MUNICIPAL MATTERS. At the end of 2021, the city of Magog recorded a historic financial surplus of $10.6 million.
The rise in the real estate market and the additional transfer fees (welcome tax) that jumped from $6 million to $11 million mostly account for this peak. Cryptocurrency activity by Bitfarms also boosted Hydro-Magog’s earnings by $900,000.
This surplus, in particular, will allow buying bitumen for street repairs, paying for part of the treatment plant project and contributing to the two-ice arena.
The city’s total budget is $85 million.
Total long-term debt increased by $1.5 million to $75.8 million.
This surplus was revealed during an extraordinary meeting of the City Council last Monday.