The City of Laval has unveiled its financial results for the fiscal year 2024, showcasing an operating surplus of $7.2 million, which represents less than 0.61% of its revenue budget. This achievement comes despite increased municipal responsibilities and reduced government transfers.
“In a context where expectations are growing faster than resources, Laval is showing that it is possible to remain financially solid while continuing to invest for the common good. This report reflects our desire to act with lucidity, to plan rigorously and to always ensure that every Laval resident sees the concrete benefits of our choices,” stated Stéphane Boyer, Mayor of Laval.
Yannick Langlois, municipal councillor for L’Orée-des-Bois and responsible for public finances, added, “The investments made in 2024 reflect a clear commitment: to maintain what we have while planning for the future. By devoting 62% of our $355 million investment to maintaining our assets, we are choosing sustainability, efficiency, and respect for public funds. These decisions are part of a long-term vision: to preserve our infrastructure, improve our living environments, and build a solid future for our community.”
Results at a glance
Growth in Operating Revenues: The City generated operating revenues of $1,189.9 million, $13.9 million more than budgeted. This increase is attributed to: • $7.6 million in transfer revenues (environment, public safety, community support) • $3 million from the disposal of capital assets • $1.9 million in grants from organizations • $1.1 million in contributions from promoters
Operating Expenses: The City incurred $1,074.4 million in operating expenses, which is $63.3 million more than budgeted. Key expenses included: • $33.7 million in compensation and payroll taxes, including the application of Bill 15 concerning municipal sector pension plans and overtime worked by City employees to support citizens affected by Storm Debby • $21.5 million in goods and services, mainly for professional fees
Major Investments in Infrastructure: Laval invested $355.1 million in the territory, with $221.5 million (62%) dedicated to asset maintenance. Funding sources included: • $221.6 million in long-term debt • $82.7 million in government transfers • $98.5 million in financial reserves and surpluses
Debt Management: Long-term debt stood at $1,053.4 million as of December 31, 2024, compared to $929.3 million in 2023. The debt service-to-income ratio remained stable at 11.26%. Under the Financial Reserves Management Policy, the City allocates a significant portion of its financial surpluses to reserves to meet minimum thresholds, particularly for snow removal, chemicals, and unaffected operating surplus. Consequently, 50% of the $1.6 million surplus, or $0.8 million, is allocated to the financial reserve for the cash payment of capital assets.
Major infrastructure investments
Capital expenditures totaling $355.1 million in 2024 enabled the completion of numerous significant projects for Laval residents. The three-year capital expenditure program (PTI) reached 69% progress for the year. Notable investments included: • $54.4 million for the reconstruction and rehabilitation of sewer and water mains • $28.4 million for the reconstruction and rehabilitation of roadways and structures (bridges, viaducts, culverts) • $19.1 million for the Aquatic Complex • $13.7 million for the development and maintenance of parks and public spaces • $12.3 million for cultural infrastructure in the downtown core (central library and professional artistic creation centre)
Credibility confirmed by auditors The financial report was jointly audited by the Auditor General and Raymond Chabot Grant Thornton. Additionally, S&P Global Ratings renewed Laval’s AA+ credit rating with a stable outlook for the fourth consecutive year, highlighting the strength of the city’s financial governance.
