To: Honorable Mayor and Members of City Council
From: Bret Prebula, Finance Director
Prepared By: Bret Prebula, Finance Director
TITLE:
Title
COVID-19 Financial Update, November 2020
LABEL
RECOMMENDED ACTION:
Recommendation
Receive and discuss financial update from Robert Eyler, PhD, regarding impacts of COVID-19 on economic metrics.
Body
DISCUSSION:
Staff has created a system and identified metrics to track the economic recovery beyond the revenue and expense data. Dr. Eyler, Economist from Sonoma State University, will assist in providing monthly reports on key metrics. Some metrics are available on a monthly basis and others on a quarterly basis so the timing of the metrics will depend on how the data is provided by the variety of government and private sector entities. The areas of focus will be:
* COVID-19 Cases in US and CA as a total and ratio to US;
* Initial Jobless Claims by Month for US, CA, Napa, Sonoma, Marin, Lake, and Solano counties for comparison
* Continued Jobless Claims by Month for Napa, Sonoma, Marin, Lake, and Solano counties for comparison
* Median listing price of homes from Realtor.com for Napa, Sonoma, Marin, Lake, and Solano counties for comparison
* Median home price from Zillow.com for Napa, Sonoma, Marin, Lake, and Solano counties for comparison
* Change from one-year prior in employment, non-farm jobs and unemployment rate for Napa, Sonoma, Marin, Lake, and Solano counties for comparison to CA and US
* Change in employment from one-year prior for major industry sector in Napa, Sonoma, Marin, Lake, and Solano counties for comparison
* Hotel occupancy rates and RevPAR for Napa and Sonoma counties as comparison and compared to last year
* TSA Checkpoint totals at SFO
* Consumer confidence, PMI and ISM indices by month at US level
* When available: changes in consumer debt delinquency rates; GDP changes; changes in wages (US quarterly)
These economic metrics coupled with revenue and expense data will provide a good ba...
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