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Next up: Financial update. Here's the presentation.…
It's more of the same. Sales tax down 10% in May. Big drops (30% or more) in apparel stores, restaurants and home furnishings.
Boulder's declines are larger overall than Longmont, Louisville, Loveland, Fort Collins and Colorado Springs. (As a %)
"We are an in-commuter and tourism community," says Cheryl Pattelli, CFO
Projections are in line with earlier numbers: $32M - $35M in declines from projected 2020 budget, with a more pessimistic scenario being $42M to $43M.
Which is A LOT.
Weaver asked a q about pie charts but I missed it. Got distracted at the thought of pie.
Accommodations tax down 60% from last year. $4.3M drop in revenue for 2020 projected by Convention and Visitors Bureau.
"Continue to expect large decreases," Pattelli says.
In comparing Boulder to other communities, smaller ones fared better, Pattelli says. We think that's related to our in-commuters. 64,900 per day, pre-COVID. Not sure how many now...
Lots of technical difficulties tonight.
More time for me to read through Boulder's Request For Indicative Pricing for the muni, which is — and I cannot say this sarcastically enough — absolutely riveting.
In the most recent financial modeling, the trajectory improved, according to Kara Skinner, assistant director of finance.
Except maybe not...

"There's a little more pessimism to this than we thought last month," Skinner says.
Apologies for the confusion. She's going over the modeling and it's very confusing cuz there's all this Low, Medium, High stuff.
BUT big takeaway: Things are looking worse than they were last month, now that May sales tax receipts are in.
2021, though, looks a little more optimistic, Skinner says.
Skinner: "So it's sort of mixed bag. Things are hitting harder and more now and it's a little more improved for the future outlook."

I feel like they said that last time and then things got worse...
Again, though, still sticking to that $30-$45M revenue decline model they've been sharing since the beginning.
(Which is a big spread, right? $45M is 50% more than $30M?)
Skinner: "We will definitely have to be thinking about contingency plans" in 2021 budget planning — underway now.
City typically releases proposed budget at the end of August, with a study session in September.

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