Thank you, Michael, for putting my name forward to participate today. It has been nice to be here.
I think all municipalities would share the same thought that the length declared for the pandemic and how long we are shutting down our rec facilities, transit and related businesses will impact how municipalities can recover.
St. Albert has three scenarios. Right now we're projecting about a $4.6-million deficit if we open up on June 1. To me that seems highly unlikely. The Alberta government is probably looking at more like July. If we go all the way to August 1, we're looking at a $5.6-million deficit, and then if we're all the way into October, which would be hard to deal with, we're looking at $6 million. That's for a mid-sized city. I'm sure the bigger cities have much bigger numbers, but they would be escalating as time goes on.
Some municipalities will have adequate cash flow reserves. They could liquify investments to deal with this. Some have lines of credit. Some have no access to lines of credit. The economic impact will differ depending on how long we are in this current state. I hope that helps.