Published on: June 5, 2020

The Town of Brome Lake shows a surplus of $1.1 million for 2019

PRESS RELEASE
For immediate publication

 

The Town of Brome Lake shows a surplus of $1.1 million for 2019

Brome Lake, June 5, 2020 — At the end of fiscal year 2019, the Town of Brome Lake announces that it has a budget surplus of $1.1 million. Elected officials have decided to allocate it as follows: $500,000 for the maintenance of the road network and $500,000 for the public square project in the heart of the town.  

This surplus is largely explained by a higher than anticipated collection of real estate transfer duties ($734,000). Salary savings of up to $250,000 were also realized over the past year.      

This surplus has inflated the amount available in the Town’ s coffers to $2 million, hence the decision of the elected officials to do so. “These are things that elected officials consider important,” said Brome Lake Mayor Richard Burcombe. “As far as roads and highways are concerned, the situation has improved in recent years, but we must continue on this path and keep an eye on it. The amount set aside will be used for future investment based on planning that will be done. I would also like to acknowledge the management of the administrative team in place.”

Furthermore, the Town’ s finances remain healthy despite the COVID-19 pandemic. Although there has been some turbulence in recent months, the balance sheet for the current year seems to be immune to major fluctuations.

“At this time and in the short term, we don’t anticipate any major upheavals,” said General Manager Gilbert Arel. “We expect to end the year with a balanced budget. Certainly, some unplanned additional expenses are necessary, but this should be offset by a decrease in spending on recreation and the cancellation of events to which the Town contributes each year.”

The financial report for the year ending December 31, 2019 is available at ville.lac-brome.qc.ca/municipal-life/financial-statement.

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