Davisville, April 27, 2020: A veteran of muni finance sizes up the pandemic-sized hole facing Davis City Hall
Mon, 04/27/2020 - 8:28pm | Bill BuchananWe’ve entered a recession, and don't know yet how bad it will be. To get some perspective, I talk today with Bob Leland, an expert on municipal finance with the Management Partners consulting firm who began his career in the 1970s. He compares the current downturn to the Great Recession 12 years ago, lists some possible responses, and estimates the size of the revenue loss facing Davis – “it’ll probably be about a 6 to 8 percent loss for the year that will be ending June 30,” with the financial damage concentrated in the last few months.
Read that carefully—the plunge since March has been steep enough to take the results for the entire fiscal year down by 6 percent or more.