The mayor wants to find more savings to offset COVID-19 costs for the city.
Thunder Bay has lost out on $5.2-million so far, largely from lost revenues from things like transit. City staff say they have $12.5-million in reserves, and expect to rack up an additional $1.5-million in costs and lost revenue each month if the situation doesn’t change.
However, Bill Mauro believes they can cope with the months ahead.
“But if we can assume, on a go-forward from June 1st that we’re looking at $1.5 (million] monthly, I have to believe there’s a way for us to identify that in a $300-plus-million budget,” Mauro says.
Treasurer Linda Evans explains they have identified $3.4-million left from the 2019 budget. The 2019 fiscal report will come to Council in June, when Evans says they will bring Council the option to use that money to top up the Stabilization Reserve Fund.
