Region of Queens seems to be weathering the economic storm brought on by COVID-19.<\/p>\n
The first quarter financial results presented at the most recent session of council show the municipality is in good fiscal shape despite dealing with the coronavirus.<\/p>\n
Director of finance Jennifer Keating-Hubley says the municipality allowed residents more time to pay their property taxes, moving the due date back a month from June 30 to July 31.<\/p>\n
Keating-Hubley says the measure seems to have worked as over 95 percent of residents made payment arrangements by the July deadline.<\/p>\n
\u201cThere might be the odd business that\u2019s finding cash flow to be a bit of an issue. But they\u2019re still making substantial payments, probably in an effort not to have a big bill later,\u201d says Keating-Hubley. \u201cBut no, we\u2019ve not had anybody call to say I just can\u2019t do it\u201d<\/p>\n
At $13.5 million, property taxes make up over half the Region of Queen\u2019 budgeted revenue of $21 million.<\/p>\n
The province had offered loans to municipalities struggling to make ends meet.<\/p>\n
Keating-Hubley says because of their high collection rates, the Region of Queens decided not to take the province up on their offer.<\/p>\n
She says the municipality has the option to dip into their reserve fund to make up any cash shortfalls.<\/p>\n
\u201cWe prepare for, or do budget prep for a rainy day and here it is. Rainy day\/pandemic. So I have a reserve money to float our cash flow issues in the interim,\u201d says Keating-Hubley.<\/p>\n
The remainder of the municipality\u2019s revenue comes from quarterly government equalization payments, transfer payments and grants in-lieu, which arrive later in the year.<\/p>\n
Keating-Hubley says council will still need to be cautious about adding any new spending.<\/p>\n
She says the recreation department was particularly hard hit earlier in the year when they had to close Queens Place for COVID-19 at almost the peak of ice-rental season.<\/p>\n
\u201cThis statement shows Queens Place revenue is shy of the, this would be a 25 percent marker, first quarter, and we\u2019re at 8.6 percent.,\u201d says Keating-Hubley . \u201cSo we\u2019re down revenues from where we should be this time of year.\u201d<\/p>\n
She says the 16 per cent projects to an annual shortfall of approximately $350,000.<\/p>\n
Keating-Hubley says one bright spot on the ledger sheet is the rise in deed-transfer fees for the fourth year in a row.<\/p>\n
\u201cWhich means houses are selling. Real estate, it\u2019s supposedly a sellers market out there right now, from what I\u2019m hearing. But from what I\u2019m seeing, there\u2019s a lot of property movement. That hasn\u2019t declined at all,\u201d says Keating-Hubley.<\/p>\n
She says the first quarter report overall is quite positive, and Region of Queens is fortunate to not feel the impact of COVID-19 as desperately as other municipalities around the province.<\/p>\n