- Municipal Council
Mount Royal, April 19, 2011 – Town of Mount Royal released its financial statements for fiscal 2010 today and, as usual, they bear witness to Council’s sound management of the public purse. This time, the surplus for the year just ended is on the order of $3.4 million.
Achieved during a period of transition within Council, which saw the election of Philippe Roy as mayor and of Daniel Robert as a councillor, the budget surplus is attributable to a number of factors. Among the most significant were additional revenues from real estate transfer taxes, interest on tax arrears, and compensation received from the provincial government for residual materials disposal and selective collection. In addition, the Town’s operating expenses were less than forecast, in particular those related to snow removal, maintenance of the water distribution and sewer system, residual materials management, the public security agency, and renewal of the Public Security vehicle fleet.
The financial statements show that the Town’s long-term debt was $28,050,000 as at December 31, 2010. Investments to be funded at year-end totalled $1,543,808, which, when combined with various other items, brought the total net long-term indebtedness to $26,856,003, a debt load that corresponds to 0.55% of the current standardized property value (nearly $4.9 billion). As always, this level of indebtedness can be described, at the very least, as prudent.
The surpluses notwithstanding, as it remains essential for Council to maintain the quality of life that Town of Mount Royal is known for, the municipal administration invested $6,523,650 in its infrastructures in 2010. Extensive work on Rockland Road and the installation of artificial turf on soccer fields were among the major projects carried out last year.
Town of Mount Royal’s financial statements can be viewed at Town Hall or online at www.town.mount-royal.qc.ca/treasurer.