The City of Laval is forecasting a $60.4 million deficit at the end of the current year, after studying various financial scenarios arising from spending and expenses incurred as a result of the COVID-19 pandemic.
According to a statement issued by the city on May 21, the estimate takes into account operating expenses, loss of revenues because of fewer real-estate sales (hence a reduced number of “welcome tax” transfer fees to year’s end), and a $22.4 million deficit being forecast by the Société de transport de Laval (STL).
“The present situation is filled with uncertainty and is constantly evolving,” Mayor Marc Demers said.
“In as much as we could not commit right now to a tax freeze, that is our intention. We have shown that we could manage prudently and responsibly these last few years, which allows us to plan for a tax freeze to give relief to Laval residents who have been badly impacted during this very difficult time.”
