BLOOMINGTON, Ill. (WMBD) — After a unanimous vote Wednesday night, the Bloomington City Council approved their fiscal year 2021 budget.
The $230 million budget includes $110.2 million in general fund expenditures, $41 million for capital projects, and $5 million set aside to address potential COVID-19 related impacts.
The budget was drafted pre-COVID-19, finance director Scott Rathbun says the city is remaining flexible and are able to respond to future financial impacts with their COVID fund or unobligated cash reserves.
Even with their forward planning, Rathbun says they are still approaching 2021 with caution.
“We didn’t want to make global decisions on the budget not knowing what the full extent of the pandemic will be. However, we wanted to be as prepared as possible, we’re going into the year with at least $5 million in backup plans and knowing we have to very closely monitor revenue,” said Rathbun.
The city council has another virtual meeting Monday, where they will hear from the Bloomington-Normal Economic Development Council and McLean County about the newly approved McLean County targeted development loan program.