coronavirus pandemic is affecting how municipalities conduct finances and budgets, including in the City of Kawartha Lakes, where a $3.2-million shortfall is expected this year.According to a staff report for council on Tuesday, the municipality recalled $10 million in investments to address a shortfall in revenues.The current forecast for cash flow projects an additional draw from investments of $2 million later in the year.Drawing from these investments will represent internal borrowing and will need to be paid back, the report states.A positive in the financial statement from Jennifer Stover, director of corporate services, is that the property tax deferral didn’t have as big of an impact on the municipality’s bottom line as initially.
Read more on globalnews.ca