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Financial update provided to Council

2019-2021 budget update

Kawartha Lakes –  At the June 9 Committee of the Whole meeting, Council received a presentation from Jennifer Stover, Director of Corporate Services, about the financial position of the municipality in light of the COVID-19 pandemic.

2019 Surplus

In advance of the annual audit, which had a delayed start of June 1 due to the pandemic, an approximate surplus of $3 million is forecast for 2019. Following the audit report, which will come to Council in September, Council will decide how to allocate the surplus.

COVID-19 impact on 2020

With the deferral of property taxes from April to June, cancellation of recreation programming and facility rentals, the municipality is facing a $3.2 million shortfall. Cash flow has been maintained in the short term by containing expenses, drawing down on investment income, and deferral of certain Capital projects. For a copy of the presentation, and a list of Capital and Special projects that will continue in the fall of 2020, or commence in 2021, please visit the Budget and Finance page of the website.

2021 Budget

In order to understand the full impact of the pandemic on the municipal budget, Council will discuss capital projects and hear agency and board budgets in the latter part of 2020, with deliberations taking place in the New Year.

“There are still many unknowns that will affect our finances such as the future curve of the pandemic and funding from other levels of government. We also have to factor in residents’ ability to pay taxes, resume recreational activities and other aspects of the ‘new normal’. We’ll continue to be agile and keep a close eye on all variables,” commented Stover.

2019-2021 budget update showing surplus of $3 in 2019 and $3.2 shorfall in 2020

For more information, visit the Budget and Finance page of the website.

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