CITY COUNCIL AGENDA ITEM
ACTION REQUESTED:
title
Receive the March 2021 Financial Report
body
DEPARTMENT: Finance Department
SUBMITTED BY: Rachel Mayer, Finance Director
BOARD/COMMISSION REVIEW:
N/A
BACKGROUND:
Developed in response to the unprecedented economic impacts resulting from the COVID-19 pandemic, the monthly financial report provides timely information and data related to the City's financial position and the local economy. This report is intended to assist the City Council in making strategic financial decisions when necessary and will be presented at the second meeting of each month.
DISCUSSION:
Recent Actions & Trends
Response to the pandemic continues to constantly evolve, and staff is monitoring national, state, and local changes that may impact the local economy.
Recent events include:
1. Vaccination Progress: Administration of the COVID-19 vaccine temporarily slowed in late February due to severe winter weather. As of March 6, the Illinois Department of Public Health (IDPH) is reporting full vaccination of 9.0% of the DuPage County population and 6.7% of the Will County population. The federal government expects vaccination rates to accelerate after the one-shot Johnson & Johnson vaccine received approval on February 28. The White House now estimates that enough vaccine supply for all American adults will be produced by the end of May.
2. Federal Economic Stimulus: On February 27, the U.S. House of Representatives approved a $1.9 trillion relief package, known as the American Rescue Plan, which includes $350 billion in assistance to state and local governments. The U.S. Senate approved an amended version of the legislation on March 6, which is expected to be approved by the House and signed by the President before March 14. Under the proposed legislation, the City would be eligible to receive approximately $12 million. These potential stimulus funds are discussed later in this report.
Economic Indicators
Staff continues to monitor an...
Click here for full text