Chatham-Kent is in good shape financially heading in to the new year

·1 min read

The Municipality of Chatham-Kent is in good shape financially heading into the new year.

According to Chief Administrative Officer Don Shropshire, the municipality was already expecting to end the calendar year with a surplus. However, it is also receiving $1,165,000 from upper levels of government in an effort to ensure that an operating deficit isn’t carried over into 2021.

The provincial government announced a $695 million investment on Dec. 16 to support Ontario’s municipalities through the Safe Restart Agreement. The joint funding from the provincial and federal governments is in addition to a previous funding announcement made during the summer.

“We reported to council as part of our October variance that we believe we are actually going to have about a $1-million surplus from monies received from the provincial government offsetting the additional costs that we had and the loss of revenue that we had from all of 2020,” said Shropshire.

He also noted that council has already approved for the surplus to be set aside in reserves for future COVID-19 related costs.

Of the $695 million announced on Dec. 16, $299 million is being allocated to Ontario’s 444 municipalities, with an additional $396 million to go to the 48 municipalities that have been hardest hit by COVID-19.

Shropshire said municipal officials are still sorting through the details associated with the latest funding announcement that was made last week. A report on the funding announcement and the local impact is expected to go to council in the new year.

Bird Bouchard, Local Journalism Initiative Reporter, The Ridgetown Independent News