Ottawa remains in good fiscal position amid COVID-19 pandemic: Mayor Jim Watson

Despite losing approximately $1-million a day as a result of the on-going COVID-19 pandemic, the City of Ottawa remains in a good financial position, according to Mayor Jim Watson.

Watson says the city has healthy reserves and triple-A credit, and even though Ontario has yet to make a decision on whether or not to allow municipalities to run deficits, Watson doesn't see it as a route Ottawa would take.

The mayor believes running a deficit could help some municipalities but he thinks being forced to balance the budget could actually help the City of Ottawa.

“Having that restriction really ties our hands, in a good way, so that we don't spend out of control and every fiscal year end … the books have to be balanced,” Watson explains.

British Columbia made the decision this week to become the first provincial government in Canada to allow its municipalities to run deficits due to ongoing challenges presented by the COVID-19 pandemic.