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2018 Financial Statements : Sound Financial Management and Rigorous Control in Châteauguay

Thursday, 18 July, 2019

Châteauguay, July 18, 2019 – Châteauguay Mayor Pierre-Paul Routhier reviewed the highlights of the 2018 Ville de Châteauguay financial report at a press conference held on Thursday at City Hall.
 
The financial statements present fairly the Ville de Châteauguay’s financial position in accordance with Canadian accounting standards for the public sector. However, the auditors issued a qualified opinion stating that the results do not include those of the Régie Intermunicipale Sports et Loisirs Beau-Château, which are part of the reporting entity. 
 
The municipality’s total revenues are $99,216,172 and its expenses are $81,548,778, with the addition of a long-term debt repayment of $11,429,296 and amounts used for various appropriations totalling $669,448.
 
The City’s sound financial management and tight control of spending have resulted in a net surplus of $7.4 million for 2018. These positive results are attributed in particular to the following: 

  • a judgment was rendered on June 19, 2019, concerning the dispute with the Ville de Mercier over the police force sharing agreement for the years 2014 to 2017 for the amount of $3.8 million. This amount must be recognized in 2018 as a receivable amount; 
  • the development of the real estate market, especially with the arrival of YourBarFactory and the acquisition of land by Canada Post for $1.5 million;  
  • an approximately $1 million rebate from the MRC regarding waste materials management;  
  • an increase in services rendered for an amount of approximately $1.3 million. 

As for operating expenses, savings have been achieved, especially related to financing costs and employee future benefits. On the other hand, the severe winter led to additional costs of $300,000 (vehicle maintenance and upkeep, rental of an additional truck, de-icing salt and fuel). 
 
Expenses are broken down as follows:  

  • Compensation and employee benefits: 61% 
  • Goods and services: 25% 
  • Shares: 8% 
  • Financing costs: 5% 
  • Others: 1% 

The following investments were made in 2018:

  • Repairs of streets, sidewalks and cracked pavement across the city totalling $1.5 million;  
  • Park maintenance and rehabilitation totalling $130,000; 
  • Acquisition of vehicles for public works and the police department totalling $1 million; 
  • Pipe lining replacement and repairs for the water distribution system totalling $3.6 million;  
  • Construction of an access route to the chalet in the Fernand-Seguin park totalling $2.6 million; 
  • Construction of a chalet in the Joseph-Laberge park totalling $1.2 million. 

The City’s total debt is now $127.7 million, a significant decrease of $5.4 million. The evolution of long- term debt since 2009 is illustrated as follows: 

(Evolution of long-term debt in millions of dollars)

 

The Council also plans to adopt a debt management policy at a future meeting.  

The financial report for the fiscal year ended December 31, 2018, is available for consultation in its entirety, as well as a summary presentation, on our website at www.ville.chateauguay.qc.ca/rapportfinancier-2018 (French only).

Last update: 2019-07-22 11:21

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