File photo
File photo
Quincy city leaders were told plunging revenues caused by the COVID-19 outbreak may take up to five years to restore.
A WTAD report said City Comptroller Sheri Ray told the Quincy Council after crunching the numbers with the City Treasurer’s office that unless a new source of revenue is found, the city’s cash reserve of $3.8 million will be used up in three years. The dire revenue projections were based on figures that came in from March and April when business shut-downs and stay-at-home orders were issued by the state.
The city is receiving some federal aid, $1 million for operations and maintenance at the Quincy Regional Airport, and $2.2 million for Quincy Transit. Approximately $2.6 million will come from the State of Illinois through a “Rebuild Illinois” grant to be released over a period of three years.
But how to fund the city’s yearly contributions to its police and firefighter pension funds will be a tough question to be answered this fall, the WTAD report said.
Quincy Mayor Kyle Moore indicated the balancing act to make the coming budget work will be like conducting an orchestra.
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