Saskatoon’s deficit for 2020 is looking even larger after the recent snowstorm, but city administration is confident they can balance the budget next year.

Kari Smith, director of finance for the city of Saskatoon says the projected year-end deficit is now at $20.1 million. She says the most significant difference on Monday’s report to the Governance and Priorities committee is the cost of the recent snow storm, which is estimated to overspend the snow clearing budget by $10 million.

Smith explains a previously approved re-allocation of $15 million is being held to offset the potential capital reduction in 2021 that may be required to balance 2020 year-end results. She adds a further $19 million was received in safe restart funding from the federal government to help address the challenges of COVID-19.

Smith says the city is obligated to have a balanced budget within 2021, and if needed a reduction to reserves for future capital is possible.

Other highlights from the financial report include:

Both SaskTel Centre and TCU Place have indicated that their shortfalls will be offset by using their stabilization reserves and capital reserves so as not to impact the mill rate.

SaskTel Centre is currently projecting a deficit of approximately $3.56 million due to revenue losses from cancelled events, but is partially offset by savings from layoffs, a reduction in hours to all remaining employees, and significant cuts to other budgeted expenditures. TCU Place is projecting a deficit of approximately $3.07million due to revenue losses from cancelled events.

Remai Modern anticipates a break even for 2020, achieved through significant expense reduction, a phased-in reopening,and continued support from granting agencies, donors and sponsors. The organization closed to the public for nearly five months and laid off 43 casual staff.