City of Toronto addressing financial impacts of COVID-19
April 4, 2020
Global Korean Post
As the COVID-19 pandemic continues to exert major stresses globally, the City of Toronto has been assessing, evaluating and monitoring the financial impacts to Toronto.
To address the situation, the City has assembled a COVID-19 financial impact working group to focus on stabilization and rebuilding. The working group is assessing the implications of COVID-19 on the City of Toronto budget, as well as the financial impacts that could result from this emergency continuing for an extended period of time.
The City of Toronto today announced that it is experiencing a financial pressure estimated at $65 million a week. The pressure is driven by decreased TTC and other revenues, coupled with increased costs. Revenues are decreased due to closures, decreased demands, and property tax and utility payment deferrals, and increased costs are stemming from COVID-19 related needs like additional personal protective equipment supplies, cleaning, additional shelter space, and overtime.
Work is underway, led by the Mayor’s Economic Support and Recovery Task Force, to begin the rebuilding efforts after the City transitions into the recovery phase, with a focus on growth and building resiliency. To achieve this, the City is conducting research to understand the economic impacts already experienced in the city and determine how to best support our many vital business sectors. Led by the Mayor, the City is engaging other orders of government and requesting relief funding from the federal and provincial governments to offset the cumulative financial impact to City expenditures and revenues as a result of the pandemic emergency.