The city of Montreal has come up with a surplus for the 2015 fiscal year.
With the accounting finished, the city of Montreal was left with $145.6 million after spending $4.88 billion.
This is the second year in a row the city has managed to finish the year with extra cash on hand.
About half of the money saved is from the boroughs, with the rest coming from savings at the city-wide and agglomeration-wide levels.
Pierre Desrochers, president of the Montreal Executive Committee, said city revenues were $58.5 million higher than expected. That extra income came from Montreal's real estate portfolio.
However it's unlikely the savings will result in a tax reduction.
"At this point it will be difficult to tell you what's going to happen with the 2017 budget. But our commitment and we've been doing it even better in 2016 is to make sure that the increase in tax will not be over either at or below inflation and that is really our objective," said Desrochers.
The opposition at City Hall, Projet Montreal, said in its assessment the surplus is due to creative accounting. This year's surplus means the city of Montreal now has $706.9 million in its reserves. About one-third of that amount, $239.2 million is set aside for the boroughs, while $279.9 million is for the central city.
Unforeseen revenue
- Overall revenue was $4.9 billion, $58.5 million more than anticipated
- More growth in tax base: $32.8 million
- Real estate transfer taxes: $31.8 million
- Increased Public sector occupancy charges: $9 million
- Increased permits and licenses: $5 million
Reduced expenses
- Overall expenditures were $4.8 billion, $87.3 million lower than in the budget
- Snow removal: $145.7 M, down $10 million
- Wast Management: $156.8 million, up $2.5 million
City debt: $5.556 million
