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
'My family doctor just fired me': Ontario patients frustrated with de-rostering
Dozens of Ontarians are expressing frustration in the province’s health-care system after their family doctors either dropped them as patients or threatened to after they sought urgent care elsewhere.
Suspect sought after fatal slashing in downtown Toronto
Police are searching for a suspect in a homicide investigation after a man was slashed in downtown Toronto on Sunday.
Edibles, armchairs and adapters: Here are the recalls for this week
Health Canada announced various product recalls this week, including electric adapters, armchairs, cannabis edibles and vehicle components.
Putin replaces Russian defence minister in rare cabinet shakeup
Russia’s President Vladimir Putin began a Cabinet shakeup on Sunday, proposing the replacement of Sergei Shoigu as defence minister as he begins his fifth term in office.
Wildfire near Fort McMurray more than triples overnight, several evacuation alerts remain in place
The fire burning near Fort McMurray grew from 25 hectares to 5,500 hectares over the weekend.
Canada Post cracks down on Nunavut loophole to get free Amazon Prime shipping
Amazon's paid subscription service provides free delivery for online shopping across Canada except for remote locations, the company said in an email. While customers in Iqaluit qualify for the offer, all other communities in Nunavut are excluded.
Mother's Day movies that pull at ALL the heartstrings
This Mother's Day Weekend, take a look at some of the most emotional movies inspired by moms.
WATCH Dashcam video shows terrifying near-miss on two-lane northern Ontario highway
There were some scary moments for several people on a northern Ontario highway caught on video Thursday after a chain reaction following a truck fire.
'It was violent': Police tear down U of A pro-Palestinian encampment Saturday morning
Multiple people at the protest camp torn down at the University of Alberta campus Saturday say police's actions against protesters were "violent" and "disproportionate."