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The Comité de gestion de la taxe scolaire de l'île de Montréal handles cash management for the school boards on the Island of Montréal. Cash management has two components: centralized cash management and short-term loans.

Centralized management of the school boards’ cash

The Comité de gestion draws a daily portrait of its liquidity needs and those of the school boards on the Island of Montréal, and it establishes the amount to be borrowed based on disbursements and deposits required for the day for itself and for the five school boards.

Since the Comité de gestion has an account in each financial institution chosen par the school boards on the Island of Montréal, it transfers the sums required in these accounts of each financial institution. These accounts are used to refloat the school boards accounts in the late afternoon and set to zero.

This centralized cash management allows the use of participants fund surpluses and optimizes short-term loans.

Short-term loans

The Comité de gestion has access to the commercial paper market and Fonds de Financement for its short-term financing. It issues promissory notes to meet the consolidated needs for short-term loans of the Comité de gestion and school boards.

By doing this, The Comité de gestion obtains better rates than the prime rate offered by banks. These notes are generally for 1 to 90 days and are not redeemable before maturity date. When school boards operating subsidies or school taxes are collected, those funds are used to repay the short-term loans.


Centralized cash management generates savings for the school boards on the Island of Montréal. These savings result from the short-term loans made on the money market and cost reductions linked to the centralized cash flow management of the school boards. In 2017-2018, interest savings for the Comité de gestion and the school boards totalled $1,609,000. In addition, investment income during this period totaled $223,000.


Having obtained the authorization of the Minister of Education, Recreation, and Sports required under section 423 of the Education Act, the Comité de gestion refinanced the long-term debt that had matured since December 2014.

During fiscal 2017-2018, the Comité de gestion negotiated long-term loans totalling $361,215,000 with the Financing Fund.


The Comité de gestion manages the Risk Management Plan fund. The money available in that fund, which nearly totalled 5,4 millions as at June 30, 2018, is invested in the domestic bond market in high-quality long-term investment vehicles to maximize returns in accordance with the specific financial needs of that fund.

About Us

The Comité de gestion de la taxe scolaire de l’île de Montréal (CGTSIM) is a public organization governed by the Education Act. It offers technical, administrative, and financial support services to the five school boards on the Island of Montréal.

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Contact Us

School Tax Service
Telephone: 514 384-5034
Fax: 514 384-1988
E-Mail: school.tax@cgtsim.qc.ca

500, Crémazie Blvd East
Montréal (Québec) H2P 1E7

Telephone: 514 384-1830
Fax: 514 384-2139
E-Mail: info@cgtsim.qc.ca