News

July 24, 2017

Consolidated Financial Report for 2016 filed

The director of finance and treasurer for the City of Deux-Montagnes, Julie Guindon, filed the city’s consolidated financial report for the fiscal year ending December 31, 2016, and audited by Raymond Chabot Grant Thornton, at the council meeting on July 13.

Consolidated Financial Report for 2016 filed:

Significant reduction in debt and increase in contingency surpluses

Mayor Denis Martin expressed his satisfaction with the results. “This is an extremely positive balance sheet that is certain to delight Deux-Montagnes residents, especially when it comes to reassuring them about the future of our beautiful city,” he said during the council meeting.

Highlights of the report include the city’s operating surplus of $2.1 million for the fiscal year.

The surplus is due in part to additional tax transfer payments, but above all to a tight control on expenses, a cash payment strategy, a reduction in professional fees, and lower financing costs because of a sharp reduction in the city’s debt. The city’s net debt has gone from $41 million to $25 million, a drop of $16 million, in the past four years. The contingency reserve has gone from $990,000 to $3.7 million during the same period, an increase of $2.7 million.

The debt reduction has not been done at the expense of services or infrastructure needs. In fact, over $4.25 million was invested in infrastructure in 2016, mainly for replacing and upgrading sewer mains and water mains, and repaving 20th Avenue.

Nor did the city’s financial recovery come at the expense of taxpayers. Over the past four years, tax increases have been less than the Consumer Price Index (CPI) and below the Canadian level of inflation.

In closing, Mayor Martin said, “This is the fourth consolidated financial report that the council has presented to residents since being elected in 2013. The city’s recovery during that time has been nothing short of spectacular. Debt is down sharply (a decrease of 40%) and financial reserves for contingencies have almost quadrupled.”

Click here to see the consolidated financial report in french version only