City of Magog ‘back in black’ in 2014

The City of Magog ended the year 2014 in the black, recording a surplus of $3.7 million, as of Dec. 31. Magog director of finances and municipal treasurer Anne Couturier explained at a Council meeting last week that with revenues of $72 million and expenditures of $68.2 million, the city is left with a surplus due to a vibrant real estate market, representing total revenues for the City of $807,000, including transfer taxes.

The situation was also helped by the sale of certain assets, such as the former Omerville Town Hall, which contributed $834,000, while municipal taxes brought in $794,000.

Given this rather unexpected surplus, city council has opted to use $1 million to pay down the municipal debt, in addition to the $1.4 million already earmarked for this purpose in 2015.

Another million will be placed in reserve for infrastructure projects, while $500,000 will be invested in the downtown core.

The remaining $1.2 million will be used to ensure balance in its next budget, in case there are more surprises from the provincial government.

“The fiscal pact between the municipalities and the Quebec government has not yet been signed. Therefore, we need some leeway, because we don’t know what responsibilities will be handed over to municipalities in the coming months,” said finance committee chairwoman Nathalie Bélanger.

Mayor Vicki May Hamm added that Magog is privileged to be a growing city in the position to be able to generate surpluses and to get by when the government inflicts what she termed “savage” cuts before the adoption of municipal budgets.