BLOOMINGTON, Ill. (WMBD) – On Monday the Bloomington city council heard a presentation from Finance Director Scott Rathbun about the future of the city’s budget.
Two months into the budget and it’s no doubt COVID-19 has played a part as Assistant City Manager Billy Tyus says they’re predicting tapping into the city’s reserves (roughly $4.7 million) to stay on track. He says it’s a fluid situation, as no one knows which course the virus will take the city on, but he says there are some positives.
“Some revenues have come in better than anticipated,” said Tyus. “We anticipated COVID-19 would affect the budget, but we were surprised to find out how positive the numbers were for home rule and state sales tax.”
He says things like the food and beverage tax and the local use (internet spending) came in better than expected.
While that is a positive thing, council member Jamie Mathy made sure to urge the public to buy local. He’s happy people are spending money, but says, especially during this time, it is important to continue to shop at your neighborhood stores, so that the pandemic does not decimate them as it has other businesses in town.
Tyus says, for now it’s a balancing act and they’ll continue to monitor the city’s finances as the FY21 budget continues course.