2024 financial statements
At the June 10 municipal council meeting, Mayor Doreen Assaad tabled the 2024 financial statements for the City of Brossard, which show a net surplus of $14.08 million. This was due to an increase in revenues combined with rigorous management of operating expenses. The surplus will enable us to maintain an enviable level of taxation, while ensuring the long-term viability of our infrastructure and meeting the needs of the population.
Higher revenues and lower expenses
The year 2024 was marked by additional revenues of $10.76 million, mainly attributable to transfer tax revenues following a higher-than-expected sales volume. In addition, a number of subsidies have helped boost the city’s revenues, notably from the Quebec government’s transfer program for water and community infrastructure (TECQ).
On the expenditure side, the City recorded significant savings of $7.24 million. A large part of this amount is attributable to unused contingency provisions due to rigorous management resulting from the replanning of certain activities.
Balancing tax and debt levels
Brossard boasts a solid financial position, marked by effective management of expenditure and debt. This wise management of revenues, expenses and allocations has enabled Brossard to maintain a lower level of taxes than comparable cities.
Long-term debt decreased by $11.47 million. This reduction is attributable to strict debt management, linked to the rise in interest rates and the use of reserves and surplus to finance certain capital projects. This favorable situation translates into a ratio of total net long-term debt to standardized property value of 1.20 per $100 of assessment, compared with the provincial average of 1.78.
Investments and reallocation
Surpluses will be used to maintain tax levels and to plan for the funds needed to cope with the effects of climate change. In this way, the city is adopting a preventive and resilient approach to protecting infrastructure and ensuring the safety of its citizens. A reallocation of $10.98 million from the unrestricted surplus will be earmarked for these six objectives:
- Operational risk management
- Stabilizing revenues
- Analysis before – investment projects
- Climate resilience and waterfront development
- Debt management and investment projects
- Funds set aside for election expenses
“We’ve managed to keep a balanced budget while investing where it matters to people. The documents we are tabling today show that we are managing public money responsibly and listening to the needs of our citizens. Thanks to this rigorous approach, Brossard ranks among the best comparable cities in Quebec in financial terms. This solidity gives us good leeway to face the future. The municipal council plays its role to the full and acts in the best interests of the population,” declared Mayor Doreen Assaad.
“The financial statements clearly illustrate the municipal council’s ongoing commitment to managing our community’s resources responsibly and transparently. Despite the economic challenges and financial instability of recent years, the municipal council has remained responsive to the community and has fully fulfilled its role as a local government by responsibly managing public funds,” concluded Daniel Lucier, Chair of the Finance Committee and Councillor for District 10.
The 2024 financial statements are available at brossard.ca/financialstatements.
