COVID-19 Financial Update #2

On Tuesday, October 20,2020 Council received a report from the Town’s CFO: C19 Financial Update #2

Rather than an updated budget, the report outlines a number of changes to the Town’s revenues and expenditures.

The report indicates that the Town should expect a $261K surplus. This is misleading in that a number of departmental and reserve transactions are included. These transactions are non-cash transactions and do not affect the Town’s financial status.

The following analysis adjusts for these internal non-cash transactions and shows a projected surplus of $91,370 instead of $261,445.

You can review the analysis here:

 Regarding the C19 Financial update