Updated: Aug 2
TA attended (virtually) last night's Town Council meeting and paid particular attention to Item D1-Budgets: COVID-19 Impacts.
Yiannis Kalaitzidis-Finance Director provided an excellent presentation and analysis. Click here to view his PowerPoint.
Here is a summary:
There are no financial models for this situation. Marana Finance is gathering the best information available to predict future financial conditions. Sales tax revenue data lags about a month. Should have more information in mid-May.
FY2020 (ending 6/30/2020)-the first 9 months were stellar and the last 3 months (March-June) have COVID-19 impacts but overall 98% of budgeted revenues are expected and 92% of budgeted expenses are expected.
FY2021 (ending 6/30/2021)-$3.1million revenue shortfall projected compared to FY20 which will be neutralized with budget cuts—primarily General Fund CIP projects will be delayed, no raises or new staffing.
FY22-State of AZ is expecting the economy to boom.
I was pleased to hear that Town wants to keep resident services at normal levels if at all possible. No outdoor recreation impacts or changes were discussed which is Good News!
TA will be monitoring the budget situation in the months ahead but so far so good!