Updated: Feb 12, 2021
The City: staff, elected officials, committees, volunteers and residents all did a great job of managing the impact of COVID, which is summarized here in a dashboard of revenue % categories.
The impact could have been worse, but try telling that to our businesses that had to close due to the impact of COVID, such as The Funkadelic.
To then summarize where the City is at the end of the 2019/2020 fiscal year and moving into the beginning of the 2021 calendar year:
FY20 Sweep for GF to Savings- $1,257,515.71
FY21 Beginning GF Total Funds- $6,810,588.19
FY21 Reserve Balance- $5,090,508.00
FY21 Committed/Restricted Funds- $183,219.86
Based on the City budget for FY21, the reserve amount will cover approximately 17 months. The total savings, plus reserve in the General Fund would cover approximately 22 months.
*All numbers and the linked chart above were submitted to me from the SV City Accountant and City Administrator: no self-made charts or numbers :)