File photo

Surrey’s first quarter financial report forecasts budget shortfall up to $42 million

This in on account of the pandemic, council was told

Surrey’s first quarter financial report for 2020 forecasts a city budget shortfall of between $37 million and $42 million on account of the pandemic.

“In summary, it is estimated that under cautiously optimistic fiscal assumptions, the financial impact to the City of the current COVID-19 pandemic will equate to potentially a $37 to $42 million budgetary shortfall to the City for 2020,” Kam Grewal, Surrey’s general manager of finance stated in a report to council.

Councillor Steven Pettigrew said he’s “extremely concerned about the financial position of the city, especially in light of COVID-19.

“I feel that we need to listen more to our business community and to the citizens of our city to re-allocate the transitional costs to shore up the budget,” he said.

The first quarter only encompassed the first two weeks of the pandemic, council was told, and more detail on what the city can do to address the shortfall will be covered in the second quarterly financial report.

Meantime, council approved on May 4and economic action and recovery plan for the city. In a press statement released by the city on Tuesday Mayor Doug McCallum is quoted as saying Surrey is “on solid footing” despite the pandemic.

The plan includes a 90-day extension on late payment penalties for residential and commercial property tax payments with the charges coming into effect Oct. 1 instead of July 3 and there will also be a 50 per cent reduction of “many” development fees related to construction projects valued at more than $25 million.

Moreover, business licence late payment penalties have been deferred during B.C.’s state of emergency and will be applied 30 days after that ends.



tom.zytaruk@surreynowleader.com

Like us on Facebook and follow Tom on Twitter

City of SurreyCoronavirus

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Police asking for help to find 11-year-old last seen in Surrey

Shauntae Joseph has been reported missing two other times since October 2019

What June 1 will look like at Surrey schools

High school students following a ‘tutorial model’ where they sign up through a set schedule of times

Surrey addictions officials say pandemic funding is wreaking havoc on those in recovery

Governments’ kindness taking its toll, recovery operators say

Influx of cross-border visitors to Peace Arch Park sparks concern COVID-19 could spike

Police, parks officials say patrols, education and signage have all been increased

Vancouver Island bride held wedding in seniors home so dying stepdad could walk her down aisle

Ceremony held amidst pandemic in order to fulfill bride’s wish to have stepdad give her away

Facing changes together: Your community, your journalists

We’re asking you to lock arms with us, as we look to better days ahead

$200,000 Maybach impounded after ‘L’ driver caught excessively speeding in Vancouver

Meanwhile, the supervisor sat in the passenger seat, police said

COVID-19 cancelled their wedding plans, so they married on a B.C. mountaintop

Ceremony was live streamed to friends and family around the world

Yukon ready to lift COVID travel restrictions with B.C. in July: premier

Premier Sandy Silver says the territory’s health-care system can cope with the virus.

‘It is dire:’ Study finds B.C. logging continues on critical caribou habitat

The federal Species At Risk Act requires provinces to identify critical habitat for caribou herds

Langley Lodge ordered to swab all residents staff, new cases discovered

Four new cases – two residents and two staff – have been confirmed at the long-term care home

Grieving together, but apart: How funeral homes are handling the pandemic

‘Hugs are so important and right now hugs can’t happen’

Feds looking at ways to reunite families amid COVID-19 border restrictions with U.S.

Some families with members of dual-citizenship have become separated due to the pandemic

Most Read