Cities Facing the Biggest Revenue Losses Due to COVID-19
By Elona Neal, Stacker News
On 2/7/21 at 8:00 AM EST
COVID-19 took the world by storm in 2020, and the virus brought with it financial hardships and an economic recession all over the United States. Cities across the country banded together to mandate stay-at-home orders and required the use of masks in an effort to flatten the curve and prevent the further spread of the virus. As a result, many small businesses took some of the biggest hits financially and were forced to close either temporarily or permanently. In addition, the country has seen an inconsistent wave of regulations that differ from city to city. The United States currently has a total of 6.2 million reported cases of the coronavirus so far, and over 185,000 have died from the virus.
Waterville’s ‘financial position is positive,’ audit reveals
The council on Tuesday voted to accept the audit report by Nicholson, Michaud & Nadeau certified public accountants.
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WATERVILLE The city is in good shape financially, a firm that did an audit of the city’s fiscal year 2020 reported to the City Council Tuesday.
Erik Nadeau, of Nicholson, Michaud & Nadeau certified public accountants, gave an overview of financial statements in the 58 page report which says the total budgeted revenues for the year were $42,969,890, and actual revenues were $43,301,073, resulting in a positive variance of $331,183. Total budgeted expenditures were $43,499,890 and actual expenditures were $42,407,208, resulting in a positive variance of $1,092,682. For the year, the general fund had an increase in fund balance of $893,865, the report says.
and last updated 2021-01-26 09:45:43-05
WINCHESTER, Ky. (LEX 18) â As small businesses continue to face financial challenges due to the pandemic, the city of Winchester is helping its community by creating a COVID-19 Small Business Relief Program. Any of the Governor s orders that were handed down from Frankfort, if they impacted that business and caused them financial hardships. They had to close. They had to restrict or curb their services due to that, then they are eligible, said City Manager Michael Flynn.
The city budgeted $50,000 for the program. Full-time businesses within city limits can apply to receive up to $1,000. Part-time businesses could get up to $400.
Grant program for businesses in Fairfield returns for third cycle
Since the Fairfield Facade Improvement & Marketing Assistance Program launched, it has distributed $67,591 in grant money to local businesses and stimulated more than $137,850 in direct investment.
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Tanya Benner of Sunset Flowerland & Greenhouses in Fairfield carries white roses while working near a new window that was purchased with grant money the business received. The $25,000 was used to install four new windows and a chain link fence and to paint the facade of the business and a nearby warehouse. Rich Abrahamson/Morning Sentinel
A third round of the Fairfield Facade Improvement & Marketing Assistance Program has been launched after the program assisted two businesses in 2020, it was announced Tuesday.
ASHLAND A pair of public forums are planned to review the progress of the proposed public safety building and a new David Mindess School.
On Wednesday, the Ashland Public Safety Building Committee will host a forum ato go over the latest developments on the public safety building project.
The town recently received bids for the construction of the building, with offers coming in lower than expected, according to Town Manager Michael Herbert.
“All six bids received were under the estimate,” reads a post on the Ashland Public Safety Building Committee s Facebook page this week. “And the lowest bid was slightly over $22 million, or $7 million less (than the estimated cost. After factoring in design, engineering, and beefing up the contingency cost, the total cost is lowered to $30.9 million. This, combined with lower interest rates, results in the average tax increase being $90 per year as opposed to the $158 a year previously estimated.”