out, as well as guidelines to identify opportunities where grants and project surpluses could be leveraged for mitigating pandemic costs.

While this report does not articulate changes to the capital budget funding levels at this time, the report planned for July regarding various measures to help address the cost of the pandemic, will provide further comments on these options. It is also recognized that currently no debt financing has been included in the levy funded approved Capital Budget Program of the City. Any debt charges resulting from such debt would require annual fixed cost debt principle and interest payments to be funded from the annual operating budget thereby restricting flexibility as such costs would not be considered discretionary and would need to be funded each year. It is important to note that one of the key strengths of the City’s finances during these challenging times and which positions the City well to face the uncertainty and impacts of the COVID 19 pandemic is the fact that we have no tax supported debt obligations which must be serviced over a longer period of time. Many municipalities face more difficult and daunting challenges as they must consider the budgetary pressures of meeting fixed long-term debt obligations in the face of great uncertainty relative to future revenue levels. Administration will continue to monitor the situation as we progress through 2020 and if deemed appropriate to address any significant financial challenges resulting from the Pandemic present options on potential debt financing alternatives, as one of many potential options that Council may wish consider.

Consultations:

Dwayne Dawson – Executive Director Operations

France Isabelle-Tunks – Senior Manager Engineering / Deputy City Engineer

Tom Graziano – Senior Manager Corporate Facilities

James Chacko – Senior Manager Parks

Ray Mensour – Executive Director Recreations and Culture

Conclusion:

Adoption of these guidelines will assist Administration in ensuring reports and requests for capital project approvals are carefully reviewed to ensure they are in line with these guiding principles.

Planning Act Matters: 

N/A

Approvals:

Name	Title
Melissa Osborne	Senior Manager Asset Planning
Jan Wilson	Corporate Leader–Parks, Corporate