The City of West 麻豆精选 has authorized up to $6 million in borrowing to keep essential services and priority operations afloat amid the COVID-19 pandemic.
While the Community Charter allows municipalities to enact a bylaw to borrow up to 75 per cent the amount of the previous year鈥檚 tax revenue, which would add up to around $25 million, the city鈥檚 chief financial officer suggested a $6-million borrowing limit.
The revenue anticipation bylaw came as West 麻豆精选 council deferred the property tax penalty date from July 3 to October 1.
Typically, the city would charge a 10 per cent penalty on any amounts owing the day after the property tax deadline. However, following provincial measures to provide property tax relief to businesses, the city will the late payment penalty for residential and commercial property taxes, giving those who are experiencing financial difficulties more time to pay if needed.
But those who can are still encouraged to pay on time.
鈥淎s the city also manages its cash flow during the implications of COVID-19, even paying a portion of their property tax prior to July 2 will help as opposed to submitting late payments,鈥� said Mayor Gord Milsom. 鈥淚t is critically important for the city to balance the need to keep our operations and economy sustainable as we help our community.鈥�
West 麻豆精选鈥檚 measures follow suit with ones taken across the bridge in 麻豆精选, though to a lesser degree.
麻豆精选 city council passed a similar bylaw on April 20, allowing the city to borrow up to $150 million.
READ MORE: 麻豆精选 may borrow up to $150 million to maintain services amid pandemic
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