CITY COUNCIL AGENDA ITEM
ACTION REQUESTED:
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Receive the November 2020 Financial Report
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DEPARTMENT: Finance Department
SUBMITTED BY: Rachel Mayer, Finance Director
BOARD/COMMISSION REVIEW:
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BACKGROUND:
The City, region, and nation continue to experience the ongoing economic effects of the COVID-19 pandemic that began in mid-March. Staff continues to bring a financial report to the Council at its second meeting of each month in order to make strategic financial decisions.
DISCUSSION:
Considering the ongoing budget workshops, the November report is condensed to an update of monthly revenues and will not include a formal presentation.
New Information
Ongoing developments continue to shape the pandemic's financial impact on the City. Since the October 20 Council meeting, the following new events occurred:
* Additional DuPage and Will County mitigation measures enacted: Additional restrictions on indoor dining and bar service and gathering limits have been in place since October 23. Naperville's health regions must see a positivity rate average less than or equal to 6.5% over a three-day period before the region can return to less restrictive mitigations. A positivity rate average greater than or equal to 8% after 14 days of mitigations can result in additional mitigations being enacted. On November 11, a second tier of mitigations was enacted that further restricted dining and bar service and gathering limits in both regions due to a continued climb in the positivity rate. In addition, on November 11, the Illinois Department of Public Health recommended Illinoisans stay at home for the next three weeks as much as possible except to obtain essential items and services or perform work that must be done out of the home.
* CARES Act funds update: The City has received its full requested allocation from DuPage and Will counties totaling $7,027,229. In addition, Will County has allocated $157,182 to the Naperville Fire Protection District (NFPD). Those...
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