• Municipal Council
  • Communiqué

As in preceding years, Town of Mount Royal’s 2018 financial report, which was tabled at this evening’s regular Council meeting, shows the municipality to be in solid financial shape and announces yet another budget surplus, this time of $9,183,518. 

In 2018, the positive difference was attributable to operating revenue of $99.1 million, $7.8 million or 8.5% higher than forecast, while operating expenses before amortization totalled only $93.7 million, $1.3 million or 1.4% lower than the same budget forecasts.  

The additional revenue generated in 2018 came largely from real estate transfer taxes, the sale of land in the industrial sector, the taxation of new housing units, higher property tax values and the issuing of construction permits, once again highlighting the ebullience of Mount Royal’s real estate market.

Capital spending in 2018 focused on the responsible, preventative maintenance of infrastructures, including the rehabilitation of water and sewer lines, the repair of streets and sidewalks, the renovation of municipal buildings and the replacement of Public Works’ gasoline tanks.

The Town’s long-term debt at December 31, 2018, totalled $25.2 million, while the investments to be funded at year-end amounted to $7.6 million. Combined with other items, this brought the total net debt to $26.1 million, which now corresponds to only 0.38% of the standardized property value.

For their part, the accumulated surplus, financial reserves and reserved funds reached $35.5 million, compared with $31.4 million in 2017, further strengthening the Town’s financial position as it prepares to begin construction of the new and much-anticipated sports and community centre.

Town of Mount Royal’s financial statements can be viewed in person at Town Hall and online.