Highlights – 2022 Financial Report
The 2022 fiscal year ended with a surplus of $25 million.
The additional revenues were mainly due to the establishment of businesses in our industrial park because of its advantageous location and the impending arrival of two REM stations in our territory. The surplus is primarily explained by $15.2 million coming mainly from transfer duties, tax revenue and interest revenue. These additional revenues also included grants received, particularly for the development of library collections and waste management, as a result of citizens actions to reduce waste and sort materials effectively.
In terms of expenses during 2022, our teams continued to prioritize the quality of services for the benefit of our community as a whole, as well as effectiveness and efficiency in everyday operations. The reduction of some normally scheduled activities and responsible management of resources made it possible to save $10 million on costs and allocations.
The negative impacts of the pandemic on revenues from culture, sports, recreation and community development activities were less significant this year but showed a decrease in revenues of $1.8 million due to cancelled, modified or restricted programming.
The majority of the surplus will be allocated to refinancing and repayment of the long-term debt. A portion will also be used to continue upgrading our municipal buildings. We will also continue our interventions to fight against the emerald ash borer and its consequences for our urban canopy. These interventions include the grants offered to the public.
The City has maintained a significant rate of investment in the reconstruction and maintenance of municipal infrastructure to guarantee streets, sidewalks and public utility services in good condition for the next 50 years. The 2022 financial report points out that, to maintain the quality of service in regular operations, several projects were carried out, including:
- Road and infrastructure work on several streets:
- Windward Crescent South, Aurora, Wilton, Hartford and Bancroft;
- The paving of several street sections and the repair of many sidewalks;
- The development of an additional cross-country ski trail and a hiking trail at the Beaconsfield Golf Club;
- Trail development work and greening work;
- Improvements in several parks;
- The continuous modernization of the street lighting with an LED system;
- Repairs and improvements to various municipal buildings;
- The construction of a new parking lot adjacent to the public works building;
- Various repairs to the Stewart Hall Cultural Centre;
- We also continued the planned replacement of obsolete equipment, machinery and vehicles required for street, park and infrastructure maintenance with more adapted and environmentally friendly equipment when possible.
Lastly, our 2022 financial statements were audited professionally by our external auditors (BCGO) and, in their opinion, without any reservation, these statements provide an accurate picture of the financial position of the City of Pointe-Claire.