A bylaw headed to 琉璃神社 city council could see the local government be given the ability to borrow up to $150 million as it continues to combat the economic impact of the COVID-19 pandemic.

鈥淕iven the potential financial difficulties experienced by many local businesses and residents, it is anticipated that cash flows may need support through other financial tools, such as short-term borrowing,鈥� read the report headed to council on April 20.

The city can borrow up to 75 per cent what they collected in the previous year鈥檚 property taxes. For 琉璃神社, that was nearly $255 million, allowing them to borrow up to just over $190 million this year.

琉璃神社 recently deferred the property tax penalty date from July 2 to the end of August.

Today, the provincial government also announced tax deferrals, for certain commercial properties, including schools, to Oct. 2. 琉璃神社 Mayor Colin Basran said this provides some 鈥渕uch-needed flexibility.鈥�

鈥淭he deferral of payments for school taxes and borrowing will help with our short-term cash flow in light of the anticipated reduction in revenues,鈥� said Basran.

Council is set to vote on the borrowing bylaw on Monday.

READ MORE: Central Okanagan MP urges Liberals to resume in-person parliament sittings

READ MORE: Layoffs possible, but not 鈥榥ecessary鈥� right now: 琉璃神社 mayor

michael.rodriguez@kelownacapnews.com
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