COVID-19 Financial Impacts August Update

Posted On Wednesday August 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 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. Monthly updates have been provided to Kitchener City Council regarding the City’s financial position since the COVID-19 pandemic began. Today the City releases its fifth monthly update regarding the City’s financial position.

The August update is a supplemental update to the one provided last month, with financial projections remaining unchanged at this time. The projected tax-supported operating deficit remains at $5.8M; parking still represents the largest enterprise-related deficit at $2.1M.

Recently announced $4B in safe restart funding ($2B for transit, $2B for municipal operations) is welcomed news for municipalities. Details related to how the funding will be allocated has not yet been released but is expected to be announced in the coming weeks. The City is optimistic that funding will be allocated on a per capita basis with a few conditions so that it can help address projected shortfalls

Read more details in our COVID-19 Financial Impacts: August update report

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