financial impact

City Provides Preliminary COVID-19 Financial Impact

Financial Impact

During Tuesday night’s virtual Naperville City Council meeting, the group heard a presentation from the city’s Finance Director Rachel Mayer regarding the financial impact of the COVID-19 pandemic.

City Projecting Revenue Loss

Mayer provided what she called a “very rough estimate” of approximately $18 million in revenue loss for the city.

“It’s far too early in this rapidly evolving and unprecedented event to have accurate data to provide projections with any confidence,” she said.

The city will likely see revenue losses from state taxes like sales and income, use-based taxes like property or utility, and fines, fees, and grants.

Too Early for Recommendations

According to Mayer, city staff is constantly evaluating the changing situation to provide Naperville with the best financial outcome possible. But she did say it is too early to provide recommendations for action.

“As we move into a recovery phase, the city has a unique opportunity to be the catalyst for our residents’ and businesses’ economic recovery,” Mayer said. “We know that fulfilling planned projects and services will spur our local economy and drawing back does not.”

The city is also looking into federal and state recovery efforts for reimbursement opportunities.

Naperville News 17’s Casey Krajewski reports.

 

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