Finance | “How Do We Pay for This?”
More than 90 percent of municipalities have seen a decrease in revenues during the coronavirus pandemic while experiencing a 76 percent increase in expenditures. These two forces are contributing to cities anticipating over $360 billion in losses over the next three years, starting in 2020. The passage of the American Rescue Plan Act (ARP) in March gave municipalities a critical infusion of resources to help their budgets recover from lost revenue. Even with this funding, mayors will be focused on keeping their communities afloat through the support of small businesses, rental assistance, and vaccine distribution while also thinking about recovery efforts and how to build for the future and its challenges. As a result, mayors are thinking, “how do we pay for this?”
Mayors include:
- The Honorable Victoria Woodards, City of Tacoma
- The Honorable Aja Brown, City of Compton
- The Honorable Steve Benjamin – City of Columbia (Host)
Original event date: 4/15/2021
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