At the City Council meeting held on May 14, Mayor Doreen Assaad tabled the 2023 financial statements for the City of Brossard. At the end of this fiscal year, the City recorded a net operating surplus of some $9.88 million, due to the significant increase in rates of return on investments, combined with rigorous management of expenses and debt. This sum will make it a priority to contain the level of taxation in future years, in addition to mitigating the possible and apprehensible consequences of climate change.
Increase in revenues and expenses
Brossard reported an increase in net additional revenues of $5.1 million. This increase is due to the significant rise in rates of return on investments and cash, which generated an additional $9.1 million. However, due to the general slowdown in the real estate market, transfer duties were lower than forecast, at $4.9 million. On the other hand, the Town’s development has generated additional tax revenues totalling $1.5 million.
On the expenditure side, the City recorded an increase of $10.25 million. A large part of this amount is attributable to a reassessment of litigation, for which $12.6 million has been allocated. On the other hand, tight management of operating expenses generated a positive variance of $2.35 million.
Balanced debt level
The amount of debt decreased due to higher principal repayments. Reserves and surpluses were also used to finance certain projects, with the aim of reducing the city’s debt level.
Total net indebtedness, including the Longueuil agglomeration portion, now stands at $269.5 million, a decrease of $2.9 million. As for the city’s level of indebtedness in relation to property wealth, this remains enviable, given the development that Brossard is undergoing. Our property wealth currently stands at nearly $18.9 billion.
Appropriation of surplus earnings
At the same council meeting, council members adopted the distribution of funds from the operating surplus:
- Unpredictable and exceptional risks – climate change:$10 million
- Stabilization of revenues for 2024 and subsequent years: $5 million
- Investment projects:$2.45 million
“Our wise financial management has enabled Brossard to maintain a lower tax level than comparable cities for 2023. The surpluses we have generated will enable us to contain our citizens’ tax levels over the coming years. In addition, we have chosen to plan for the sums needed to cope with the often devastating effects of climate change. In this way, the city is adopting a preventive and resilient attitude that aims to protect its infrastructures and the safety of its citizens, in order to better respond to the new environmental situation. In this way, the municipal council is fully fulfilling its role as a responsible and efficient local government, despite the inflationary context of recent years,” declared Mayor Doreen Assaad.
“The financial statements presented this evening clearly illustrate the council members’ commitment to the public. I am convinced that by sharing these highlights, we are demonstrating to all Brossardites that they remain at the heart of our priorities at all times, and that the budget is rigorously managed in order to offer them services that meet their expectations,” concluded Daniel Lucier, Chairman of the Finance Committee and Municipal Councillor for District 10.
The 2023 financial statements are available on Financial statements.
