Due to the COVID-19 pandemic, the City has experienced and continues to experience significant revenue shortfalls and increased costs. The 2022 COVID-19 pandemic-related budget shortfall is $184 million, and the 2023 shortfall is $933 million.
If funds for the 2022 COVID-19 pandemic shortfall are not provided, $300 million in paused 2022 planned capital projects would be cancelled and $184 million would be covered by the City's COVID-19 backstop, a restricted reserve fund that, once depleted, will not be available again.
If the 2023 COVID-19 pandemic shortfall is not provided, the City will be forced to use its COVID-19 backstop, which would be almost fully spent if used for both 2022 and 2023's shortfalls.
