DATE: April 14, 2020
TO: Mayor and City Council
FROM: City Manager
SUBJECT
Title
General Fund COVID-19 Pandemic Update
EndRECOMMENDATION
Recommendation
That Council reviews and provides direction on updated General Fund budget projections and expenditures for FY2020 and initial direction on FY2021.
End
SUMMARY
The current COVID-19 pandemic emergency is anticipated to have dramatic economic impacts throughout the country and, locally, on the City’s finances. City staff have consulted with numerous economic consultants to better understand the financial impacts of the current shelter in place order on local revenues as well as potential longer term impacts. All but essential businesses in the community are closed and many Hayward residents are likely facing unemployment. This work session will focus on the City’s General Fund cash flow projection for the remainder of FY2020 and early estimates for FY2021, assuming the shelter in place order is lifted in late June. Staff will be asking for general policy guidance and direction from the Council on a number of budget planning scenarios during the work session.
ATTACHMENTS
None