A bylaw headed to Kelowna 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.

91裸聊视频淕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,91裸聊视频� read the report headed to council on April 20.

The city can borrow up to 75 per cent what they collected in the previous year91裸聊视频檚 property taxes. For Kelowna, that was nearly $255 million, allowing them to borrow up to just over $190 million this year.

Kelowna 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. Kelowna Mayor Colin Basran said this provides some 91裸聊视频渕uch-needed flexibility.91裸聊视频�

91裸聊视频淭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,91裸聊视频� 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 91裸聊视频榥ecessary91裸聊视频� right now: Kelowna mayor

michael.rodriguez@kelownacapnews.com
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