Montreal posts surplus of $343.8 million for 2022

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Town of Montreal ended the 12 months 2022 with a surplus of $343.8 million.

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Montreal deposited its audited monetary outcomes on Friday afternoon and town’s revenues exceeded its bills, posting one of many highest surpluses lately. In 2021, town posted a surplus of $293.1 million.

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Town credited the rise to higher-than-expected tax income and extra governmental support than it anticipated to offset bills equivalent to these associated to the pandemic. Town was underneath a state of emergency for 150 days throughout 2022 to answer the COVID-19 disaster.

There was some excellent news concerning the metropolis’s debt degree. Town’s internet debt was lowered to 106 per cent of its revenues, which is lower than the 119 per cent forecasted. In reality, town’s prices of financing its debt made up 13.9 per cent of the general price range, which is lower than the 17 per cent initially predicted.

Town’s internet debt was $6.5 billion on the finish of 2022, which is a discount of $30 million in contrast with the earlier 12 months. Money funds made all year long allowed town to keep away from borrowing roughly $1.2 billion, in accordance with the doc.

Town paid an rate of interest of three.2 per cent on its debt in 2022.

This report shall be up to date.

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