Financial Matters:

Refer to Appendix A for detailed descriptions of the projected year-end variances for each department separated between COVID 19 and Non-COVID 19 impacts, along with any mitigating measures.

Appendix B of this report has been updated to provide additional data. It includes a list of relevant operational and economic statistics (extracted from various sources) as background information and is depicted graphically for the current quarter, along with each of the preceding nine years for ease of reference and comparison purposes.

Consultations:

All departments, ABCs and GBEs provided comments to augment and clarify the analysis performed by the Finance Department.

Conclusion:

Administration is projecting a potential corporate (including YQG & Windsor Tunnel) year-end deficit estimated to be $9.8M.

As indicated throughout the report, given the uncertainty around COVID 19 impacts and additional grant funding from senior levels of government, the third quarter operating budget year-end variance projection is subject to significant refinements as the fiscal year nears completion. Measures and steps have and will be implemented where possible in order to mitigate the negative budget risks. This includes apply for the additional Safe Restart Phase 2 funding for both municipal & transit operations.

Planning Act Matters:

Approvals:

Name	Title
David Soave	Manager, Operating Budget Development & Financial Administration
Tony Ardovini	Deputy Treasurer - Financial Planning
Joe Mancina	Chief Financial Officer & City Treasurer
Onorio Colucci	Chief Administrative Officer