Despite hits to several revenue streams due to COVID-19-related shutdowns, Sheffield Village is expected to end 2020 in the black, according to Mayor John Hunter and Fiscal Officer Tim Pelcic.
They discussed their forecast during a Finance Committee meeting June 22.
Pelcic anticipates the village will end the year with a balance of $576,000. That is notable in a year when income tax revenue, mayor's court receipts and other revenue streams are down. For example, income tax revenue for May 2020 was $273,786 compared to $386,121 in May 2019. From March through May 2020, income tax revenue was $913,184 compared to $1,077,435 a year ago.
Fines and fees collected from Mayor's Court are down $31,230 and rescue fees are down $34,314 compared to last year.
Council passed an action June 22 allowing the village to accept about $79,000 in CARES Act funding, part of the federal government's multibillion-dollar legislation to help blunt some of the economic pain virus-related shutdowns had on individuals, businesses and government entities. Council also voted to create a special fund to deposit the federal money from which the village's COVID-19-related expenses can be paid from now until October.
In addition, the Village received $90,515 when Gov. Mike DeWine signed an executive order returning 2018 Bureau of Workers Compensation premiums to communities.
Some additional savings will occur because the mayor ordered department heads to limit spending to essential items in anticipation of revenue declines.
Hunter told council that repaving Harris and Lake Breeze roads might be possible sooner than anticipated. He explained that some communities with planned road projects put them on hold, thus moving the village's projects up on a state list. To secure state funding, which pays for 80% of projects, the village needs to raise its required 20% match. To pursue grants and other funding, the village must complete engineering plans for the two projects. Council held a first reading on two pieces of legislation to hire a firm to complete the engineering work, which will cost about $250,000. The work had been planned for 2023 or 2024. Hunter said if the village raises its share, the state might agree to begin one or both projects as early as next year.
Contact freelance reporter Michele Murphy at email@example.com.