- Municipal Council
Mount Royal, May 5, 2010 – Tabled on April 28, the most recent Town of Mount Royal financial statements continue to reflect thorough management of public finances by Town Council. This time, in 2009, the surplus for the year was approximately 2.2 million dollars.
Achieved during a difficult period, namely in the midst of a financial crisis of international proportions, the Town of Mount Royal’s surplus can be attributed in large part to additional revenues in the areas of property transfer taxes, interest on tax arrears and compensation received from the provincial government with respect to residual materials and selective collection. But operating expenses were also less than expected in 2009, particularly in the areas of snow removal, management of aqueduct and sewer networks, management of residual materials and recreation activities.
The 2009 financial statements establish that the Town’s long-term debt at December 31, 2009, totalled $23,582,000. The amount of the unfunded capital expenditures at year end was $3,277,150, bringing the total net indebtedness to $26,859,150, at December 31, 2009. This debt load corresponded to 0.64% of the standardized property value (4.2 Billion of dollars), at September 15, 2009. Without a doubt, this is a level of debt that can be qualified as cautious.
It is still a priority for Town Council to maintain the Town of Mount Royal’s emblematic quality of life in a context where the local residential tax rate remains one of the lowest on the entire Island of Montreal. 2009 proved to be no exception, based on both foresight and respect for the well being of residents.
Year after year, the Town of Mount Royal’s financial statements are available for consultation at Town Hall or on the Internet, at www.town.mount-royal.qc.ca/treasurer