Agenda

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Item # 5.

Work Session and Regular Meeting

Meeting Date:	07/14/2020
Department:	Finance
Pillars:	Gold Standard in Financial Health
Milestones:	Continuously improve processes and policies to include the voice of the customer and ensure the policies are easily accessible

AGENDA CAPTION:

Present and Discuss Updated Projections of the Potential Financial Impacts to the Town of Addison Due to the Economic Disruption Related to the COVID-19 Pandemic.

BACKGROUND:

At the April 14, 2020 Council Meeting finance staff presented initial projections of the financial impacts of the COVID-19 pandemic for the remainder of Fiscal Year 2020 and Fiscal Year 2021 for all Town Funds. Historically, certain funds have been affected by crises such as 9/11 and the Great Recession while the Town’s other operating funds have not seen noticeable changes.

Primary concerns are sales taxes and mixed beverage taxes for the General Fund, hotel occupancy taxes for the Hotel Fund, and fuel flowage fees and rental income for the Airport. For each of these funds historically, it has taken three years to see a full recovery in these revenue sources following a crisis.

Staff will discuss the updated projections for revenue sources impacted by the COVID-19 pandemic and the updated projected impact on fund balances and expenditures for the current and future fiscal years.

RECOMMENDATION:

Information only, no action required.

Attachments
Presentation - Updated Financial COVID-19 Projected Impact