Deux-Montagnes, July 13, 2020 – The City of Deux-Montagnes filed its consolidated financial statements as at December 31, 2019 during a regular meeting last Thursday. While the city’s sound financial health was evident, the highlight was the 60% reduction in its net debt in just five years. Consolidated net debt decreased from $ 44.5 million in 2014 to $ 18.3 million in 2019.
This impressive reduction in the debt load and the 2019 financial results in general reflects the sound management of public funds under the city’s administration and confirm its strong capacity to develop in a responsible manner, while offering diversified and quality services to Deux-Montagnes residents.
“Our financial performance demonstrates a great deal of discipline on the part of elected municipal officials. City managers also play a key role in achieving organizational and financial goals. I would like to personally thank them,” said the mayor of Deux-Montagnes, Denis Martin. “This good management of finances also makes it possible to react to unforeseen events, such as the spring flood that occurred in 2019, without jeopardizing the budgetary future of the City,” also said Mayor Martin.
A more than positive balance sheet
The City ended 2019 with an operating surplus of $1.6 million, which represents 5.7% of the original budget. This good performance is due to an increase in revenues of more than $1 million and a decrease of $0.6 million in expenses and other tax items.
Among the investments of $5.1 million made in 2019, more than $ 4.5 million was allocated to urban infrastructure (permanent dyke, sewer and aqueduct network, Armitage park) and for the upgrading/enlarging of the fire station. For these investments, subsidies have been recorded for an amount of $ 2,774,000 : $ 1,407,000 for the permanent dyke and $ 1,366,600 for fire station.
In short, the rigor of the municipal administration and the involvement of all the actors involved contribute to making Deux-Montagnes a city where life is good and where people thrive. The vigilance shown by administrators will be all the more essential in the months to come, as the city closely monitors the effects of COVID-19 on public finances.
The financial statements for fiscal 2019 are available on the City’s website (in French).
