During its public meeting of May 9, 2022, the city of Rosemère tabled its financial statements for the year ended on December 31st, 2021. A surplus of $1,752,700 was produced with the majority (77%) of it was generated from transfer taxes, which generated additional revenue of $1,344,200 in connection with the exceptionally strong real estate market during the year. The balance of the surplus is justified by an increase in grants received of $197,400 and a net saving in operating expenses and allocations of $211,100, representing 0.6% of the budget.
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“The allocation of financial resources is always done in a very rigorous manner. Our efforts to ensure responsible management of public funds contribute to these positive results and are an ongoing priority. The financial report was audited by the accounting firm BCGO and an unreserved audit report was issued,” said Eric Westram, Mayor of Rosemère.
Operating Revenues and Expenses
The Town’s operating revenues in 2021 were $34.2 million, 74% of which comes from taxes and fees. 57% of property tax revenue is generated from the residential sector and serviced vacant lots, compared to 43% from the commercial sector.
In terms of operating expenses ($32.4 million), Environmental Hygiene accounts for the largest share of expenses at 23%, followed closely by Public Safety at 17% and Transportation and Roads at 16%.
Investments to improve the community environment
According to the city’s press release, the year 2021 will have seen investments in the living environment of Rosemere residents. Among other things, investments in the infrastructure rehabilitation (sewer and water) amounted to $2.4 million. Streets and sidewalks also benefitted from investments in the order of $2.1 million. Rosemère also invested $1.4 million in parks and playgrounds to promote healthy lifestyles. In total, $11 million has been invested in 2021 to improve the quality of life of the citizens.
“As of December 31, 2021, the debt attributable to all citizens stood at $29.4M. This is a relatively stable debt despite the cumulative investment of $27.8M since 2018 thanks to the creation of a financial reserve for infrastructure, the implementation of a new special tax for infrastructure and by optimizing sources of financing from third parties and grants,” added Eric Westram.