The City of Peterborough estimates it endured more than $14.4 million in lost revenue in 2020 due to the coronavirus pandemic and the pattern will continue into 2021.
A financial report from city staff — to be presented to city council on Monday — estimates the city had $14,454,122 in lost revenue as of Dec. 31, 2020 along with $5,535,926 in direct costs and $2.4 million in cost savings, and received more than $7.2 million in provincial and federal funding related to social services, public transit, general operating and miscellaneous (which included a Museum Assistance Program).
It totals to a net financial impact of $10,352,970.
If the city excludes the estimated $3.1 million in lost casino funds from hosting Shorelines Casino Peterborough, the estimated preliminary net financial impact of the pandemic in 2020 is $7.6 million.
The report highlights that the casino revenue is not eligible for funding from the province through its Safe Restart Programs. In 2020 the city received $234,107 in gaming revenues.
In their extensive report, CAO Sandra Clancy and Richard Freymond, chief administrative officer commissioner of corporate and legislative services, note all amounts are preliminary as all year-end adjustments, analysis and reconciliations have not been fully completed yet.
And the report says in 2021 there will continue to be “substantial” financial impacts for the city related to the pandemic.
For the first quarter — Jan. 1 to March 31 — the city estimates more than $3.9 million in lost revenue, $1.6 million in direct costs, $1 million in cost savings and $2.4 million in provincial funding related to transit and social services.
That relates to a net financial impact of $2.1 million.
“Certain impacts will carry beyond the forecasted period,” the report reads.
In August 2020 the city received a payment of $4,423,500 from the province to support COVID-19 operating costs and pressures. In December 2020, an additional $886,00 was provided to support the city’s COVID-19-related operating pressures.
The city will be expected to report back to the province by March with details on the 2020 COVID-19 operating costs and pressures, the city’s overall 2020 financial position, and the use of the provincial funds.
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Peterborough municipal leaders reflect on 2020 -
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Peterborough police, health unit enforcing provincial and federal COVID-19 orders -
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Peterborough residents ask city council for more support when it comes to social services -
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Peterborough city council discuss impacts of the COVID-19 pandemic -
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Peterborough city council explores improvements to the city -
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COVID-19 Task Force delivers report card to Peterborough County Council
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