The economic impacts of the COVID-19 pandemic are being presented during a virtual meeting of Hamilton City Council on Wednesday.
A staff report from Mike Zegarac, general manager of finance, based on projections to the end of May, anticipates that the net financial impact of the pandemic on the city will take the form of a $22.9 million deficit.
Zegarac says that number is the result of more than $20 million in lost revenues and $6.6 million in added costs, partially offset by $4 million in confirmed funding from upper levels of government.
The biggest share of lost revenues – $7.3 million – comes from transit, with fares not being collected for the time being. Other hits to city finances include public health costs of $3.8 million in