Deux-Montagnes, June 14, 2019 – The City of Deux-Montagnes filed its consolidated financial statements as at December 31, 2018 during a regular meeting yesterday. While the city’s sound financial health was evident, the clear highlight was the 52% reduction in its net debt in just four years.
In 2014, the Deux-Montagnes had a consolidated net debt of $44.5 million. City debt now stands at $21.3 million, a reduction of $23.2 million. This impressive reduction in the debt load reflects the sound management of public funds under the city’s administration.
“Our financial results demonstrate a great deal of discipline on the part of elected municipal officials and, of course, municipal managers. They are the result of continued efforts aligned with our debt management guidelines,” said Mayor Denis Martin.“We’re extremely proud of the responsible approach taken by the management team we have in place.”
A more-than-positive balance sheet
The city ended 2018 with an operating surplus of $2.5 million, a sum that represents 9% of the original budget. This excellent performance is due to an increase in revenues of more than $1.3 million and a decrease of $1.2 million in expenses and other tax items.
Part of the operating surplus will be used to build the permanent dike and a noise-reduction wall along Highway 640.
As for the $3.5 million investments made in 2018, $2.6 million was allocated to urban infrastructure (sewer and water system).
In short, the financial results indicate that the City of Deux-Montagnes is in good financial health. The achievements in the 2018 budget were made possible through a shared vision and productive collaboration with city council members. In recalling the leading role city managers played in achieving the organizational and financial objectives, Mayor Denis Martin said,“The commitment of all the stakeholders involved helps to make Deux-Montagnes a city where life is good and where people thrive.”