CITY COUNCIL AGENDA ITEM
ACTION REQUESTED:
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Receive the February 2021 Financial Report
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DEPARTMENT: Finance Department
SUBMITTED BY: Rachel Mayer, Finance Director
BOARD/COMMISSION REVIEW:
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BACKGROUND:
The monthly financial report was developed in response to the unprecedented economic impacts resulting from the COVID-19 pandemic. It is designed to provide 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 and Trends
The pandemic continues to be a constantly evolving situation. Staff is monitoring national, state, and local changes in the pandemic landscape that may affect the local economy.
Three recent events include:
1. Vaccination Progress: Administration of the COVID-19 vaccine began in mid-December in accordance with the state's distribution plan. While vaccination metrics are not available at the City level, the Illinois Department of Public Health (IDPH) is reporting at the county level. As of February 6, IDPH reported full vaccination of 2.69% of the DuPage County population and 2.04% of the Will County population.
2. Improving Health Metrics: In recent weeks, both of the City's public health regions saw COVID-19 metrics improving, which resulted in the easing of state-mandated mitigation strategies. Region 7 (Will) advanced to Phase 4 mitigations on February 1 and Region 8 (DuPage) advanced to Phase 4 on February 3. The most significant change from an economic perspective is the return of limited indoor dining, as the restaurant industry is a vital component of the local economy and is a driver of activity, particularly downtown.
3. Federal Economic Stimulus: On December 27, the federal government approved another round of economic stimulus, which included direct payments to individuals, assistance t...
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