globalnews.ca
20.10.2020 / 23:13
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Coronavirus: Town of Cobourg 2020 revenue shortfall projected at nearly $2M
coronavirus pandemic financial impact update from its treasurer Ian Davey.Davey told council, revenue shortfalls for 2020 are now estimated to be $1,988,000, which includes $980,000 from the Cobourg Community Centre during its closure, $515,600 from parking and $163,000 from the closure of the concert hall.While that number seems high for a smaller community, Davey reassured council that it’s not as bad as it seems.“The net financial impact without any assistance from the federal or provincial programs would’ve been a net deficit of $416,902 but when we add in the funding, that leads us to a surplus, if you will, of $261,000,” Davey said.“Our cash position, as much as we deferred some payments and cancelled some interest in penalties, our