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Westside Urban Forum Hosts Virtual Panel Discussion – Accounting for COVID: Rescuing Our Municipal Budgets
June 23, 2020 @ 1:00 pm - 2:15 pm
On Tuesday, June 23 at 1:00 PM, please join Westside Urban Forum for a virtual panel discussion: Accounting for COVID: Rescuing Our Municipal Budgets.
Cities are facing an historic financial crisis alongside the COVID-19 health crisis, with the bread-and-butter sources of local revenue such as sales and hotel taxes having dried up virtually overnight, and only recently showing signs of a (partial) rebound. Wealthier municipalities modestly impacted by previous downturns, such as Santa Monica and Beverly Hills, are already cutting personnel and programs at an unprecedented scale.
The cumulative budget deficit from municipal and State tax revenues lost to COVID-19 is estimated to be as much as $950 billion across the country. Replicating the Great Recession playbook of budget-cutting and temporary revenue enhancements may not be enough to dig out this time around, and risks prolonging the length of a full economic recovery by several years.
This panel focuses on three urgent topics: (1) How much worse will it get, and what can we expect any recovery to look like (V, W, L, or checkmark-shaped)? (2) What strategies can local governments/public agencies use to address their widening budget holes and mitigate the fallout? and (3) can we count on the federal government to backfill City and State lost revenues through a CARES Act Phase 4 rescue package?
WUF is pleased to welcome LA City Controller Ron Galperin, Shavi Sarna, a financial advisor specializing in public-sector restructurings, and Jeff Kiernan, who manages regional support for legislation, regulations and ballot measures for the League of California Cities.
Ron Galperin, City Controller, City of Los Angeles,
Jeff Kiernan, Regional Public Affairs Manager, League of California Cities
Shavi Sarna, Senior Vice President, Ernst & Young, Restructuring Advisory Services
Teifion Rice-Evans, Managing Principal, Economic and Planning Systems
Click HERE to make a contribution. Thank you!
Click HERE to register.
Zoom information will be sent to all participants on the morning of June 23rd.