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“We are projecting a balanced budget, but we’re going to need to move $5.1 million of that $7.2 million,” said Lacey.
That money was intended to be used for infrastructure improvements. Lacey said many of the projects will still go forward through Municipal Economic Enhancement Recovery Program (MEEP) funds.
Lacey said that the additional $2.1 million left over would be carried forward, as he and administration anticipate another tough year in 2021 which may require additional intervention to stave off a deficit.
“I think we can all see things aren’t going to be back to normal in January,” said Lacey. “We need to have a conversation about how we will address next year’s financial challenges.”
Dwindling transit ridership, additional cleaning procedures, lack of revenue generated by programs and conferences will all attribute to potential financial shortfalls faced next year.
He said the federal dollars announced in July and the safe restart program dollars are not included in the current projections.
Another shortfall for the city will come from Mosaic Stadium which is projecting loses between $4 million to $5 million. Without events and without the ability to collect a $12 seat levy, Lacey said the city might have reassess the 30-year model to break even on the stadium.
“It is reasonable to assume that, at a minimum, there will be a negative effect to the operating results of Mosaic Stadium in 2020 and possibly beyond,” read the report.
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