City shrinks projected 2022 deficit to $4 million

Read the full story and comment on Tbnewswatch.com

THUNDER BAY — The City of Thunder Bay is on track to finish the year with a nearly $4 million deficit, driven largely by policing costs that went far over budget, a heavy winter for snow clearing operations, and rising fuel and materials costs.

However, it still marks a turnaround after the city posted a historically high surplus of $10.9 million in 2021, helping to bolster reserve funds that could be used to cover this year’s deficit. “Our costs are going up, our reserves are being drawn upon — it’s a bit of a perfect storm,” Bentz said. The city also plans to draw upon the fund to cover $2.9 million of the city’s 2022 COVID-19 losses, depleting it to $10.6 million if projections remain accurate.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

tbnewswatch /  🏆 75. in CA

South Africa Latest News, South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Thunder Bay roads crews take on first significant snowfall of the seasonRead the full story and comment on Tbnewswatch.com
Read more »

End of an era at city hall as Johnson, McKinnon, Ruberto have final meetingRead the full story and comment on Tbnewswatch.com
Read more »

Viruses pose rising risk for kids' health, hospital capacity: DeMilleRead the full story and comment on Tbnewswatch.com
Read more »

Gas prices plummeting in Thunder BayRead the full story and comment on Tbnewswatch.com
Read more »

Homicides will put Thunder Bay in national news again, acting police chief lamentsRead the full story and comment on Tbnewswatch.com
Read more »

Researchers asked homeless migrants what brought them to Thunder BayRead the full story and comment on Tbnewswatch.com
Read more »