Newmarket will receive $1.8 million in emergency funding from the Federal and Provincial Government to assist with the impact of COVID-19
On Wednesday, August 12, the Ontario Government announced that the Town of Newmarket is one of the 444 municipalities in Ontario that would receive funding, through the Safe Restart Agreement, to help address operating pressures related to the COVID-19 pandemic. The Town will receive $1,819,600.
"The Town of Newmarket is pleased to receive approximately $1.8 million from the Provincial and Federal Government," says Mayor John Taylor. "With this funding, the Town can continue to make fiscally responsible decisions that will limit the financial impacts of COVID-19 on our community. Like many businesses and families, the Town's budget is under considerable pressure in 2020 and potentially in 2021 and we will also apply to the second round of the COVID-19 financial program for municipalities in an effort to ensure we are best positioned for recovery."
At this time, it has not been decided where this funding will be allocated to given the changing landscape of the COVID-19 pandemic and potential for a second wave. Mayor, Council and staff will continue to take action to mitigate financial impacts as the Town strives to maintain its own ongoing target of having a per capita tax rate of 10 per cent below the Greater Toronto Area average.
As a reminder, to date, the Town has implemented various programs and initiatives to assist residents and businesses during this challenge time. These programs include but are not limited to the Financial Relief Program, created to assist those who are having difficulties making property tax, water and other payments, the Town's Business Assistance Concierge (BAC), designed to help local businesses during these challenging times, and the Economic Resiliency Action Plan which focuses on both the immediate and long-term restoration of business activity in Newmarket.
About the Safe Restart Agreement
In September, Ontario's 444 municipalities will receive $695 million in Phase 1 funding for municipal operating pressures. This funding will be allocated on a per household basis and would be shared 50/50 between upper and lower tier municipalities. Up to $695 million in additional funding will be available through Phase 2 for municipalities that have COVID-related financial impacts that exceed the initial per household allocation provided under Phase 1.
To learn more, please view the Ontario Government's media release.