• Municipal Council
  • Communiqué

Mount Royal, June 15, 2020 – Tabled at this evening’s regular Council meeting, Town of Mount Royal’s 2019 financial report continues a tradition set by its predecessors, announcing yet another budget surplus, this one of $11,275,892. In doing so, it once again validates the Town’s management practices and indicates that winning conditions remain in place.

In 2019, the positive difference was attributable to operating revenue of $102.5 million, which was $6.1 million or 6.3% higher than the budget forecast, while operating expenses before amortization totalled only $92.8 million, $4.7 million or 4.8% under the same forecast.

The additional revenues generated in 2019 came largely from the issuing of construction permits in the commercial and industrial sectors, collection of real estate transfer taxes and sale of part of Royden Road in the industrial sector in connection with the Royalmount project.

Capital spending in 2019 continued to demonstrate the exemplary attention that the Town pays to its infrastructures. This included not only repairing streets and sidewalks and rehabilitating water and sewer lines but also investing in Town parks and other green spaces. It also included installing Mount Royal’s first two BIXI stations and purchasing electric vehicle charging stations, significant actions on the environmental protection and alternative transportation fronts.

As at December 31, 2019, the Town’s long-term debt totalled $32.7 million. Investments to be funded at year-end amounted to $4.7 million. Combined with other items totalling $7.1 million, this brought the total long-term net debt to $30.3 million, which corresponds to only 0.43% of the standardized property value.

For their part, the accumulated surplus, financial reserves and reserved funds totalled $39.2 million versus $35.5 million in 2018, further strengthening the Town’s financial position in 2020 as it begins construction of its new sports and community centre.

“We can once again conclude that the Town’s exceptional financial results are such as to allow us to stay the course, invest in infrastructure projects and benefit from some leeway. This financial latitude will, among other things, help us attenuate the negative financial impacts of the pandemic, which will become more apparent in the coming months. We can only view our Town’s future positively”, adds Mayor Philippe Roy.

The highlights of Town of Mount Royal’s financial statements can be viewed online and, once the pandemic is declared over and municipal buildings are reopened to the public, the full report can be consulted in person at Town Hall.

Nathalie Rhéaume

Treasurer and Director of Material Resources

90 Roosevelt Avenue

Mont-Royal H3R 1Z5