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11 May Proposed Budget Austerity Measures
I want to begin by thanking each of you for your hard work and continued dedication to the safety and well being of North Bay Village residents. This has been a difficult time as many of us, either directly or indirectly, have been affected by this virus physically, mentally, and/or financially. The Commission, staff and residents have all risen to the challenge by providing food to our neighbors in need, check-ins with our most vulnerable populations, and generous donations to help those in need of support all while continuing the business of the City. This highlights the importance of what we can accomplish when we selflessly work together for the good of North Bay Village.
There is still much work to be done. We face an unprecedented crisis from the COVID-19 pandemic that has infected over 4 million and claimed the lives of over 280,000 people worldwide. The subsequent economic damage is still being calculated and will likely be unknown for many quarters to come. However, as we consider the financial implications of the Coronavirus pandemic on the budget it is important that we take a fresh look at cost mitigation and austerity measures in an effort to strengthen our financial position to weather the coming storm.
I would like to present several action items for discussion to begin making additional concrete steps to reduce ongoing costs for the upcoming budget year.