The City of Dryden’s financial outlook has remained stable throughout the COVID-19 pandemic, says treasurer Steven Lansdell-Roll.

His report to city councillors on Dryden’s second quarter 2020 finances shows that while revenues and expenses are both coming in lower than expected, both capital spending and debt reduction measures are still on track.

Overall operating revenues show a $446,473 shortfall, through lessened water, sewer and user fee revenues, a lack of property sales, as well as a loss of Ontario’s Municipal Partnership Funding of over $1.1 million.

However, the city has saved over $2.3 million on expenses, up to June 30, 2020. They’ve saved over $1.2 million on employee wages and benefits alone, as well as savings on contracted services, insurance, utilities, materials and more.

Dryden’s debt recovery is also on track. As of the end of 2019, the city had $11 million in debt, with interest and extra charges bringing that to roughly $13 million.

In 2020, the city has paid off $3.4 million of their debt, or 12.5 per cent of the remainder. Debt servicing costs are expected to come down by $1.1 million in 2021, giving councillors that much more to play with each year.

Unfortunately, some capital projects have been delayed to 2021. These include a new material spreader at the Dryden Airport, and a mechanical retrofit of the Dryden Memorial Arena. All other capital projects are expected to move forward as planned.

The City of Dryden declared a State of Emergency on March 28.

For more information:
Dryden posts stable finances mid-pandemic
Dryden adapting to COVID-19 crisis