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City's COVID costs adding up: projected $20 million in lost revenue

Second quarter financials show projected $20 million in lost revenues as a result of the pandemic
covid-19 virus coronavirus
COVID-19. Photo/ The Canadian Press.

The coronavirus pandemic will cost the city $20 million in lost revenue this year.

It could also cost the city $4 million in additional costs.

The updated figures were delivered by city treasurer Tara Baker at a special council workshop on Monday night.

There will be some savings and emergency funding to offset the figures, she added.

The city will be using a $19.5 million contingency reserve to help deal with the financial impact of COVID-19, Baker said.

The workshop was on the city's new multi-year budgeting plan and its overall Strategic Plan.

Baker brought up the figures to show the effect the pandemic is having on the budgeting process and capital priorities.