Financial Report

Maria Diamantis-LJI Journalist

The Town of Rosemère has released its annual financial statements for the fiscal year ending December 31, 2023, as per the Cities and Towns Act. The financial report was presented at the council meeting on May 13, 2024, revealing an operating surplus of $441,800.
Mayor Eric Westram emphasized the town’s commitment to resource optimization and fiscal responsibility. “The optimal allocation of financial resources is, as always, a top priority for the Town’s administration. We are meeting the needs of our community while striving to keep things affordable for our taxpayers as we evolve,” stated Mayor Westram. The financial report was audited by BCGO accounting firm, which issued an unqualified audit report.
Operating Revenues and Expenses
In 2023, Rosemère’s operating revenues amounted to $36,060,400, which exceeded the budgeted amount by $594,100. This increase was mainly due to higher-than-expected proceeds from the transfer tax. Operating expenses totaled $36,563,100, reflecting savings of $986,100, or 2.4% of the operating budget. A significant portion of these savings resulted from deferring the replacement of granular activated carbon in the water treatment plant to 2024, based on the year’s analysis.
The allocations from the Town’s funds and financial reserves were reduced by $1,138,400 in alignment with the expenditure savings, bringing the total to $944,500.
Capital Investments and Debt
Rosemère invested $10,338,400 in capital projects during 2023, with 67% allocated to the rehabilitation of water, sewer, and road infrastructure. Notably, 57% of these investments were financed through third-party contributions or grants.
As of December 31, 2023, the Town’s long-term debt, inclusive of the special infrastructure tax, stood at $26.8 million. The debt situation remains stable and is considered favorable.