- Municipal Council
Mount Royal, October 22, 2019 – According to a report on the comparative statements of revenue and expenditures for the nine-month period that ended on September 30, the Town of Mount Royal appears on track to achieve a new surplus at the end of the current fiscal year. The report was tabled at the Town Council’s regular meeting in October and indicated a possible surplus of close to $4.9 million at the end of the 2019 fiscal year, an estimate that the Town nevertheless provides without prejudice.
Released at the same time each year, the comparative statements report compares Mount Royal’s current results with those of its previous fiscal year—in this case, 2018—after the same nine-month period. The report also measures these interim results against the current year’s budget expectations.
Mount Royal uses conservative calculations to reach a potential surplus of approximately $4.9 million for 2019. The situation can change from September 30 onwards, with the three months of the fiscal year to come bringing their share of unforeseen circumstances, such as snow removal costs.
On the revenue side, income from building permits issued until now have been significantly higher than expected. Income from these permits alone could reach $4.3 million by the end of the year, a figure they are already approaching, compared to the initial 2019 forecast of $1 million.
Figures on the expenditures side don’t reveal such an eye-opening contrast and are progressing with smaller deviations from forecasts. Taken individually or as a whole, they are tracking well.
“These results are very encouraging,” said Mayor Philippe Roy. “While we’re still a few months away from the end of the 2019 fiscal year, our prudent management of public funds clearly continues to benefit Mount Royal. We remain confident for the future.”
2019 has already seen many achievements. The Sports and Community Complex project underwent more fine-tuning and the arrival of BIXI proved a resounding success, as were the electric car charging stations. A new dog run was introduced at Mohawk Park, a new public market proved popular, and various infrastructure projects are well underway.
At year-end, long-term debt is expected to be $32.7 million. Contracted loans from 2019 relate mainly to infrastructure projects completed in previous years.
The report on the comparative statements of revenue and expenditures is available for consultation at the Town Hall or online.