Kennedy Stewart city Vancouver bc coronavirus Vancouver Coronavirus Coronavirus Kennedy Stewart city Vancouver

COVID-19 cash crunch: Vancouver mulls financial impact of 3, 6 or 9-month lockdown

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globalnews.ca

Vancouver city councillors joined by phone for an unusual tele-council meeting Tuesday as they sought to navigate the city’s imperiled finances during the COVID-19 pandemic.

Mayor Kennedy Stewart was forced to physically head to city hall to participate, after an early technical glitch delayed the meeting.

Councillors are grappling with a projected funding shortfall of up to $5 million per week, with parking, permit, bylaw fine and park board revenue all in free fall.

The city is also concerned as many as 25 per cent of homeowners could default on their property taxes, while the city remains beholden to other levels of government to pass those dollars on.

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