“For us, 2010 was the continuation of what we had already begun, as once again this year, our activities have greatly contributed to help financing the City of Montreal. But it was also a year of change in terms of governance, most notably with the regularization of our ties to the activities of the self-serve bicycle service, better known as BIXI”, said Racine.

Governance and BIXI

Starting in April 2010, Stationnement de Montréal gradually introduced a new management team, which took on the self-imposed mandate of giving the company a governance structure that would be in line with existing standards. In order to do so, the new management team worked in close collaboration with the City of Montreal and intensified its efforts to regulate financing of all activities related to the BIXI project.

“In more concrete terms, our efforts made it possible for Stationnement de Montréal to be fully refunded for advances made to BIXI and as a result, our company no longer has any formal ties to the project.”

“The Stationnement Montréal team can now concentrate on its core mission of managing public parking in Montreal”, continued Racine.

Increased revenue

“Ever true to its mission, Stationnement de Montréal has once again delivered the goods in terms of financial results”, said the Chairman of the Board.

Stationnement de Montréal’s revenue for 2010 is reported at $60.9 million, up 4.6 percent from 2009. Expenses totalled $24.5 million. As such, $12.9 million in fees were paid to the City of Montreal during this period. In total, Stationnement Montréal paid out $41.4 million in the form of taxes, rent, permits, interest, compensation and fees.

The Fonds de développement MR3 Montréal Relève received $0.6 million; an amount of $300 000 was given to the Fonds d’investissement de la Société; and in accordance with the concession contract, a fixed annual amount of $400 000 was paid to Stationnement de Montréal’s sponsor, the Board of Trade of Metropolitan Montreal.

About Stationnement de Montréal

Since its creation in 1995, the Société en commandite Stationnement de Montréal has been a key player in the development of operational solutions for urban travel. Originally founded to ensure the optimal management of paid on- and off-street municipal parking spaces, the Société was soon recognized for its innovation, its use of cutting-edge technologies, and the harmonious integration of its installations into the urban landscape.

> Read 2010 Financial Report