As I have reported previously, CFO Robert Cortinas estimates that the budgetary impact of COVID-19 will be approximately $32.5 million during FY 2020 (ending September 1). This is a very low figure considering what we know so far about hotel occupancy, sales tax receipts, bridge traffic, etc., and I am sure he will adjust it upwards by the end of this quarter.
With this in mind, it is significant that the Mayor told KVIA on Monday that the impact of the pandemic in FY 2021 could reach $100 million.
That would require a 10% cut to the entire City budget!
I have every confidence that Mr. Cortinas and City Manager Gonzalez, who have ten times as much financial acumen as the Mayor, will advise City Council to make much bigger and cuts than have been discussed so far.
They should start with the “Arena” and other non-essential projects.