Town of Cobourg’s Potential Lost Revenue

You’ve heard the prediction from Ford on what the Covid-19 virus will do to health provincially, but what about the hit to the Town’s finances?  Only 63% of revenue comes from municipal taxes, the rest from other sources.  So what is the risk that at least some of these other sources will not happen during the virus crisis?  Given what we know and listing the budget revenue items at risk (see below), either 1) the Town will have to go into debt to cover the operating budget or 2) there will be a large tax increase or 3) some things will not get done or 4) a combination of these.  We know that transit fares will not be collected, parking… Read complete articleTown of Cobourg’s Potential Lost Revenue