The net financial impact of COVID-19 to the City of Sault Ste. Marie projected through to the end of May is over 664-thousand dollars.
A report to city council for Monday’s meeting from Chief Administrative Officer Malcolm White shows a loss of over 1-million dollars in revenue with less revenue generated from Transit fares, facility rentals and program fees associated for such things as arenas, pools and senior centres.
The operational savings are estimated to come in at over 375-thousand dollars.
Other potential financial impacts to be outlined in a future report include casino revenue, municipal accommodation tax revenue and interest on taxes receivable among other things.
A more detailed report will be coming back to council next month.

Meantime, council will be asked to adjust its surplus policy to allow the full over 400-thousand dollar 2019 surplus to be allocated to the Tax Stabilization Reserve—the Reserve is used to reduce the tax burden on ratepayers.
Normally 40% of the surplus would be set aside for the Tax Stabilization Fund, with an equal 30% for both the capital reserve and long-term debt.