May 09 2023

2022 Financial Statements:Town of Rosemère Continues to Maintain a Healthy Balance Sheet

As required under the Cities and Towns Act, the Town of Rosemère tabled its annual financial statements for the year ended December 31, 2022, at the council meeting on May 8, 2023. The statements show an operating surplus of $682,300. This is attributable to additional revenue of $769,500 generated primarily by the transfer tax, savings in expenses of $812,500 (or 2.3% of the operating budget) and an $899,700 reduction in allocations from the Town’s funds and financial reserves. 

“The optimal allocation of financial resources continues to be a top priority for the Town’s administration,” said Rosemère Mayor Eric Westram. “The care and diligence with which public monies are managed are the reason we continue to be highly regarded for our financial stewardship while investing continuously in our community’s well-being. The financial report has been audited by the BCGO accounting firm and an unqualified audit report has been issued.”

Operating revenue

The Town reported $34.2 million in operating revenue in 2022, 76% of which came from municipal taxes and charges. Tax revenue growth was limited to 3.5% in 2022 as a result of financial assistance received from the Quebec government for COVID-19.

Operating expenses

In terms of operating expenses ($33.5 million), the largest proportion of spending was for environmental hygiene ($7.4 million), followed by public safety ($5.8 million) and transportation ($5.6 million). 

Investments in the community

Numerous investments were made during the year to enhance Rosemerites’ quality of life. These include investments in sewer and water infrastructure rehabilitation ($4 million) and roads, streets and sidewalks ($2.8 million). The most significant investment in 2022 nevertheless remains the acquisition of a section of the Grand Coteau Forest. All told, a total of $14.3 million was invested in community betterment. 

Stable level of community debt 

“As of December 31, 2022, the debt payable by all residents, taking into account what was financed by the special infrastructure tax, came to $28.8 million,” said Mayor Westram. “We have managed to keep our debt relatively stable, even with cumulative investments of $42.1 million since 2018, by creating an infrastructure reserve and optimizing third-party financing and grants.”

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