Wednesday, October 8, 2025

Latest

City of Montreal Urges Provincial Government to Allow Operating Deficit

Montreal has recently issued a report regarding some of the implications the city has faced as a result of the coronavirus pandemic, as well as a list of solutions for consideration by the provincial and federal governments.

The coronavirus pandemic has hit Montreal particularly hard, reducing its operating budget by $500 million. The city has been struggling with sudden and significant decrease in revenue resulting from a drop in public transit use, allocating additional expenses to the homeless, as well as a delays in property taxes. As such, Montreal’s resources have been greatly depleted, and in order for the city to continue recovery efforts, it will need additional help from the provincial as well as the federal government.

Typically, cities are not permitted to run operating deficits; however, given that Montreal became the epicenter of the coronavirus pandemic, which resulted in at least 3,000 deaths, the city is asking for an exception. Furthermore, Montreal is also considering issuing bonds as a means of increasing incoming revenue, in addition to lowering taxes in the areas of the city dis-proportionally affected by the virus.

Also in the report, experts make the argument for higher levels of government contributing financial support in order to keep the city from making cuts to public services. A municipal government lobby group has called on the federal government to provide a minimum of $10 billion in emergency funding for cities and towns dealing with unprecedented hardships stemming from the coronavirus pandemic. In response, Prime Minister Justin Trudeau has advanced billions of dollars from the Gasoline Tax Fund as a means of quickly providing much-needed financial assistance.

The City of Montreal’s budget for 2020.

Information for this briefing was found via Bloomberg and the Montreal Gazette. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Fortune Bay: The Potential Billion Dollar Project

Japan Gold Enters New Chapter as Barrick Alliance Concludes – John Proust

Barrick Mining’s “Company Defining [Gold] Discovery”

Recommended

Nord Precious Metals Produces High Grade Silver Concentrate From Tailings

ESGold Secures $9 Million In Non-Dilutive Funding From Ocean Partners

Related News

US and China Teetering on the Edge of a New Cold War Amid Coronavirus Pandemic

As the blame game over the origins of the coronavirus between the US and China...

Friday, May 15, 2020, 05:55:00 PM

Fiona Leaves Eastern Canada With Prolonged Outages, House Debris On Sea

A day after one of the biggest storms to hit Canada left, the most devastated...

Monday, September 26, 2022, 03:52:00 PM

New Home Prices Across Canada Continued to Rise in March

New home prices continued their upward trajectory in March, following one of the largest monthly...

Friday, April 23, 2021, 11:44:00 AM

Coronavirus Cases Continue to Soar Across the US, Surge in Death Rates Follows Suit

As the coronavirus pandemic continues to spread around the world, there is one country in...

Saturday, August 1, 2020, 05:06:00 PM

Effects of Coronavirus Felt By Canadian, US Markets

The price of gold is trending higher today while the S&P 500 index is down...

Friday, January 24, 2020, 03:35:51 PM