COVID-19 are worse than projected in the spring. That’s because some services are starting up at a fuller rate than originally thought.The best-case scenario then was a reduction of revenue of $93.5 million.
Now, the finance department is projecting a loss $150.7 million.However, the worst-case scenarios have improved to the tune of $51 million, meaning the most the city would be out in revenue is $201 million instead of $252 million.It could be worse.
Tax-supported operations, year-to-date, are favourable by $9.1 million.“This is mainly due to receiving a provincial grant that will be paid to organizations for COVID-19, higher gas franchise fees than expected after adjusting the budget for COVID-19 and lower facility maintenance costs due.