STM unveils 2023 budget with $77M deficit
The STM is forecasting a deficit of nearly $78 million next year, an even bigger loss than Montreal's transportation authority forecasted in its 2022 budget.
According to the Société de transport de Montréal (STM) 2023 budget, released Monday, some routes are expected to see a drop in frequency due to the ongoing financial troubles.
"The STM is facing major financial challenges in 2023 related to the economic climate and funding issues affecting public transit. While the pandemic transformed travel needs and habits, our target is to maintain a level of service similar to 2022. However, to do so, we will have to find additional means that align with this goal," said Marie-Claude Léonard, the STM's chief executive officer, in a news release.
The $1.7 billion budget shows a shortfall of $77.8 million for 2023, larger that the $43 million deficit that was tabled with the STM's 2022 budget.
Ridership is still down compared to pre-pandemic levels, hovering around 70 per cent this year, including on routes during weekly rush hour with many employees still teleworking.
The STM said Monday that inflation, the rising cost per trip and "unavoidable operating expenses" are driving the transportation authority into the red.
The opposition at City Hall denounced the STM running deficit for a second year in a row.
"The worst part of this mismanagement is that the administration does not even have the honesty to tell Montrealers where it will cut services. All it is doing is waiting for Quebec's money while negotiations with the government are at a dead end," said Christine Black, the Official Opposition critic for public transit, in a statement.
Officials say despite the deficit, projects are still going ahead in 2023, including the installation of elevators in 24 metro stations (including Jolicoeur, McGill, D'Iberville and Place-Saint-Henri), as well as the ongoing electrification of the bus fleet.
CTVNews.ca Top Stories
B.C. tenants evicted for landlord's use after refusing large rent increase to take over neighbouring suite
Ashley Dickey and her mother rented part of the same Coquitlam duplex in three different decades under three different landlords.
Mountain guide dies after falling into a crevasse in Banff National Park
A man who fell into a crevasse while leading a backcountry ski group deep in the Canadian Rockies has died.
Expert warns of food consumption habits amid rising prices
A new survey by Dalhousie University's Agri-Food Analytics Lab asked Canadians about their food consumption habits amid rising prices.
MPP Sarah Jama asked to leave Ontario legislature for wearing keffiyeh
MPP Sarah Jama was asked to leave the Legislative Assembly of Ontario by House Speaker Ted Arnott on Thursday for wearing a keffiyeh, a garment which has been banned at Queen’s Park.
Charlie Woods, son of Tiger, shoots 81 in U.S. Open qualifier
Charlie Woods failed to advance in a U.S. Open local qualifying event Thursday, shooting a 9-over 81 at Legacy Golf & Tennis Club.
Ex-tabloid publisher testifies he scooped up possibly damaging tales to shield his old friend Trump
As Donald Trump was running for president in 2016, his old friend at the National Enquirer was scooping up potentially damaging stories about the candidate and paying out tens of thousands of dollars to keep them from the public eye.
Here's why provinces aren't following Saskatchewan's lead on the carbon tax home heating fight
After Prime Minister Justin Trudeau said the federal government would still send Canada Carbon Rebate cheques to Saskatchewan residents, despite Saskatchewan Premier Scott Moe's decision to stop collecting the carbon tax on natural gas or home heating, questions were raised about whether other provinces would follow suit. CTV News reached out across the country and here's what we found out.
Montreal actress calls Weinstein ruling 'discouraging' but not surprising
A Montreal actress, who has previously detailed incidents she had with disgraced Hollywood producer Harvey Weinstein, says a New York Court of Appeals decision overturning his 2020 rape conviction is 'discouraging' but not surprising.
Caleb Williams, Jayden Daniels and Drake Maye make it four NFL drafts with quarterbacks going 1-3
Caleb Williams is heading to the Windy City, aiming to become the franchise quarterback Chicago has sought for decades.