POWAY CITY COUNCIL TO DISCUSS ECONOMIC IMPACT OF PANDEMIC
Operating expenses for 2019-20 were 7.4 percent higher
The Poway City Council will look at the financial results for Poway’s 2019-20 general fund and get an update on the economic impact of COVID-19 at its meeting at 7 p.m. Tuesday.
The council will be presented a report on the city’s general fund financial results for fiscal year 2019-20. The report will also include a COVID-19 economic update and a first draft of Poway’s long-range financial forecast, said Aaron Beanan, director of finance.
Beanan said the final operating results for the general fund are “mostly consistent with staff’s previous projections.” Operating revenues came in at about $1 million, or 2 percent, higher than expected. The final operating revenues for fiscal year 2019-20 were $49.82 million.
He said operating expenditures for fiscal year 2019-20 deviated “much more than anticipated” at $3.5 million, or 7.4 percent, higher than expected. Without one-time accounting entries, operating expenditures would have been approximately 2 percent higher than anticipated. The final operating expenditures were $50.12 million.
The general fund balance decreased by $1.5 million for fiscal year 2019-20, Beanan said.
Poway has received nearly $1.5 million in federal Coronavirus Aid, Relief and Economic Security Act funding through the county and state in fiscal year 201920. Beanan said the CARES Act funding will help defray Poway’s costs in responding to the COVID-19 pandemic.
Beanan said Poway provided local businesses with economic aid, including $2 million from the extreme events/public safety reserve to fund the Poway Emergency Assistance Recovery Loan program for small businesses. As of Aug. 31, 2020, Poway had received 78 applications requesting $2.8 million in loans. Based on staff review, almost $1.4 million has been loaned under the program, he added.
Other aid included purchasing picnic tables to lend to restaurants for outside dining, and the Sharing Outdoor Spaces initiatives for faith- and fitness-oriented organizations. The initiative allows these organizations to rent park space for outdoor activities.
Beanan said the city’s finance department is in the process of developing a long-range forecast for Poway’s finances. While the forecast will not predict the future, it will help identify future challenges and opportunities, causes of fiscal imbalances plus strategies to secure financial sustainability.
Due to COVID-19, the meeting will be held virtually. For the complete agenda, go to poway.org. The council meeting can be viewed live at poway.org/ councilmeetings or on TV via Cox Communications Channel 24 and Spectrum Channel 19. Members of the public may speak and participate via poway.org/meeting or by calling (877) 8535247 with meeting ID 623291-9830.