Châteauguay $11M surplus in 2024

The City of Châteauguay ended the 2024 tax year with a surplus of $11 million. As in previous years, the additional revenues generated came mainly from the sale of land in the industrial park and interest income on investments.

Translation Amanda Bennett

 Nearly 60% of the municipality's consolidated surplus can be explained by the increase in transfer duties and industrial permits, as well as by the sale of land in the industrial park. In fact, land sales represent revenues of $4.4 million for 2024. The city initiated the sale of four million square feet of land in the industrial park in 2022. To date, five lots are still for sale, and others are currently under development.

 Mayor Eric Allard noted an economic slowdown that he attributes to the current context, particularly with the United States. “We can't hide the fact that pressure from our neighbour is slowing investment in the industrial world,” he explained. He remains confident that Châteauguay's economic vitality will continue, as development projects are also underway elsewhere in the city, such as at the entrance to the municipality and on René-Lévesque Boulevard.

Mr. Allard points out that the 2024 surplus is also the result of reduced expenses and savings in each of the municipal departments. Investment income and grants generated $4.5 million. These additional revenues will be used primarily to pay for infrastructure work related to climate change, among other things. “We need to invest massively in our infrastructure, because we have a lot of work to do,” said the Mayor. By using the surplus, the municipality can avoid recourse to loan by-laws, thereby reducing its debt burden, he added.

 Long-term debt is up $2 million on last year, to $134 million.