- Municipal Council
Mount Royal, April 17, 2012 – Town of Mount Royal released its most recent financial statements on April 16 and, more than ever, they bear witness to Council’s sound management of the public purse. For fiscal 2011, the surplus is on the order of $5.1 million.
Achieved during the lead-up to the Town’s centennial, the budget surplus is attributable to a number of factors. Among the most significant were additional revenues from real estate transfer taxes, collected interest, 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, water distribution, electricity, waste and other collection, and external professional services.
The financial statements show that the Town’s long-term debt was $24,729,000 as at December 31, 2011. Investments to be funded at year-end totalled $4,378,332, which, when combined with various other items, brought the total net long-term indebtedness to $28,041,785, a debt load that corresponds to 0.55% of the current standardized property value, the same percentage as last year. As always, this level of indebtedness can be described, at the very least, as prudent.
The excellent quality of life that Town of Mount Royal is known for requires constant attention and, the size of the 2011 surplus notwithstanding, the municipal administration invested $6,526,333 in Town infrastructures during the year. Major work on Rockland Road, the replacement of street lamps and the rehabilitation of water distribution and sewer lines were among the projects carried out last year.
Town of Mount Royal’s financial statements can be viewed at Town Hall or online in our Treasurer's section.