As Mayor of this wonderful city, I am optimistic that we will weather the economic storm and rise to the many new challenges that tomorrow brings. The health of our city is directly related to a prosperous resource based economy and on our ability to provide goods and services to an international marketplace.

The city has not been immune to the onslaught brought on by the global economic crisis. The downturn in the stock markets and the decrease of global demand for base metals produced here, will most likely affect the operation of current mining properties as evident by the recent temporary closure of Liberty Mines.

Furthermore, the North American housing crisis will prolong the difficulties experienced by the fragile forestry sector another important economic engine for the city's economy. The decrease in the global supply and demand associated with resource commodities such as those produced here will no doubt affect our city.

Finally, the economic uncertainties being felt worldwide will impact the tourism, leisure, recreation and cultural sectors, all economic drivers that play an important role in the City's economy.

Hopefully, the recent senior government announcement of a generous economic stimulus package that supports infrastructure programs will greatly benefit our community in 2009. This short-term measure will help cities such as ours weather the economic challenges that are before us.

As Mayor I am optimistic that we will turn the corner and that 2009 will allow us to realize many new milestones including finding a new client to support the TeleTech operation safeguarding 400 jobs.

You have my assurances that I will continue to work hard to position this community as one with a bright future while inviting investors to consider the many opportunities that are available here and to experience a quality of life that is second to none.

We are a resilient community and once again, we will recover from this temporary set back as we have so many times before. After all 2009 marks the first of four centennials that the City of Timmins will be celebrating.

Each year represents an historical point for the City of Timmins. In 2009 the City will be celebrating the discovery of the production of the major mines (Hollinger, McIntyre and the Dome); 2010 marks the 100th anniversary of the incorporation of the Township of Tisdale (South Porcupine, Schumacher), and Township of Whitney (Porcupine, Pottsville, Golden City); 2011 commemorates the great Porcupine Fire and 2012 marks the 100th Anniversary of Timmins. During these four years, other historical anniversaries will be celebrated throughout the community.

On behalf of my colleagues on Council and all City of Timmins employees I would like to wish all residents of our great city an enjoyable holiday season and a happy, healthy and prosperous New Year.