FORT ERIE (May 21, 2020) Council reports an estimation of the preliminary and potential financial impacts of the COVID-19 pandemic, which is an estimated operating deficit of $469,435 to June 30, 2020.
“Over a number of years, successive town councils and staff have been working together to help secure Fort Erie’s finances and to ensure flexibility during emergencies like COVID-19. We are collaborating with all levels of government in order to develop strategies that mitigate financial impact as much as possible to as many people as possible but it’s not going to be easy. The local, national and global economic impact of COVID-19 will be unlike anything we’ve seen before; however, I’m confident that we’ll be able to work together to find the right solution,” says Mayor Wayne Redekop.
The Town implemented a number of financial initiatives on March 23 that began with supporting local residents and businesses. Since then, projections have been made to the end of 2020 by month, assuming the current restrictions and scenarios would continue to the end of the year. The total operating deficit could increase to $669,280 by December 31, 2020, if the current situation remains unchanged.
Town staff will continue to monitor and assess financial information as it becomes available. For more information, please review staff report CS-07-2020 COVID-19 Financial Impacts.
To read more about the Town’s COVID-19 response, please visit www.forterie.ca/pages/Covid19News. Residents can visit the page for updates, and should watch the Town’s social media channels or subscribe for Fort Erie COVID-19 alerts and updates.