Kelowna city council will be considering a plan this week to borrow up to $150 million in the short-term to cover the late payment of taxes during the coronavirus pandemic.
To try to alleviate some of the financial hardship faced by residents and businesses during the health crisis, the city is giving taxpayers a longer grace period this year before they are penalized for unpaid property taxes.
However, the late payment of property taxes could leave the city short on funds to cover its obligations, including distributing tax funds to other branches of government, according to a staff report presented to city council in early April.