Fiscal year 2006 was marked by the adoption of new accounting standards. Prior to 2006, the Société de transport de Montréal applied the recommendations of the Manuel de la présentation de l'information financière municipale au Québec published by the ministère des Affaires municipales et des régions (MAMR). As of 2006, under the accounting policies outlined in the handbook of the Canadian Institute of Chartered Accountants, the Société now meets the definition of a government business enterprise and is thus subject to the accounting standards for companies in the private sector.

Furthermore, it should be noted that last spring the federal government announced that as of July 1, 2006, public transit users would be able to benefit from a non-reimbursable tax credit of 15.25% for 2006 on the cost of regular or reduced-fare monthly transit passes. We are confident that on top of the measures that we are going to implement to improve services to our clientele, this fiscal measure will encourage more people to choose public transit.