FORT ST. JOHN, B.C. – The City of Fort St. John is reporting an operating deficit of $2.8 million for 2020.
According to a report, which is to be presented to Council on Monday, October 26, a comparison of 2020 versus 2019 monthly revenues and expenses was undertaken to forecast for the last three months of 2020.
Based on the assumptions made, General Manager of Corporate Services David Joy says it is anticipated that the City will incur an operating deficit of $2.8 million.
According to Joy, of that $2.8 million deficit, $2.3 million is related to the effect of the pandemic and $0.5 million is related to the approved operating budget, the latter of which will require a budget correction for 2021.
To offset the COVID-19 deficit, the City can borrow from capital reserves and pay it back over five years.
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