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.
