Tuesday, October 19, 2021 at 1:30 p.m.
Agenda items include:
2022 Draft Capital Budget and Forecast
The City’s infrastructure assets are in good condition relative to many other Ontario and Canadian municipalities.
The 2022 Capital Budget request for the City is a total of $77,423,800 ($72,719,400 capital projects and $4,704,400 of project management and overhead costs related to capital project delivery
2021 Operating Forecast Q3
The Operating Fund is anticipated to result in a net deficit of $5.55 million due to COVID-19, which is directly attributed to a 44.15% decline in non-tax revenues.
The impact has been mitigated through measures implemented by management and funding support from the Federal and Province governments through the Safe Restart and Provincial COVID-19 Recovery funding program.
Staff anticipate the combination of the announced 2021 funding of $7.3 million as well as $2.578 million unused funding from 2020 will provide the necessary relief to mitigate the currently anticipated deficit, the remaining $4.4M of the funding will be carryforward and available for any COVID-19 related pressures in 2022.