May 14 2024

Financial Statements: Rosemère Tables Its Financial Report for 2023

As required under the Cities and Towns Act, the Town of Rosemère tabled its annual financial statements for the year ended December 31, 2023, at the council meeting on May 13, 2024. The statements show an operating surplus of $441,800. 

“The optimal allocation of financial resources is, as always, a top priority for the Town’s administration. We are meeting the needs of our community while striving to keep things affordable for our taxpayers as we evolve,” said Mayor Eric Westram. “This financial report has been audited by the BCGO accounting firm and an unqualified audit report has been issued,” he added.

Operating revenues and expenses

The Town’s operating revenues in 2023 were $36,060,400, $594,100 above what had been budgeted. This additional amount was generated primarily by proceeds from the transfer tax. 

Operating expenses for the fiscal year came to $36,563,100. There were $986,100 in expenditure savings during the year, or 2.4% of the operating budget as adopted. Much of this is attributable to the fact that the replacement of the granular activated carbon used in the water treatment plant was able to be postponed to 2024, based on the findings of an analysis carried out during the year. 

In terms of allocations from the Town’s funds and financial reserves in 2023, they were reduced by $1,138,400, in line with the savings in the expenditures paid for through these funds and reserves, to a total of $944,500.

Capital investments and debt

The Town remains firmly committed to maintaining Rosemerites’ quality of life. During the year, a total of $10,338,400 in capital investments were made, 67% of which went toward the rehabilitation of water, sewer and road infrastructure. It is noteworthy that 57% of these investments were funded through third parties or grants. 

As of December 31, 2023, the long-term debt payable by all residents, taking into account what was financed by the special infrastructure tax, came to $26.8 million. The Town’s debt situation continues to be relatively stable and even enviable, with a debt ratio 1.6 times lower than that of the rest of the MRC de Thérèse-De Blainville. 

Allocation of the surplus

The 2023 surplus has made it possible to allocate $400,000 to the Town’s funds and financial reserves. The funds set aside for election spending will be used to cover the expenses incurred to hold the April 21 by-election as well as the upcoming general elections in 2025. The remaining balance will be allocated equally to the Town’s expense stabilization fund and the infrastructure fund to offset increases in operating expenses and improve debt management in the coming years.

View the 2023 Financial Statements presentation here.

View the consolidated financial report and the independent auditor's report 2023 here. (French only)

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