New Regina Mayor Sandra Masters, and City Council could be faced with a large financial hit from the COVID-19 pandemic.

The City is currently predicting the financial impact of the pandemic to be around $15-million.

The executive committee is set to discuss the city’s finances on Wednesday.

In the agenda for that meeting, city administration is forecasting the general fund will have lost about $15.5-million in 2020 because of the pandemic.

In the spring when it became apparent that there would be major financial impacts both the provincial and federal governments aided municipalities.

The City of Regina is currently expecting a surplus in the general fund close to $3-million.

Administration has also laid out a recommendation for a COVID-19 reserve fund.

City Council will meet to discuss this on December 16th at their regular meeting.