Westmont, IllinoisDate Issued: July 24, 2020
“We were in the middle of our annual budget process when COVID-19 was just beginning to make an impact in the United States, so we immediately made adjustments to prepare for the pandemic’s potential effect on our local economy,” said Westmont Finance Director Spencer Parker. “While we felt we chose a moderate-to-conservative projection regarding community tax revenue for 2020, we’ve been pleasantly surprised that Westmont’s economy has exceeded our initial estimates by about 20%, which is good for the community as a whole.”
While some businesses, such as restaurants and various service-based companies, have been hit hard by the pandemic, other businesses continue to thrive. Also, the Westmont cluster of auto dealerships on Ogden have done better than expected during the past few months.
Following are some of the details regarding Westmont’s current economic status regarding tax revenues since this past March:
2019 Actual - $1,662,848COVID-19 Projection - $665,1392020 Actual - $1,158,064
2019 Actual - $519,589COVID-19 Projection - $207,8362020 Actual - $182,961
2019 Actual - $178,702COVID-19 Projection - $13,1182020 Actual - $24,472
2019 Actual - $4,457,680COVID-19 Projection - $3,793,6002020 Actual - $3,858,283
2019 Actual - $6,818,819COVID-19 Projection - $4,679,6932020 Actual - $5,223,780
* Other revenues include Income from video gaming, permits, licenses, and more.
To assist with conveying the details of this information, the Finance Department has published a Budget Dashboard Report, which illustrates the variation between projected and actual revenues during this timeframe.
For more information regarding the Village Budget and Village finances, please contact the Finance Department at firstname.lastname@example.org.
Contact: Larry McIntyreVillage of WestmontCommunications Director/Public Information Officer630email@example.com