CITY COUNCIL AGENDA ITEM
ACTION REQUESTED:
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Receive the December 2020 Financial Report
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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 continues to bring a financial report to the Council at its second meeting of each month.
DISCUSSION:
New Information
Ongoing developments continue to shape the pandemic's financial impact on the City. Since the November 17 Council meeting, the following new events occurred:
* Additional statewide mitigation measures enacted: On November 20, Governor Pritzker imposed Tier 3 mitigations on every county in the state in response to surging COVID-19 cases. These new mitigations included restrictions on indoor dining, capacity limits at retail and service establishments, and a pause on group recreational activities. Employers were also encouraged to move employees to remote work situations where possible. For Tier 3 mitigation measures to be relaxed, a public health region must experience less than a 12% test positivity rate (7-day rolling average) for three consecutive days, greater than 20% percent available intensive care unit and medical/surgical bed availability (3-day rolling average) for three consecutive days, and a decline in the number of COVID-19 patients in the hospital (7-day rolling average) in seven out of the last 10 days. Neither DuPage County nor Will County has met these metrics as of December 11.
* 2021 annual budget approved: On December 1, the City Council approved the 2021 Annual Operating Budget and Capital Improvement Program at $502.4 million. Revenue projections for 2021 assumed that the impacts of the pandemic continue well into the new year. As such, the 2021 budget makes use of $6.25 mil...
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