The Burlington City Council’s next meeting will be on Monday, April 20 at 9:30 a.m.
This council meeting will see Burlington senior staff providing an update about the financial impacts of COVID-19 and seek Council’s endorsement of a three-month strategy that prioritizes which City services will be provided through to the end of June 2020.
Financial impacts of COVID-19
A report detailing the impacts of the COVID-19 pandemic on the City of Burlington’s budget will be presented. This report will include:
- Estimated revenue impacts of $7.6 million to June 30, 2020;
- Estimated expenditure savings of $5.2 million to June 30, 2020;
- Cash flow projections to June 30, 2020;
- Future financial modelling to identify pressures, dependent on the length of the pandemic, and recovery scenarios.
Municipalities are required to approve a balanced budget; however, the City of Burlington can have a shortfall or surplus in a given year. A shortfall can be offset by:
- Using reserve funds;
- Increasing taxes in the next year; or
- Reducing expenditures during the year of the anticipated shortfall. This is what Burlington is attempting to do to mitigate a shortfall at year-end.