How is the City's budget balanced if you're relying on $1.4 billion in COVID-19 pandemic-related funding from the federal and provincial governments for 2022 and 2023?

Due to the COVID-19 pandemic, the City has experienced and continues to experience significant revenue shortfalls and increased costs. The 2022 COVID-19 pandemic-related budget shortfall is $184 million, and the 2023 shortfall is $933 million.

If funds for the 2022 COVID-19 pandemic shortfall are not provided, $300 million in paused 2022 planned capital projects would be cancelled and $184 million would be covered by the City's COVID-19 backstop, a restricted reserve fund that, once depleted, will not be available again.

If the 2023 COVID-19 pandemic shortfall is not provided, the City will be forced to use its COVID-19 backstop, which would be almost fully spent if used for both 2022 and 2023's shortfalls.

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