At last night’s municipal council meeting, Ville de Brossard tabled its financial statements for the year 2022. These showed a net operating surplus of some $29.7 million, due mainly to strong growth in the real estate market and rigorous expense management. This sum will be used primarily to deal with the effects of climate change, which is becoming increasingly numerous and unpredictable.
Higher revenues and lower expenses
Brossard reported an overall increase in revenues of $28.2 million. Of this amount, strong real estate activity generated $25 million, mainly from transfer duties, including two exceptional transactions totalling $14.7 million.
On the expenditure side, the City recorded a decrease of $8.9 million. A large part of this amount is attributable to savings from revaluations and litigation settlements, as well as a reduction in subsidies to homeowners. Finally, $7.4 million was allocated to debt stabilization.
Climate change and responsible management
“The municipal council will of course continue to develop Brossard, but this will be done at a responsible pace and under responsible conditions that we will oversee in a structured manner and in the primary interest of our citizens,” said Mayor Doreen Assaad. “Furthermore, we have chosen to allocate the surpluses at our disposal to cope with the effects of increasingly frequent climatic upheavals. In this way, the city is adopting a preventive and resilient attitude aimed at protecting its infrastructures and ensuring the safety of its citizens during exceptional situations,” continued Mayor Assaad.
“Our preventive and rigorous approach to budget management is being implemented in an economic context that is experiencing considerable upheaval. The sums we are allocating to deal with major risks, to stabilize budgets for the coming years and to contain the debt are responsible and proactive gestures that demonstrate our firm commitment to managing Brossard residents’ money well,” said Finance Committee Chairman, Councillor Daniel Lucier.
Distribution of surplus earnings (May 2023)
- Unforeseeable and exceptional risks – unallocated surplus:15% |$10 M
- Stabilization of 2023 operating budget:7% | $4.8 M
- Stabilization of operating budgets for 2024 and beyond:16% | $10.7 M
- Stabilization of revenues for 2024 and subsequent years:30% | $20 million
- Environmental investment projects:20% | $13.4 million
- Debt stabilization:12% | $7.6 M
The 2022 financial statements are available on financial statements.
