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Aldermen learn Quincy finances may struggle for up to 5 years

Aldermen learn Quincy finances may struggle for up to 5 years

3 years, 9 months ago by Scott Hardy

Short term budget picture improved, due to several grants

Quincy aldermen were given a grim view Monday night of the city's financial future, due to the stay-at-home orders in March through May. Scott Hardy has more.

(  Audio  2:08  )

The Council held a meeting of the whole Monday night, where Comptroller Sheri Ray told them that based on projections done by her office and the City Treasurer's office, it might take the city up to five years to get back to the revenue level it enjoyed before the start of the pandemic. Ray also said that unless new revenue is found, the city's $3.8 million in cash reserves could be gone by 2023. The Council will hear a first reading of a supplemental budget ordinance next week that will bolster the budget somewhat. It includes a $1 million Federal grant to Quincy Regional Airport, a $2.2 million Federal grant to Quincy Transit Lines, and a $2.6 million Rebuild Illinois grant from the state that will be awarded over three years. Quincy Mayor Kyle Moore says that this year's budget process will be similar to conducting an orchestra.

( Mayor Kyle Moore :48 ) 

Those numbers will be based on revenue collected in March and April, during the height of the stay-at-home orders. Moore says that the tough decisions will continue into the fall.

( Mayor Kyle Moore :17 ) 

Those will include how to fund the city's annual contribution to the Police and Firefighter pension funds. 

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