Monarch loan

Another major change in the budget, which is passed by council because it collects the levy in zone that exists under provincial legislation, is that the city would forgive the remaining $60,000 of the interest-free loan given for the purchase of the Monarch Theatre in 2010.

That deletes an annual payment of $20,000 from the CCDA budget.

The 2021 document also shows a near $30,000 reduction in annual requisition that is collected as a levy on business operators in the district.

A separate city contract to perform beautification work was increased from about $11,000 to $55,000.

Silver said the end result is $47,000 less in the budget.

Reduced expenses show the end of leasehold improvement grant program, totalling $25,000 in the 2020 budget, and reduced amounts for events and partnerships.

For 2020, the CCDA expected a $20,137 shortfall, including the Monarch loan payment. The 2021 budget expects a balanced budget worth $178,000, about $75,000 less than last year’s expected actuals.