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Hamilton’s deficit projection grows as wait continues for federal, provincial assistance

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COVID-19 pandemic.In his best case scenario, Mike Zegarac, Hamilton’s general manager of finance, is forecasting that a three month lockdown ending June 30, followed by a six-month recovery period that allows for a resumption of municipal services would result in a 2020 budget deficit of $61.6 million.

A second scenario, if the lockdown were to last nine months and be followed by a one-year recovery period through the end of 2021, estimates a $122-million deficit.Zegarac says the projections are meant to support the city’s appeal for financial assistance by “informing senior levels of government of the immediate need.”Hamilton Mayor Fred Eisenberger says he remains optimistic that federal and provincial funding is on the way, indicating.

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