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Minutes of the Regular Meeting of Council <br />Monday, August 16, 2021 <br />Page 5 <br />NEW BUSINESS <br />Motion to authorize expenditure to Lyndhurst Municipal Court in the amount of <br />$12,875.22 for operating deficit as of June 30, 2021. (Finance Department) <br />Mrs. Mills, seconded by Mr. Marquardt, made a motion to authorize expenditure to Lyndhurst <br />Municipal Court in the amount of $12,875.22 for operating deficit as of June 30, 2021. (Finance <br />Department) <br />Council President Schutt asked, any discussion? <br />There was none. <br />ROLL CALL: AYES: All Motion Carried <br />NAYS: None Expenditure Approved <br />Motion to acknowledge receipt of financial reports for July 2021 and to approve of <br />same as submitted. (Finance Department) <br />Mrs. Mills, seconded by Mr. Marquardt, made a motion to acknowledge receipt of financial reports <br />for July 2021 and to approve of same as submitted. <br />IN Council President Schutt asked, discussion? <br />Mr. Wynne stated, I wanted to give you some updates on some revenue items that have been <br />impacted since the start of the pandemic and let you know where things stand this year and what <br />we are looking at going forward. The three main areas of revenue that were impacted by us were <br />Court fines, hotel taxes and our investment earnings. <br />Court fines last year were down about $100,000 and as of the end of July we are pretty much <br />tracking the same way in 2021, so that's looking to be down around $100,000 this year also. That's <br />not an additional $100,000, it's just the same level of decrease that we had last year. <br />Hotel taxes in 2020 were also down $100,000. As of the end of July, that's tracking the same, but <br />we did see a big increase in July so we are hoping that that's a reflection of summer travel looking <br />to pick up. We will keep an eye on that but right now, that's also tracking to be down about <br />$100,000 for 2021 also. <br />Investment earnings in 2020 were down $425,000 and will be down an additional $225,000 for <br />2021. There's not a whole lot we can do about that. That is a function of the Federal interest rate. <br />It's not going anywhere. We are already limited to how we can invest our equity so we are looking <br />at a total of on an annual basis a decrease of about $700,000 in investment earnings until we start <br />seeing a pick-up on the interest rates. <br />