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w at er lo oc hr on ic le .c a W at er lo o C hr on ic le | T hu rs da y, S ep te m be r 24 ,2 02 0 | 4 85 BRIDGEPORT RD. E. WATERLOO (Across from the Bridgeport Rd. Plaza) SINCE 1971 519-893-8118 FURNITURE & MATTRESSES SINCE 1971 Comfort Plus SINCE 1971 FURNITURE & MATTRESSES Comfort Plus SINCE 1971 FURNITURE & MATTRESSES 85 WE ARE OPEN By Appointment Only WE HAVE RE-OPENED BY APPOINTMENT ONLY PLEASE CALL 519-893-8118 FOR DETAILS MON.,TUES.,WED. 10AM - 6 PM THURS.& FRI. 10AM - 6 PM SATURDAY 9AM - 5 PM SUNDAY 12 PM - 4 PM A physically distanced festival where light, art & tech meet two metres apart SATURDAY SEPTEMBER 26 6-11 PM 10+ INSTALL ATIONS THROUGHOUT UPTOWN WATERLOO FREE! #LUMEN2020 lumenfestival.ca CreateWaterloo Create_Waterloo Taxes receivable are tracking $8.5 million behind last year's pace, according to a financial update report that went to City of Waterloo council on Monday. The city received 77 appli- cations for its tax deferral program that was approved in May and closed July 31, with close to $4.5 million in deferrals approved by the city, waiving interest of ap- proximately $112,000 in the process. "As a result of the above deferral program and delays in payment during the pan- demic, the taxes receivable balances are tracking $8.5 (million) behind last year's pace after the final residen- tial due date in early Septem- ber, with a past due balance of $43.6 (million) at the time of preparing this report," it said. The overall tax base is currently tracking to a defi- cit of $4.1 million. As announced in August by Ontario's Minister of Mu- nicipal Affairs and Housing, Steve Clark, the city will be receiving close to $2.9 mil- lion in one-time finding from the federal and provincial governments to help offset some of the costs related to COVID-19. The city expects the bal- ance of this year's deficit to be offset by the tax stabiliza- tion reserve, which ended 2019 with a balance of $5.1 million. Of note in the financial update: • The city's community services department is pro- jecting a deficit of approxi- mately $2.86 million, mainly due to reduced revenues from facility closures and program cancellations. The deficit in recreation services mirrors that amount, pro- jecting a net deficit of $2,867,000. • Waterloo Fire Rescue is anticipating a $708,000 defi- cit. Required pandemic spending (personal protec- tive equipment (PPE), staff- ing levels, temporary loca- tions, security, barriers, sig- nage etc.) is projected to cost $221,000. • The parking enterprise is anticipating a deficit of $459,000 due to the waiving of monthly parking permit fees and hourly paid parking for the months of April, May and June, as well as other discounts in subsequent months. • Cemetery services is an- ticipating a surplus of ap- proximately $119,000 due to "lower expenses and equip- ment utilization" savings. • The city utilities divi- sion is comprised of water, sanitary sewer and storm water management is antici- pating a combined surplus to budget of close to $1.5 mil- lion, partly due to staff va- cancies and lower treatment costs due to decreased inflow and infiltration as a result of lower precipitation levels. TAXES TRACKING $8.5 MILLION BEHIND LAST YEAR, CITY SAYS YEAR-END TAX BASE DEFICIT OF $4.1M EXPECTED BILL JACKSON bjackson@torstar.ca NEWS STAY UP TO DATE AT WATERLOOCHRONICLE.CA