Smiths Falls may be facing $373,000 COVID-19 related deficit
The Town of Smiths Falls may be facing a $373,000 deficit as a result of the Coronavirus Pandemic.
During Tuesday night’s virtual Committee of the Whole meeting, Smiths Falls council heard a report from their Treasurer, Janet Koziel, about the potential financial impacts the ongoing pandemic could have on the town.
The figure of $373,000 is an estimate based on the potential loss of revenue for the period ending June 30th.
Smiths Falls Mayor, Shawn Pankow, told council he was confident in the town’s ability to weather the shortfall.
“We’re in good financial shape and I think we’re, at least from a tinier perspective, prepared to deal with this,” said the Mayor. “There’s still a lot of uncertainty. We don’t know how long this will last. We don’t know how long this will impact our revenues or how long this will increase our expenses. We have to be fluid. We have to be prepared to adapt and change as time goes by.”
Town staff agreed to continue working on finding opportunities to reduce costs where deficits have been deemed unavoidable.
Strategies being considered include a short-term hiring freeze including summer students, capital project deferrals and a reduction in the town’s contributions to capital reserves.
Copyright © 2020 Lake 88. All rights reserved.