The City of Chambly ended the year 2019 with a surplus of $6,668,892, according to the external audit report by Deloitte, and the financial report for fiscal year ending December 31, 2019.
Several factors explain this result, including the fact that municipal revenues had been underestimated. Revenues in fact registered a surplus of $3.7 million, which breaks down as follows: real estate transfer taxes, property taxes, interest, municipal court revenues, charges, and other revenues.
This surplus is also the result of approximately $3 million in savings, as some planned expenses were not approved by the new administration. For example, $1 million was earmarked for taxpayers as a tax refund. An amount of $1.2 million was also put aside as a debt payment.
During 2019, the City invested $15.7 million in infrastructure, mostly at the Robert Lebel Sports Centre ($4 million), the Chambly Cultural Centre ($9 million), as well as various road construction work ($2 million). These major projects were funded through the Road Network Fund and the Working Capital Fund ($1 million), as well as appropriated surpluses ($9.2 million). Moreover, the city borrowed $5.5 million.
Following recommendations by the Commission municipale du Québec and with its assistance, the City incorporated new policies and applied new directives to effectively oversee the management of public funds. The integration of electronic tools will enhance administrative practices and help optimize services to residents.
An analysis undertaken by the Finance Department showed that Chambly has a very enviable debt level and that accumulated surpluses are higher than average, when compared to other similar-sized municipalities.
In the past, the goal put forward was mostly aimed at reducing the debt and accumulating surpluses. This administrative decision was sometimes taken at the expense of maintaining certain infrastructures. To avoid damages to municipal equipment and buildings, we need to establish a development strategy to invest in structuring projects that will ensure the sustainability and quality of services to residents.