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REPORT TO:Council <br />DATE OF MEETING:October 26, 2020 <br />SUBMITTED BY:Jonathan Lautenbach, Chief Financial Officer, 519-741-2200x7334 <br />PREPARED BY:Jonathan Lautenbach, Chief Financial Officer, 519-741-2200x7334 <br />WARD (S) INVOLVED:All <br />DATE OF REPORT:October 21, 2020 <br />REPORT NO.:FIN-20-062 <br />SUBJECT:COVID Financial Impacts -Request for Phase 2 Safe Restart Funding <br />_________________________________________________________________________________________ <br />RECOMMENDATION: <br />That the significant financial impactsof the COVID- <br />position as outlined in report FIN-20-062be acknowledged; and <br />That the proposed allocation of Phase 1 Safe Restart fundingbe approved; and further <br />That arequestfor $5.8M in additional Phase 2 Safe Restart funding,to help cover 2020 <br />operating pressures and impacts not fully addressed throughtheinitial funding received, <br />be supported and submittedto the Provinceas a formal request for funding. <br />BACKGROUND: <br />The COVID-19 pandemic is an unprecedented global event. In addition to the immediate <br />health concerns that it represents for Canada and the world, it has, and will continuetohave <br />wide-reaching economic impacts. We know that the spread of COVID-19 is <br />creating financial challenges for many people and businesses in our community,and the City <br />is also facing its own set of challenges related to this event. <br />Since the beginning of the pandemic, Council has been provided with monthly updates <br />outlining the financial operating pressures and impacts that this <br />COVID-19 webpage( provide additional context and background <br />related to the current financial challenges the City is experiencing. Shortfalls in recreation <br />revenue, parking revenue, and investment income were all highlighted as significant drivers of <br />projected operating deficits,along with increased costs to deliver municipal services due to <br />COVID-19. <br />Based on th-end projections for 2020, COVID-19 has had the following direct <br />impacts on municipal operations: <br />*** This information is available in accessible formats upon request. *** <br />Please call 519-741-2345 or TTY 1-866-969-9994 for assistance. <br />3 - 1 <br />