JAMESTOWN – Jamestown Mayor Eddie Sundquist has put together a Financial Restructuring Plan in response to financial challenges due to the COVID-19 pandemic and shut down of the economy.
The plan includes several adjustments to the 2020 City Budget. Sundquist is asking the Jamestown City Council to review the adjustments and approve the changes during a special meeting next Monday.
“Based on our estimates, the City of Jamestown now faces a potential budget shortfall between $2,000,000 to $4,750,000. These estimates are due to a projected 10%-30% decrease in sales tax revenue, a 20%-30% reduction in New York State aid, and a general loss in miscellaneous City revenue (permits, parking fines, etc.),” Sundquist said. “We want to be very clear that these are estimates given current financial information, and like all things during this pandemic, subject to change depending on federal or state funding, budget realignments, or further changes in law.”
In anticipation of lost revenue, Sundquist has created a 2020 Financial Restructuring Plan to allow the city to immediately respond to the expected deficit. The city council will hold a special voting session on Monday, June 8 at 7 p.m. to discuss and act on the recommendations.
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