CITY COUNCIL AGENDA ITEM
ACTION REQUESTED:
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Receive the July 2020 Financial Report and provide direction on financial philosophies for the remainder of 2020 and 2021
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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. To provide Council with current data to make strategic financial decisions at the appropriate time, staff is bringing a financial report to the Council at its second meeting of each month.
DISCUSSION:
New Information
Ongoing developments from various levels of government continue to shape the pandemic's financial impact on the City. Since the June 16 Council meeting, the following new events occurred:
* Transition to Phase 4 of Restore Illinois Plan: On June 26, Governor Pritzker announced that all regions of the state had entered Phase 4 of the Restore Illinois plan. Phase 4 allows gatherings of up to 50 people and further relaxes some of the restrictions that remained in place. Restaurants and bars are now allowed to provide indoor service with appropriate safety measures in place. Indoor and outdoor recreational activities, including movie theaters, bowling alleys, and health clubs, may also resume.
* New COVID-19 Regions Announced: On July 15, Gov. Pritzker announced that the state is being split from four to 11 public health regions to detect and respond to localized COVID-19 outbreaks. DuPage County is in the West Suburban region, and Will is in the South Suburban region; prior to this change, both counties were included in a region with Chicago and Cook County. Various mitigations from the Illinois Department of Public Health could be applied to business settings in specific regions should a surge in cases occur.
Revenues Update
The City continues to closely monitor state and local revenues to gain a clearer understanding of the fi...
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