Financial impact from COVID-19 could cost Regina over $20m by September

Ahead of Wednesday’s special city council meeting at 11:00 a.m. in Regina, Mayor Michael Fougere announced Tuesday afternoon that COVID-19 could have a major financial impact on the city.

During his briefing from city hall, Fougere discussed the results from a financial report detailing different scenarios that Regina could face as a result of the pandemic.

“As of April 30th, we would have a gap of $7.7 million. As of June 30th, it would be at  $12.1 million. And by September 30th – $20.7 million dollars,” stated Fougere.

The mayor admits it’s a significant hit on the city’s operating budget.

“It’s the budget we use to maintain our essential services each and every day for our fire [department], police, garbage collection, snow removal, all those things are very important for us.”

City council will be having a discussion on these financial scenarios and plans that can help alleviate some of those pressures during Wednesday’s meeting.

Fougere reiterated they are not considering raising taxes to make up for lost revenue due to the pandemic.

“That is off the table. This is not a time to raise taxes,” said the mayor. “We have people who have lost businesses and who are unemployed. Our economy is slowing down and we are seeing a tremendous loss in GDP.”

Wednesday’s special meeting can be viewed live on the City of Regina website and on Access 7 beginning at 11:00 a.m.

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