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Covid-19 and the associated measures to mitigate its impact are having a significant impact on all facets of society, and municipalities are no exception. All orders of government are being asked to demonstrate leadership, provide relief, and stability to citizens while continuing to provide vital services.
Municipalities are looking at options to provide ratepayers and citizens with relief financial relief through tax deferrals or suspension of interest and penalties on overdue receivables. The shifting demand for municipal services is creating slack in some areas while overloading others. Finance staff need to be prepared to provide Council and other key decision-makers with the revenue, cash flow, and service level impacts of Covid-19 and the various proposed relief programs.
MFOA is hosting a panel discussion on some of the impact analysis that municipal finance staff are doing considering the current climate and economic realities.
