COVID-19 financial impact report - May

Posted On Tuesday May 05, 2020

The COVID-19 pandemic is an unprecedented global event. In addition to the immediate health concerns that it represents for Canada and the world, it already has, and is expected to continue to have, wide-reaching economic impacts. We know that the spread of COVID-19 is creating financial challenges for many people and businesses in our community. As a City, we are also experiencing these challenges.

Initial financial impacts were shared as part of the April update, highlighting that the City was projecting a $4.4 million deficit in 2020 related to tax-supported operations. It was noted in that update that the projected deficit would likely increase depending on the overall duration of the event and the response effort that was needed. This increase is still a possibility, but so far through cost mitigation measures introduced to date, the City has been able to keep the deficit in check, projecting a $3.9 million deficit at this time. Read more in our May financial impacts report.

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