Speech on Gatineau's financial position: Staying the course
Gatineau, October 20, 2015. – Gatineau Mayor Maxime Pedneaud-Jobin this evening presented the overview of the financial position for 2015. Under the Cities and Towns Act
, this financial report must be tabled before a new budget is passed.
Financial position for 2015
|●||Gatineau is keeping tight controls over Gatineau's finances.|
|●||A net surplus of $4.3 million is expected for 2015.|
|●||The surplus is due to: |
‒ Savings achieved through calls for tenders
‒ Higher than projected commercial assessments
‒ Lower debt servicing costs due to lower interest rates and new approaches to work planning.
General orientation of the 2016 budget
|●||The main priority for 2016 is to stay the course for the main orientations adopted in 2014 under the Council Program.|
|●||The expenditure and service review is continuing in order to keep tax increases at a reasonable level.|
New fiscal pact
|●||Under the fiscal pact, Quebec announced its intention to give cities the means to achieve some significant financial gains.|
|●||Gatineau's debt is sound.|
|●||The debt should be $5 million lower by the end of 2015 than for 2014.|
‒ In 2015, it represented only 12% of expenditures, compared to 23% at the time of the merger.
“I am proud of the report tabled today, and without any hesitation I can affirm that Gatineau's finances are under control. Every city in our province finds itself in a difficult situation in regard to budgeting, but Gatineau is continuing to manage by acting responsibly. The latest agreement reached on the fiscal pact leads us to believe that we will have more tools at our disposal in the coming years. This could have positive consequences for the upcoming budget process,” indicated Gatineau Mayor Maxime Pedneaud-Jobin
“I would like to take this opportunity to point out how much has been accomplished in terms of tightening Gatineau's governance and priorities. The investment plan, which was created in the last budget, enables us to have an overview of all of our investments, and to make informed choices. We will now have to keep moving forward based on the objectives we set for ourselves,” added Municipal Councillor Denis Tassé, who is also Chair of the Comité des immobilisations et du budget.
Mayor's Speech on Gatineau's Financial Position at the Municipal Council Meeting on October 20, 2015