Montréal’s 2025 Financial Report
Thanks to the concerted efforts of central services and boroughs, the city ends the year with a surplus. Montreal has continued its efforts to provide services that meet the needs of the population, while developing sustainable and inclusive living environments.
Operating activities
Operating activities include all the city’s current expenses.
For the year 2025, Montréal declared an unconsolidated surplus for tax purposes of $256.6 million from operating activities. Contributing to this result was a surplus of $263.8 million for municipal responsibilities, comprising $54.8 million from the boroughs and $209.0 million from central departments. Also factored in was a deficit of $7.2 million for agglomeration responsibilities.
Origins of the surplus
Source of revenues, and operating, financing and allocations expenses
Total revenues: $7,472.5 million
Total operating, finance and allocations expenses: $7,215.9 million
Capital investments and loan activities
Capital investments include all the investments that the city makes to maintain, upgrade, modernize and develop its infrastructures, buildings, and sports and cultural facilities.
In 2025, the amounts invested across the territory of Montréal totalled $2.1 billion, which represents an increase of $183.3 million (9.5%) as compared to 2024. The city’s central departments have contributed $1.9 billion, while boroughs contributed an amount of $198.4 million.
The main investments made in 2025 were related to:
- The environment and underground infrastructure ($696.9 million).
- Road infrastructure ($560.2 million).
- Buildings ($408.8 million).
- Parks, green spaces and playgrounds ($252.7 million).
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