TAMRMS#: B06
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COVID-19 Financial Scenarios
Presented by: Diane McMordie, Director Finance & Assessment/CFO
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RECOMMENDATION(S)
recommendation
1. That the May 19, 2020 agenda report titled “COVID-19 Financial Scenarios” be received as information.
2. That Administration provide monthly financial updates as more revenue and expense data becomes available and modelling is refined, to inform any further financial management decisions required of Council.
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PURPOSE OF REPORT
To provide Council with an updated financial scenario, based on an October 1, 2020 estimate for the staged re-opening of facilities included in Phase 3 of the provincial relaunch strategy.
ALIGNMENT TO PRIORITIES IN COUNCIL’S STRATEGIC PLAN
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ALIGNMENT TO LEVELS OF SERVICE DELIVERY
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ALIGNMENT TO COUNCIL DIRECTION OR MANDATORY STATUTORY PROVISION
N/A
BACKGROUND AND DISCUSSION
For the past nine weeks, the organization has been faced with many directives and decisions related to the suspension of various municipal services to help support our community as the world continues to battle the COVID-19 pandemic.
From a financial perspective, these directives/decisions are having the impact of reducing our non-tax revenue streams, deferring cash inflows, as well as generating the need to incur additional costs to support our overall response to the incident. To date the overall impact of the response is estimated at $1.8 million. The deficit reported is generally associated with non-tax revenue impacts and COVID-19 related expenses offset by decreased expenses associated with facility closures and program cancellations.
Administration has committed, and continues to commit, significant effort into the development and implementation of financial measures to offset the most recent forecasted deficit of ~$6 million for 2020.
On April 30, 2020 the Province of Alberta released the Provincial Relaunch Strategy which lays out the conceptual re-opening of our communities and e...
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