Financial situation

Nelson Sergerie, LJI Journalist

GASPÉ – The Town of Gaspé has a $3.1 million surplus for the 2024 fiscal year on a $40 million budget. However, the town did draw $1.3 million from the surplus to balance the 2025 budget.
Additional revenues of approximately $2 million were added: $900,000 came from the strong real estate market, including property taxes and renovations carried out on buildings last year, and a retroactive payment of $500,000 in lieu of taxes since 2022 for the construction of the new Ministry of Transportation service centre, making up the bulk of the additional revenue.

In addition, the milder winter and unfilled positions within the municipal administration generated savings. The debt increased from $45 million to $51.6 million.

“I asked our auditors if there are any red flags we should be seeing. Are we investing too much? Is the debt too high? Is the surplus too high? No. All the signs are green, according to our auditors. I’m reassured,” says Gaspé Mayor Daniel Côté.

For its part, Chandler recorded a surplus of $681,000 on a budget of $13.5 million.
With that amount the town’s accumulated surplus will almost reach $1 million, something not seen in Chandler for a very long time.

“This hasn’t been seen in a long time. We’re proud of our work. We made big decisions. We turned services that weren’t profitable into profitable,” says the Mayor of Chandler Gilles Daraîche. The elected official points out that in 2022, there was only $130,000 in the accumulated surplus.

“We also have a working capital of $600,000. There are certain projects that we don’t need to borrow for. The winters are less harsh, so we’re saving on equipment. Building permits brought in an additional $78,000,” explains Mr. Daraîche.

A turnaround in Bonaventure, brings about a surplus of $136,000 on a budget of $7 million for the 2024 fiscal year. In 2023, the town recorded a loss of $119,000. The unallocated surplus now stands at $222,504.

The town’s total debt stands at $24 million. However, the portion attributable to citizens, the net debt, is $14.2 million, an increase of $913,000 compared to 2023.

The Mayor of Bonaventure, Pierre Gagnon believes the town’s financial situation has greatly improved over the past year, thanks to tighter spending controls, reduced investments, and a diligent search for government assistance.