Canada/The City of Sorel-Tracy records a surplus of $4.4 million
Higher-than-expected revenues enabled the City of Sorel-Tracy to end fiscal 2022 with a surplus of $4.4 million.
At the last City Council meeting on May 15, Mayor Patrick Péloquin presented the highlights of these financial results, audited by Raymond Chabot Grant Thornton, to the general public.
In 2022, the City's operating revenues were $70.1 million, compared with a budgeted $64.5 million. According to the municipal administration, this increase is due in particular to an increase in revenues, which were $5.6 million higher than budgeted.
For example, tax compensation received for various government buildings (hospitals, schools, etc.) was higher, as were transfer duties. The sale of land in the city's real estate portfolio, distribution revenues from the Pierre-De Saurel wind farm and rising interest rates also contributed to increasing the city's revenues.
On the other hand, apart from the full payment of the subsidy received specifically for the Héberge du Grand Héron social housing project, expenses and other fiscal items were lower than anticipated last year, at $65.7 million. As a result, the city ended the fiscal year with a surplus of $4.4 million.
Many achievements in 2022
Of the $23 million invested in 2022, the City of Sorel-Tracy devoted $13.9 million to urban infrastructure repairs (sewers, aqueducts and streets) and $2.5 million to the construction, renovation and upgrading of a number of buildings.novation and upgrading of municipal buildings (Maison des gouverneurs, Monseigneur-Nadeau park chalet and Au fil des ans recreation center).
In the area of recreation, the synthetic turf pitch represented the largest investment last year, at $3.7 million. With work scheduled to begin in the next few days, the field will represent a total investment of $4.5 million. A further $480,000 was invested in improvements to the city's various parks, including the addition of the multifunctional skating rink at Parc Monseigneur-Nadeau.
In addition, the maintenance of the vehicle fleet and the acquisition of three new fire safety vehicles, two heavy-duty vehicles for the Public Works Department and the purchase of an electric resurfacer represent an investment of $2.5 million.
Finally, Patrick Péloquin was proud to point out that Sorel-Tracy's total net long-term debt per housing unit ($2,920) will be lower than the average for comparable Quebec cities ($4,349) in 2022.
Between 2021 and 2022, Sorel-Tracy's indebtedness decreased from 83% to 69% of revenues. This significant reduction is mainly due to the increase in revenues in 2022. Comparable Quebec cities such as Drummondville (117%), Saint-Jean-sur-Richelieu (94%) and Saint-Hyacinthe (81%) have higher averages. The average for comparable Quebec cities is 99%.
"The City of Sorel-Tracy is therefore positioned as being in a good financial situation, while major investments are required to revitalize the downtown area and improve sports infrastructures," says the City of Sorel-Tracy in a press release.
For 2023, Patrick Péloquin emphasized that priorities would include the development of a strategic plan that will define the City's orientations until2030, equipping the city with modern sports infrastructures, investing in the downtown area and joining the national shipbuilding effort as part of the federal government's maritime strategy.