Good news with the financial impact of COVID-19 on the city.

A report coming to council Tuesday night says it appears the year-end projected deficit from the end of June has been considerably reduced.

The shortfall is down to about $600,000.

At the end of June it was expected to be $1.7 million.

The new information is included in a report that recommends the city apply for phase two “Safe Restart Program” funding.

Money from the program is earmarked for operating costs and pressures due to COVID-19.

The staff report states:
The City continues to undertake the necessary actions required to assist in mitigating COVID-19 related costs and pressures by finding efficiencies, implementing a hiring freeze (critical hires upon justification only), adjusting service levels, as well as minimizing all discretionary expenses such as travel, training, office supplies etc. Based on the September 30th, 2020 variance work completed as of the time of writing this report, it appears that the June 30th, 2020 year-end projected deficit has been considerably reduced and the City is now expecting to end the 2020 fiscal year with a deficit of approximately $600,000. The projected deficit is before any Safe Restart funding is applied therefore represents the efforts taken by staff in controlling COVID-19 costs and pressures. Monitoring the changing landscape of COVID-19 it is important to note that these are estimates and could change quickly given the level of uncertainty in the last quarter of 2020.

(File photo by station staff)

Filed under: City of North Bay, COVID-19