City of Hamilton's annual budget $5mil over due to Winter and Ice Storm
$1.3-million of the $8-mil is because of the December ice storm, City staff will be asking the province for assistance from the planned One-Time Ice Storm Assistance Fund program.
The $5-million deficit in the tax-supported budget will be partially cushioned by a forecast $2.1 in the rate budget.
Subjected to Change
This is the first update of the year, with one more expected before the election. With eight months remaining in the year, much can change.
Being an election year, staff will work to decrease the deficit prior to the pre-election budget update in September.
Factors such as a major storm – such as last July’s wind storm – will increase the projected deficit. In the reverse, increased gapping – leaving vacant positions unfilled – can be used to close the deficit.