CSL had $4.136 million cumulative surplus in 2014

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Nov 18, 2015

Côte St. Luc had a $4.136 million cumulative operating surplus and a cumulative pension plan surplus of more than $1.8 million by the end of 2014, Pro-Mayor Glenn Nashen read in the annual report on the city’s financial situation.

Nashen added that the pension plan surplus cannot be used by the city for “operating or capital purposes.”

As well, the city generated $119,272 in surplus for 2014 alone “due to close monitoring of the city’s taxation rates and expenses.”

Other facts from the report:

• The city limits indebtedness by ensuring it is eligible for government infrastructure grants.

“The city has benefited from obtaining the full part of a federal and provincial grant ($9.5 million) based on the gas tax and contribution from Quebec to subsidize infrastructure improvements to the city from 2010 to 2013,” the report says.

• The city used $2.8 million from “unrestricted surplus, parkland reserves, closed bylaws and the working fund” for improvements to Arthur Zygielbaum Park, Allan J. Levine Playground, replacing the roof on the public works garage, renovating library bathrooms and “improving security through the purchase and installation of cameras.”

• Côte St. Luc’s 2015-2017 three-year capital expenditures program was approved in December 2014, with $12.97 million earmarked for 2015. Approved projects included road and traffic infrastructure for $3 million, work on city buildings and properties for $4 million, parks improvements for $3 million, $2 million to upgrade vehicles and equipment and $617,000 for technology and emergency preparedness.

• The city is expecting a minimal surplus at the end of this year, “contingent on the closing of the transfer of city land to B’nai Brith Canada before the end of the fiscal year.”

joel@thesuburban.com

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