The city of Lachute has a budget surplus of nearly $3 million from 2022.

The 2022 financial statements were presented at the June 5 council meeting and indicate an operating surplus of $2,971,533. The surplus is being attributed mainly to the additional or higher collection of real estate transfer taxes. The $1.1 million collected in those taxes is circumstantial and non-recurring. However, other factors contributing to the surplus are because the city spent $655,084 less on remuneration in 2022. Subsidies and various additional income provided the city with an additional $235,969 in operating revenue, and there was also a reduction of $284,500 in expenses related to the repayment of the principal of the debt and other financial services.

The city is emphasizing that the surplus will be reinvested for both short-term and long-term needs.

Projects related to parks and road safety are a priority. The surplus will make it possible to increase the amount being spent for certain projects and make it easier to advance other projects. A reserve fund for highly variable expenditure items, such as snow removal, fire safety and emergency measures, is also planned.

Part of the 2022 surplus will also be reinvested to pursue the strategy of increasing working capital in order to reduce the payment of interest while facilitating the administrative processes related to borrowing.

In 2022, the city of Lachute undertook 83 projects with a total value of $5,969,473. Those include $2.4 million for the repair of underground infrastructure, more than $400,000 was invested for the repair of urban infrastructures, more than $550,000 was spent on the replacement of storm water pipes, more than $475,000 was invested in the development of the cycling network as well as various investments in parks, and nearly $825,000 was spent on the purchase of vehicles, machinery and equipment for the public works and fire departments.

Mayor Bernard Bigras-Denis commented that the consolidated long-term net debt has decreased as a percentage of revenue, going from a ratio of 1.53 for 2021 to 1.45 for the year 2022.

“The financial situation of the city is therefore in line with its financial objectives. It is with a view to maintaining and improving the quality of life of the population of Lachute in the short and medium term that the surpluses will be allocated, always with a view to sound financial management,” said the mayor.  

The complete report of the financial statements is available at lachute.ca/finances-municipales .