Westmont, Illinois
Date 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:
Sales Tax - March-April
2019 Actual - $1,662,848
COVID-19 Projection - $665,139
2020 Actual - $1,158,064
Places for Eating - March-May
2019 Actual - $519,589
COVID-19 Projection - $207,836
2020 Actual - $182,961
Hotel / Motel - March-May
2019 Actual - $178,702
COVID-19 Projection - $13,118
2020 Actual - $24,472
Other Revenues * - March-June
2019 Actual - $4,457,680
COVID-19 Projection - $3,793,600
2020 Actual - $3,858,283
Grand Total
2019 Actual - $6,818,819
COVID-19 Projection - $4,679,693
2020 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 finance@westmont.il.gov.
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Contact: Larry McIntyre
Village of Westmont
Communications Director/Public Information Officer
630-417-0280
lmcintyre@westmont.il.gov
