CITY COUNCIL AGENDA ITEM
ACTION REQUESTED:
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Receive the May 2021 Financial Report
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DEPARTMENT: Finance Department
SUBMITTED BY: Rachel Mayer, Finance Director
BOARD/COMMISSION REVIEW:
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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.
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. Transition to Bridge Phase: On May 6, Governor JB Pritzker announced that improving public health metrics allow the entire state to move to the Bridge Phase of the Restore Illinois plan on May 14. The Bridge Phase allows for increased capacity at most indoor and outdoor settings, including restaurants, offices, and entertainment venues. This is a positive economic development as several revenue streams have shown improvement during periods of less stringent mitigation efforts.
2. Vaccination Progress: The Illinois Department of Public Health (IDPH) reports full vaccination of 41% of DuPage County's population and 33% of Will County's population as of May 9. DuPage County continues to lead the Chicago metropolitan area in percent of population vaccinated. Public health officials continue to point to mass vaccination as a critical component of the transition to Phase 5 of the Restore Illinois Plan.
Economic Indicators
City staff monitors various revenue streams, particularly those that are more economically sensitive, as indicators of the health of the local economy. In the early months of the pandemic, staff identified five state-collected revenues and four City-collected revenues that serve as the best indica...
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