2019 Financial Report – Exceptional revenue, operational savings and repayment of long-term debt
The mayor of the City of Pointe-Claire, John Belvedere, and the members of City Council are proud of the results of the 2019 financial report, tabled yesterday at the Council meeting, which show an exceptional surplus of $19.3 million.
“The quality of life in Pointe-Claire, the attractiveness of our city and its location contribute to these exceptional results. This surplus is timely in the difficult context of the pandemic. It provides us with additional flexibility in response to the uncertainties associated with COVID-19,” Mayor Belvedere said.
This surplus is mainly due to additional revenues of $13.8 million related to transfer taxes and building permits. The year 2019 was particularly favourable, characterized by a record number of real-estate transactions, which exceeded the most optimistic forecasts.
Savings of $5.4 million were also achieved in our regular operations, while maintaining and improving the service offer to the community, and the mayor would like to acknowledge the remarkable work accomplished by all the staff to achieve these results. In 2019, the City carried out the reconstruction of infrastructure on five streets, work on various municipal buildings, including the Aquatic Centre, the Central Library and the Stewart Hall Cultural Centre, the repair of the Valois Park sports facilities, an archaeological inventory on La pointe Claire, shoreline maintenance on Lake Saint-Louis, and the replacement of heavy vehicles and equipment. The City also started the construction of Tony-Proudfoot Park.
The surplus is normally used to repay debt and pay cash for certain infrastructure projects. To ensure sound management of the municipal apparatus, it will be kept in reserve to compensate for unforeseen expenses and loss of income resulting from the COVID-19 pandemic, if necessary. The balance will be used to repay long-term debt.
“Our administrative rigour ensures a pleasant, quality and safe living environment for all our citizens with a range of quality public services. This is all the more important when our living conditions have been so disrupted by the pandemic and the economic recovery is slow. Our management enables us to face the challenges to come with confidence, for the better of our citizens,” Mayor Belvedere concluded.
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