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The BIXI bike-rental program is dealing with a $31.7 million debt. ((CBC))

The city of Montreal's auditor is looking into the finances of the non-profit agency that runs the city's bike-rental program, the BIXI.

Stationnement de Montréal is running a $31.7 million deficit, which it blames on the high cost of getting the BIXI up and running.

Last year, despite the BIXI's success, the program's revenues were not enough to erase the deficit, leaving a shortfall of $6.9 million.

This year, the program's directors are hoping to break even, or even register a slight profit.

Stationnement de Montréal was banking on 32,000 Montrealers subscribing to the BIXI program this year in order to get rid of its deficit.

But the end of the season is approaching and the program is still 4,000 season passes short of its goal.

The auditor's investigation is expected to last several weeks.