The City of Montmagny’s revenues were higher than forecasts at $25,877,430 by $1,188,540, an increase of approximately 4.6%. According to the director of the Finance Department, André Lévesque, the amount comes from the increase in the number of real estate transactions which generated transfer taxes, the increase in interest rates and income linked to the City’s investments and the amount of $206,737 received as compensation due to the 2021 cyberattack. It also highlights that approximately 20% of citizens chose to pay their entire tax bill on the first payment date in order to benefit from the discount, which allows the City to benefit from more liquidity at the start of the year.
Expenditures were $284,573 higher than forecast. The City’s net debt remained in line with budget forecasts and directions, reaching $25,386,767.
The surplus of $566,349 will go towards unallocated surpluses, that is, a reserve that can be used to cover expenses that were not planned for in the current budget.
According to Mr. Levesque, expenses related to environmental issues are those that seem to be increasing the most in recent years.
He cites as an example the price of chemicals needed for the treatment of drinking water which has increased significantly. Also, the cost of landfilling waste would be on the rise. However, he believes that deploying the collection of organic materials throughout the territory rather than just in the urban sector could provide a financial boost, provided that citizens are careful to properly sort their waste.
The City would therefore like to carry out more awareness campaigns among the population in the coming years in order to limit waste, because it now has a high economic impact in addition to having one on the environment.
In 2023, the City of Montmagny invested $7,114,317 in capital works. This is a lower amount than in 2022 when approximately $10 million was invested, but it was a record year. The work carried out includes the first phase of replacing the sewer pipes in the west sector, a project worth more than $1.4 million, changing the refrigeration system for $465,000 and acquiring a new street sweeper at a cost of $315,000. These projects were eligible for subsidies.
