Kilmarnock crunches numbers anticipating economic fallout from COVID-19 virus pandemic

Megan Schiffres

by Megan Schiffres

KILMARNOCK—Town council members on April 23 considered the impact of the COVID-19 virus pandemic on Kilmarnock’s projected end-of-year revenues and expected 2020-21 revenues and expenditures.

“The return in the economy is not going to be a light switch recovery. It won’t be, if tomorrow we open things up, that immediately the economy returns to the operating rate that it was in in early March. The anticipation is there’s going to be a step-function increase, so it’ll be returning to previous levels, but maybe over a longer period of time,” said town administrator Susan Cockrell.

The projected 2020-21 budget includes a $1,903,767 general fund, a $364,103 water fund, and a $640,902 sewer fund.

Due to anticipated shortfalls in sales, lodging and meals taxes, projected revenue for the general fund is anticipated to drop next fiscal year by about $260,213 from the…[to-view-more]