Agenda

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Item # 3.

Work Session and Regular Meeting

Meeting Date:	04/14/2020
Department:	City Manager
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 Initial Projections of the Potential Financial Impacts to the Town of Addison Due to the Economic Disruption Related to the COVID-19 Pandemic.

BACKGROUND:

Finance staff has evaluated a range of potential 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 crisis’ 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 revenue sources impacted by the COVID-19 pandemic and the potential impact on fund balances and expenditures for the current and future fiscal years.

RECOMMENDATION:

Information only, no action required.