116. Not later than 1 November of every year, a transit authority shall table, for adoption, its budget for the following fiscal year with the city and shall inform the city of the fares and rates that will be effective during the period covered by its next budget. The budget shall provide for a reserve of not more than 1.5% of the expenditures to meet unforeseen administration and operation costs. The adopted budget comes into force on the following 1 January.
If the budget has not been adopted by that date, with or without amendments, 1/12 of each appropriation provided for in the budget prepared by the transit authority is deemed to be adopted. The same rule applies at the beginning of each subsequent month if the budget has not been adopted at that time.
The obligation to inform the city of the fares and rates that will be effective during the period covered by its next budget, provided for in the first paragraph, does not apply to the Société de transport de Laval, the Société de transport de Longueuil or the Société de transport de Montréal. Those transit authorities must inform the city of any contracts they enter into with the Autorité régionale de transport métropolitain.
2001, c. 23, s. 116; 2001, c. 66, s. 25; 2016, c. 8, s. 961.