On the Agenda for this Monday's regular monthly Oshawa Council meeting is the Treasurer's Update on the FINANCIAL IMPACTS OF COVID-19 on the City's finances Report CNCL-20-161 http://app.oshawa.ca/.../2020/09-28/REPORT_CNCL-20-161.pdf
based on July 31, 2020 results.
Even though the City has "experienced both lost revenues and incremental expenses, the cost containment measures taken to date have partially mitigated the impact".
New COVID Specific Expenses Total (as at July 31, 2020) $604,300
Lost 2020 Revenues Total (as at July 31, 2020) $7,125,100
Cost Containment Savings Total (as at July 31, 2020) $5,764,900
As at July 31, 2020, the City’s financial position is a $1.8 million unfavourable variance to budget and is expected to increase to approximately $2.6 million by December 31, 2020.
Under Phase 1 of the Federal Provincial Safe Restart Agreement the City of Oshawa received $4,012,300 to support COVID-19 operating costs and pressures. This funding will mitigate the City of Oshawa's budget shortfall in 2020.
based on July 31, 2020 results.
Even though the City has "experienced both lost revenues and incremental expenses, the cost containment measures taken to date have partially mitigated the impact".
New COVID Specific Expenses Total (as at July 31, 2020) $604,300
Lost 2020 Revenues Total (as at July 31, 2020) $7,125,100
Cost Containment Savings Total (as at July 31, 2020) $5,764,900
As at July 31, 2020, the City’s financial position is a $1.8 million unfavourable variance to budget and is expected to increase to approximately $2.6 million by December 31, 2020.
Under Phase 1 of the Federal Provincial Safe Restart Agreement the City of Oshawa received $4,012,300 to support COVID-19 operating costs and pressures. This funding will mitigate the City of Oshawa's budget shortfall in 2020.