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Fiscal Impact of COVID-19 on the City’s budget

Posted on May 1, 2020

Budget Tracking

COVID-19 is an emergency on so many levels – physically, emotionally, and financially just to name a few. The staff report being presented to City Council on Monday evening provides a brief summary of COVID-19’s impact on San Rafael as context to a larger financial response discussion. While there are many financial unknowns (e.g. will the revenue losses be as high as projected, will they last as long as projected, will there be State or Federal assistance), staff needs to prepare for massive revenue losses. San Rafael’s largest source of income are sales and use taxes, so businesses being shut down or operating below capacity has a significant impact on revenues, and thus our ability to provide the services that our community depends on. This report provides preliminary estimates and requests specific actions to begin now as we lead into our budget adoption process for Fiscal Year 2020/21. It also calls for a COVID-19 Economic Recovery Plan (CERP). Read the staff report.

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