The City of North Bay is expecting to see a $1.7 million deficit by the end of the year due to COVID-19.
Deputy Mayor Tanya Vrebosh assures that it won’t result in any tax hikes for residents.
“Even with a projected deficit, the City will end the year with a balanced budget without any new increases to municipal taxes,” said Vrebosch in a statement. “We continue to look for reasonable and responsible ways to mitigate the impacts of lost revenue and can opt to make up shortfalls by using stabilization reserves. We’re also working with other levels of government on solutions and financial assistance.”
A $5.3 million shortfall in revenue is expected by the end of the year, primarily due to not being able to collect user fees from arenas and transit during the pandemic. To offset the shortfall, the City has been and will continue to implement cost-saving efforts in a variety of areas.
Council will be presented with the year-end financial projection on Tuesday which will include figures from up until the end of June.
Other potential decisions to be made at Tuesday’s council meeting include:
- Approval of a $111,541 contract to update the city’s agenda-making software
- Approval of a $553,992 contract to purchase a combination hydro excavation and sewer cleaner truck
- Approval of building a female change room at the wastewater treatment plant, expected to cost $119,175
- Council votes to concur with Spectrum Telecom Group Ltd. on the construction of a new telecommunications antenna on McIntyre St.
- Acceptance of multiple other reports for information services