CITY COUNCIL AGENDA ITEM
ACTION REQUESTED:
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Pass an ordinance approving an amendment to reduce the City of Naperville Annual Budget for Calendar Year 2020 by $24,974,860 (requires six positive votes).
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DEPARTMENT: Finance Department
SUBMITTED BY: Rachel Mayer, Finance Director
BOARD/COMMISSION REVIEW:
N/A
BACKGROUND:
A great deal of uncertainty continues to surround the duration and impact of the COVID-19 pandemic at all levels of government. On April 21, Council extended Naperville's local state of emergency and disaster to May 19, and on April 23, Illinois Gov. J.B. Pritzker announced his intent to extend his existing stay-at-home order for the state through May 30, with some modifications.
These actions have continued impact on the City's ability to enter an economic recovery phase. This economic event is fundamentally different than the Great Recession of 2008 and 2009. Whereas that event yielded a significant halt in growth that lasted several years and required a right-sizing mindset in both the public and private sectors, the COVID-19 pandemic has resulted in a temporary but significant pause to large sectors of the economy, with resulting issues largely based around cash flow. However, the question is not whether the economy will restart; it is when the economy will re-activate and what consumer confidence levels in certain sectors will be.
As noted at the April 7th City Council meeting, the variety of financial tools and revenue diversification practices put into place in Naperville over the past five years are providing the City with flexibility, as well as appropriate time to intake and evaluate data to make measured decisions that can help prevent undesirable long-term impacts.
Staff's goal throughout this event and beyond is to empower Council with data and information to make the best strategic decisions at the right time. Staff continues to actively monitor the effects of the pandemic and focus on solutions that would leverage ou...
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