The City of Montreal announces a major operation to cut its spending, including a hiring freeze, among other things due to a drop in revenue.
The slowdown in the real estate market results in a reduction of 40 million in revenue from transfer taxes, better known as the “welcome tax”.
The City must also deal with a drop in fines and parking revenue, as well as an increase in snow removal expenses and additional time to pay to the City of Montreal Police Department.
“We absolutely must take action quickly,” underlined the City’s general manager, Serge LaMontagne, Wednesday morning to the executive committee.
More details to come