CITY COUNCIL AGENDA ITEM
ACTION REQUESTED:
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Receive the May 2020 Financial Report
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DEPARTMENT: Finance Department
SUBMITTED BY: Rachel Mayer, Finance Director
BOARD/COMMISSION REVIEW:
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BACKGROUND:
?As the City, region, and nation continue to experience the ongoing effects of the COVID-19 pandemic, more information is becoming available regarding duration and impacts. To provide Council with data to make strategic financial decisions for the City at the appropriate time, staff committed in April to bringing monthly financial reports before the Council beginning with the second meeting in May.
At its May 5 meeting, Council also approved a $24,974,860 reduction in the 2020 budget that reflected deferrals in the 2020 Capital Improvement Program (CIP).
DISCUSSION:
New Information
Throughout the last month, actions and estimates from various levels of government have begun to inform what some of the pandemic's financial impacts to Naperville might be. These include:
* The extension of the Governor's Stay-at-Home order through May, with modifications to allow retail stores to offer curbside pick-up and delivery options;
* The five-phased, four-region Restore Illinois plan released by the Governor's office; and
* Announcement of various pending grant opportunities, including federal CARES Act dollars. (To date, the Fire Department has received just over $82,000 from the CARES Act Provider Relief Fund with an additional $20,000 still expected.) An additional $316,000 in Community Development Block Grant (CDBG) funding has also become available, and City staff is exploring a potential program to assist small businesses using these funds.
Although the above begins to lay out the framework for how economic recovery may progress, more accurate information on how revenues may ultimately be impacted are not available at this time due to both the continued progression of the pandemic and the three-month delay in state revenue receipts. Staff continues to ...
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