Montreal's mayor Denis Coderre has unveiled the city's budget for the entirety of 2016, totaling $5.1 billion. An increase from last year's budget of $4.88 billion, the 2016 financial plan was released today during a news conference this morning, reports CBC.

One of the key initiatives of the 2016 budget is the improvement of the city's overall economy, with special attention paid to "struggling areas," commented Coderre. Hopefully the new priority on the economy and businesses will get the Montreal out of the "worst city to run a business in all of Canada" ranking received this year.

What many won't like about the new budget is the increase in residential property taxes. On average, residential property tax rates will increase by 1.9%, though the exact figure will vary per borough.

Folks living in the Plateau will receive the largest increase in residential property tax, going up 3.7%, with Outremont a close second at 3.3%. To see how your borough will be affected, check out CBC's feature here.

A few priority areas of spending were listed in the 2016 budget (see the whole document here) which you can read below.

$428.9 in funding for the STM

  • An increase of $20.7 million from last year

$64 million for the ATM

  • An increase of $0.4 million from last year

$14 million to fund the city's 375th anniversary celebrations.

A budget of $680.4 million for the SPVM & $351 million for the Montreal Fire Department

$533.1 for cultural activities, recreational spaces, and parks

  • $73.2 million for Espace pour la vie grounds (Biodôme, Botanical Garden, Insectarium, Planetarium)
  • $13.9 million for the Conseil des arts de Montréal
  • $5.9 million for the Pointe-à-Callière Museum
  • $6.7 million for the city's urban forests, specifically those damaged by emerald ash borer

$159.4 million for snow removal

  • An increase of $3.7 million since last year.

$138.1 million for road repairs (thank God)

  • $5.9 will be reserved for potholes specifically.

$13 million for the Société du parc Jean-Drapeau

$1.9 million for Montreal's Bureau de la ville intelligente et numérique

How do you feel about the 2016 budget?

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