- Municipal Council
- Chronique du maire
Mount Royal’s 2012 financial statements were tabled at Council’s public meeting in April. As the documents show, the Town’s most recent financial year ended with a surplus of more than $6 million, bringing the total of the accumulated surpluses, financial reserves and earmarked funds to more than $16 million, a record high.
A few years ago, the municipal administration committed to reducing its use of the accumulated surpluses to fund the Town’s operating expenses. Instead, it now uses them to pay down the debt, fund investment projects and deal with unexpected events. This approach necessitated a sustained and gradual effort, which is now bearing fruit.
For example, as a result of our Town’s robust financial health, Council was able to allocate the 2012 surplus to productive projects. Accordingly, $1.5 million has been set aside for repaying the municipal debt and $2.5 million for reconstruction work on the Rockland Overpass.
The reconstruction project, which is important for Mount Royal, is valued at $10 million, half of which will be assumed by the Town. As part of our sound surplus management strategy, we have now allocated $2.5 million to the Rockland Overpass project, which will reduce, by an equal amount, our reliance on borrowing and, consequently, the need to pay the related financing costs.
Are you interested in the Town’s financial issues? Come discuss them with us at the monthly Council meetings or contact the Town’s Treasurer’s Office, whose personnel will be pleased to answer your questions.