Port Coquitlam is reducing all non-essential spending, putting a cash-flow plan in place and placing a hold on external hiring except for critical positions.
Mayor Brad West says it’s just a common-sense move during the COVID-19 crisis.
“For us it’s a time to do what every other family in the province is doing and that is buckle down, make tough decisions and really focus on what is essential,” he said.
West says the city is in a strong position to weather the storm, but council could approve a temporary borrowing bylaw in a worst-case scenario.
Last week, the city cancelled its proposed property tax increase and extended its payment deadline due to the coronavirus crisis.
Over the weekend, Vancouver Mayor Kennedy Stewart said he was asking the province for a $200-million lifeline during this COVID-19 crisis.
Cty-led research that suggests up to 25 per cent of the city’s property owners may not be able to pay their property taxes in full or at all this year, adding further concern to the city’s financial outlook amid the novel coronavirus outbreak.
Stewart said Sunday that if those deferrals come to pass, the city could lose up to $500 million from its operating budget, which would be “absolutely devastating.”
— With files from Sean Boynton and Jon Azpiri
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