A detailed report concerning the financial impacts of COVID-19 on the City’s finances is included in the council agenda for tonight’s meeting.
The report outlines the implications by classifying them as either deferred or permanent and it projects a net impact of approximately one million dollars by the end of this month.
Some of the major hits where the loss is permanent include over 247-thousand dollars in lost revenue for interest on tax arrears as of May 8th, an estimated over 543-thousand dollar revenue hit in transit, an estimated hit of over 384-thousand dollars with the closure of Community Centres and a projected end-of-May estimate of over 286-thousand dollars in loss revenue from the Gateway Casino.
There are areas of savings including fuel estimated to be almost 52-thousand dollars and summer students at over 213-thousand dollars.
The Tax Stabilization Reserve has a balance of approximately 2.8-million dollars to assist with managing any deficit position without impacting the 2021 tax levy.