- Municipal Council
Town of Mount Royal, July 13, 2020 – Filed on June 15, the Town’s most recent financial statements report a record surplus of $11,275,892. In doing so, they once again underscore Council’s sound management of public funds.
In view of the global health crisis and the negative financial impacts it may case, Council members have voted to appropriate $5 million, nearly half the surplus, to help fund the 2021 operating budget, which will directly benefit Town residents.
“In the current difficult situation, it is important to act prudently so we are able to counter the possible negative impacts of the pandemic on the Town’s financial results,” says mayor Philippe Roy. “We also want to prepare for an eventual increase, due mainly to COVID-19, in the aliquot share we pay to the Urban Agglomeration of Montreal. This $5 million is the latest example of prudent action taken by the Town to protect Townies’ financial capacity.”
In addition to this $5 million, Council has appropriated $3 million to construction of the new sports and community centre and $1 million to the Town’s financial reserves for early repayment of the debt to be refinanced in 2021.