In some positive news for Hamilton, a city council meeting on Wednesday revealed that the city will be ending the year in an economic surplus in spite of the immense impacts of the COVID-19 pandemic.
The news is surely a relief to city officials and residents alike, as earlier predictions believed Hamilton could see a more-than $61 million deficit by the end of 2020 due to the unforgiving economic implications the COVID-19 pandemic has wrought on this and all other municipalities.
Emergency grants have helped transform Hamilton taxpayer fears of a $62-million pandemic deficit into a potential surprise year-end city budget surplus @Mattatthespec reports #HamOnthttps://t.co/lCx8P49lmi
— Hamilton Spectator (@TheSpec) September 24, 2020
The surplus comes as a result of both provincial and federal aid given to the city, as well as the decision to delay a number of city projects on top of other various initiatives to cut costs for 2020.
With all of this, Hamilton is on track to finish 2020 with roughly $420,000 in surplus, according to Hamilton’s head of finance Mike Zegarac.
Given how much the city had to spend on public health, personal protective equipment, and extra cleaning and staffing measures – combined with the necessary cancellation of numerous valuable revenue streams including halting transit fare temporarily – this is an unexpectedly promising and positive success for the city as it winds down a particularly tumultuous year.
Lead image courtesy of @hamontsalsa