National League of Cities shares research findings on the fiscal impact of COVID-19 on municipal budgets in 35th annual City Fiscal Conditions report
Washington, D.C. – In an event to release the 35th annual City Fiscal Conditions report this morning, National League of Cities (NLC) CEO and Executive Director Clarence E. Anthony issued the following statement:
“This report helps city leaders prepare for the storm that may still be coming to our nation. The reality is that our cities are struggling. We want to prepare local leaders to lead America during tough times. We know that a national recovery is not possible without cities towns and villages being economically strong.”
Dr. Mark Zandi, Chief Economist for Moody’s Analytics, provided insight during a keynote:
“Bottom line, the top of the list of things law makers need to do today to get us on the other side of the pandemic is providing support to state and local government. The dollar that goes to the state or local municipality goes straight to the local economy. The support from the federal government is an immediate injection into the economy. The money going to local government goes to essential services – we need protection, firemen, we need trash cleanup, basic water and sewage services, these are necessary things, not luxury.”
Councilmember Joe Buscaino, Council President Pro Tempore, City of Los Angeles, California and President, NLC added this statement:
“We know that local leaders are taking the most significant hit – cities of all sizes are the backbone of the nation’s economy. Local governments are the economic engines of the economy.”
Findings in the report reveal that America’s cities are experiencing the fiscal consequences of this pandemic-downturn at an unprecedented speed – and like recent recessions, it will take years for municipal budgets recover from the impact of COVID-19. Dive deeper into the results by downloading the report or viewing the one-pager. You can also view a recording of the release event.
The National League of Cities (NLC) is the voice of America’s cities, towns and villages, representing more than 200 million people. NLC works to strengthen local leadership, influence federal policy and drive innovative solutions. Stay connected with NLC on Facebook, Twitter, LinkedIn and Instagram.