CORNWALL, Ontario – The City of Cornwall is feeling a bit of a pinch from rising insurance rates.
The City of Cornwall’s 2021 budget is seeing an increase in insurance expenses of $240,533, a 25 per cent increase. For 2021, the city is expecting to pay $1,182,960 for insurance.
Insurance along with long-term financial planning have contributed to a $1.9 million increase in the municipal operating budget or a 2.58 per cent increase from the previous year. Without these two items, the municipal operating budget would have seen just a 0.89 per cent increase.
City of Cornwall Chief Financial Officer Tracey Bailey said that the municipality has roughly 10 different insurance policies, which they competitively review annually, but that the insurance market is tough all-round right now.
Councillor Claude McIntosh asked what was driving up these insurance costs for the city.
“Generally liability,” Bailey replied. “Slips on sidewalks, those types of things. It is where municipalities are exposed the most.”
