Politics & Government
Lemont Projects $1.5 Million Revenue Loss From Coronavirus
The village also shared its coronavirus financial response plan, which includes several cost-eliminating measures.
LEMONT, IL — The village of Lemont held a public hearing on the 2020-21 annual operating budget at its April 13 meeting. During the Zoom meeting, the village shared that the coronavirus pandemic will result in significant revenue losses in the general fund.
Village administrator George Schafer said the village is projecting a $1.2 - $1.5 million revenue loss (sales tax, income tax and permit revenues) in the general fund.
"There's still many unknowns," Schafer said.
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Schafer shared the village's coronavirus financial response plan, which includes several cost-eliminating measures. There will be a hiring freeze for any new full-time and most part-time/seasonal employees; freeze of large capital equipment purchases; reduction of discretionary operating costs and small capital equipment; elimination of building renovations/maintenance expenses; and cuts to most village-run special events.
The village has already canceled the Mayor's Drive for Charity which was scheduled for May 14.
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"We're talking about Heritage Fest, it's something we need to talk as a whole board," Schafer said. "For safety reasons, we don't know when things are going to be safe again to bring large groups of people together, but also for financial reasons."
With the measures above, Schafer said the options lead to a balanced budget to start the year, with other options available later in the year.
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The village will continue to monitor revenues and does expect an income tax decrease as well as the potential for the state to take greater portion of the income tax.
"These are uncharted territories," Schafer said. "This extreme, we did go through this in 2008-2009, we have some data to back up what we're looking to do."
Schafer said the full capital project plan will still be implemented, and water and road projects will continue with the help of federal and state grants.
The budget will be discussed again at the April 20 committee of the whole meeting.
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