Mayor Mike Inman said the Illinois Municipal League provided the city with an estimate of how much revenue might be lost due to the ongoing coronavirus pandemic.
Inman told city council members the numbers remain fluid but added the city is preparing for a significant hit to its current budget.
“We would estimate that between lost revenue and the potential for other issues, that we would need to look at cutting somewhere between $500,000 and $750,000 from our current fiscal year,” Inman said.
The estimate is based on decreases in the collection of sales taxes, the personal property replacement tax, and use taxes.
Inman said department heads have already identified ways to address the shortfall. They include eliminating almost all travel, cutting back on training, and postponing the purchase of vehicles and software.
He also said the city has saved money by spending less on overtime for police officers the past couple months.
Inman said it is possible the city won’t open Glenwood Pool this summer due to the pandemic. That move would also save money. Inman said the city has not made a firm decision regarding the pool but it does not look promising.
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