Financials for First Half of 2020 Now Available

The agenda for the Committee of the Whole Council Meeting on October 5 includes a report from Treasurer Ian Davey that provides details of the financials for the period to June 30, 2020.  The usual format indicates how much of the budget is left for Revenues and Expenditures but for comparison purposes, he includes the 2019 report for a similar period.  As expected, the numbers are heavily impacted by the effect of the pandemic but revenue is also severely impacted by unusually high successful tax appeals resulting in tax refunds of $1.3M.  Of this, $600K hits Cobourg.  The biggest amounts go to Home Depot and Walmart who had major refunds from 2017, 2018 and 2019.  Surprisingly, the net impact on… Read complete articleFinancials for First Half of 2020 Now Available