- Municipal Council
- Chronique du maire
It was with pleasure that I submitted the report on the financial position of Town of Mount Royal on October 24. Here are the main points.
First, Town of Mount Royal ended its 2010 financial year with a budget surplus of $3.4 million (on a total budget of nearly $73 million). The surplus was mainly due to increased revenues from property transfer taxes, to the especially mild winter weather conditions, which resulted in savings in snow removal operations, and to decisions by the municipal administration to limit spending.
Because of these positive results, the Town’s financial reserves totalled more than $14 million. This accumulated surplus will enable the Town to deal with contingencies and fund major projects.
Lastly, as at December 31, 2010, Mount Royal’s long-term debt totalled $26,856,003. This corresponds to 0.55% of the Town’s standardized real estate value, a very acceptable ratio. It should be noted that this debt results mainly from work on the Town’s infrastructures (reconstruction of streets, sidewalks, sewers and the water distribution system) and from the replacement of machinery and heavy vehicles. All such major projects are financed through loans. In 2010, our administration invested $6.5 million in these infrastructures and in installing the new artificial turf soccer fields.
As for the current financial year, the latest data indicate that the Town will have a budget surplus of approximately $1.7 million. However, we will have to wait until fiscal year-end before we can confirm the actual amount. In the meantime, we will continue to closely monitor our activities and keep a tight rein on projected expenditures.
The most notable major projects of fiscal 2011 have been the continued reconstruction of Rockland Road, the municipal library expansion project, the final phase of the implementation of green waste collection bins, preparations for the 2012 centennial celebration, the adoption of new regulations aimed at reducing drinking water consumption and protecting front and back yard trees, and the ongoing installation of new water meters.
The elected officials and the Town are now working on preparing the 2012 budget, which will be presented to you in December. I want to assure you that our main concern will be to continue our disciplined management of public finance while taking into account the expectations and service requirements of Mount Royal’s citizens.