Update – Financial Impact of Pandemic

In May, Ian Davey, Cobourg’s treasurer, reported on the financial impact of the pandemic plus he forecast the impact for the year.  In September, he reported on the numbers for the first two quarters.  On Tuesday, October 20, he will report the status up to October 15 – and it looks good.  Although revenue is down by $2M,  expenses are also down by $2M.  Add back $400K in extra expenses because of virus protection measures and the net loss is $417K.  But from a Town’s finances point of view, this is more than compensated by Federal/ Provincial funding to date of $678K leaving a net surplus of $261K.  Needless to say, the Town will not be applying for the second… Read complete articleUpdate – Financial Impact of Pandemic