Loveland City Manager Steve Adams is scheduled to share updated and improving predictions about the city’s recovery from the COVID-19 pandemic with members of Loveland’s City Council on Tuesday.
A model prepared by Colorado State University economists using city data shows a worst-case-scenario 20% dip in general fund revenues by the second quarter, which is only half as bad as the worst prediction presented with the last model in May.
April sales tax collections were also down 11.3% compared to April 2019, beating some of the bleaker predictions made by economists and city officials.
Sales tax collections have been an area of particular concern for officials worried about the economic impact of public health orders that forced restaurants and many retailers to close.
The collections were projected to cover nearly half of the city’s $103.8 million general fund expenditure in 2020.
An updated best-case-scenario prediction indicates the city could lose as little as 16% of revenues, which is also better than the best-case-scenario presented in May of a 22% loss.
The city has stated that it will try to cut 10% of its 2020 budget to make up for the projected impacts of COVID-19.
More furloughs and layoffs have since been announced for staff, though Adams said in a video released Friday that he hopes a recent request for workers to take six furlough days before Dec. 4 would be the last of the cuts to target personnel.
Tuesday’s meeting is scheduled to start at 6 p.m. Members of the public will not be able to comment in-person or remotely on Tuesday due to the only item being a study session.
City Hall and the council chambers also remain closed to the public because of the pandemic.
The meeting will be broadcast on Comcast Channel 16 and streamed through the city’s website at https://loveland.viebit.com/.
Members of the public may also listen via phone by calling 1-669-900-6833 and, when prompted, inputting the meeting identification number, 911 6955 8194, followed by the # key.
Tuesday’s agenda packet can be viewed and printed through the city of Loveland’s website at https://cilovelandco.civicweb.net/Portal/MeetingInformation.aspx?Org=Cal&Id=669.
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June 09, 2020 at 10:45AM
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Loveland council to hear from city manager on improving forecast for recovery - Loveland Reporter-Herald
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