MAYOR'S REPORT ON THE FINANCIAL SITUATION OF THE TOWN OF BAIE-DURFÉ
In accordance with section 474.1 of the Cities and Towns Act, I am pleased to submit my annual report on the financial situation of the Town of Baie d’Urfé.
2008 Financial Report
Total revenues for the Town of Baie d’Urfé for 2008 were $6,287,195. Revenues from transfer taxes were significantly higher than budgeted. Total expenditures for 2008 were $5,165,695. The 2008 surplus was $502,985, after transfers to the Parks and Playgrounds Fund and the Working Fund. The surplus shown above includes amounts transferred to affected surplus which were reserved for specific projects: $60,000 towards the purchase of recycling bins, $76,800 towards the pathway on Surrey East, and $54,600 towards the library renovation.
As of December 31, 2008, the total accumulated surplus of the Town of Baie d’Urfé was $1,345,104. The balance of the Working Fund was $6,998 and the balance of the Parks and Playgrounds Fund was $601,596.
Forecast for 2009
As of September 30, 2009, a surplus of approximately $140,000 is forecast for 2009. Revenues from transfer taxes this year have been lower than budgeted, but this has been more than offset by higher than expected revenue from general taxation and other sources. Also, expenditures have been somewhat lower than expected.
No new long-term debt was incurred in 2009.
Forecast for 2010
We are anticipating a significant increase in our Agglomeration contribution for 2010. That being the case, we will be trying to maintain tight control on our local budget in order to avoid large tax increases. We will continue with our paving program. Other projects being planned are the pathway on Surrey East and the drainage work associated with it, the completion of the pathway network in the industrial sector by extending it to the service road and Lee Avenue, and the improvement of the Morgan entrance to the Town.
The operating budget and the capital expenditure program for 2010 are in preparation, and will be tabled at a special Council meeting on January 12, 2009.
Remuneration of elected officials
The Mayor received in 2009 a salary of $9,361 and an expense allowance of $4,678. Councillors received a salary of $3,120 and an expense allowance of $1,559.
Auditor’s report
The external auditors who verified the Town’s 2008 accounts reported that all our accounts were in order.
Contracts exceeding $25,000
Finally, in accordance with the Cities and Towns Act, I have tabled with the Town Clerk a list of all contracts exceeding $25,000 entered into between November 1, 2008 and October 31, 2009. The list also includes all contracts exceeding $2,000 with the same party, where the total expenditure over the period exceeded $25,000. The total for contracts exceeding $25,000 granted by Council resolution is $2 173 640.23.
