the previous year. Total revenues reached almost twenty-eight million dollars, while expenditures stood at just over nineteen million dollars.  Cash reserves more than doubled during the period, increasing from one point-five million dollars to more than three-point-four million dollars.  The report does note that the Council’s liabilities increased from twenty-one-point-three million dollars to just over thirty million dollars, mainly due to borrowing and municipal bond financing used to fund major development projects.  Despite the higher debt levels, auditors issued an unqualified opinion, meaning the financial statements fairly reflect the Council’s financial position. The only outstanding issue highlighted in the report involves a parcel of land valued at approximately two-point-five million dollars that remains under review by the Lands and Surveys Department.