Mayor Valérie Plante announced that there would be more funding for the city’s festivals.

Plante made the announcement Monday at Place des Arts, saying the City would increase its Festivals and Major Events Fund by $1 million for a total of $6.5 million by next year. The terms of its distribution will be announced later.

The city says this money increases its total financial support for festivals from $8 million to $9 million per year. The idea is to provide more predictable cash flow to festivals and other major cultural events.

Plante said festivals and major events in Montreal attract millions of people each year and are a major economic driver, but face financial challenges.

“Currently, they are very vulnerable. They have cash flow problems. They have fewer people in the theaters. Sponsorship from the private sector is not keeping up with inflation,” Michel Leblanc, president and CEO of the Chamber of Commerce of Metropolitan Montreal. , told CTV News.

“We need more support, but we also need to make sure we make the right decisions about how we are going to support the sector.”

With files from Christine Long of CTV Montreal