BLOOMINGTON, Ill. (WMBD) — Bloomington City Council Monday discussed potential COVID-19 impacts as the city enters a new fiscal budget year.
Before the COVID-19 pandemic, the proposed citywide budget was $230.3 million. However, since the new fiscal year begins May 1, leaders said they don’t have time to change the budget. Tim Gleason said the budget could change during the new fiscal year as budget impacts become clearer.
“We’ve set aside equipment, projects and also personnel on things if we had to shift during the course of the new fiscal year, we can. We fully understand that might be a reality for us, but it was too premature at this time to shift from what the proposed FY2020 was,” Gleason said.
Bloomington City Finance Director Scott Rathburn said he predicts a $2 million effect from COVID-19. He said most of it is coming from revenue reductions like sales taxes and video gaming.
Rathburn said he doesn’t want to make a lot of changes now because it is unknown if the shut down will be extended past April 30. But to stay prepared, Rathburn presented a $5 million savings plan that would delay future projects, equipment purchases, and other service-related expenses.
A special meeting is being held Wednesday to further discuss the budget.