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Full screen 1/101 SLIDES © Tupungato // Shutterstock Cities facing the biggest revenue losses due to COVID-19

COVID-19 took the world by storm in 2020, and the virus brought with it financial hardships and an economic recession all over the United States.

Cities across the country banded together to mandate stay-at-home orders and required the use of masks in an effort to flatten the curve and prevent the further spread of the virus. As a result, many small businesses took some of the biggest hits financially and were forced to close either temporarily or permanently. In addition, the country has seen an inconsistent wave of regulations that differ from city to city. The United States currently has a total of 6.2 million reported cases of the coronavirus so far, and over 185,000 have died from the virus.

As a result of this economic tragedy, on March 27 the CARES Act was signed into law by President Trump in an effort to help provide aid and relief for Americans. However, it has become clear to business owners and residents nationwide that the majority of the country’s primary functions revolve around social interaction, and many are beginning to question if the act will be enough.

Economic researchers Howard Chernick, David Copeland, and Andrew Reschovsky estimated the financial toll that COVID-19 will take on cities across America in their paper titled "The Fiscal Effects of the COVID-19 Pandemic on Cities: An Initial Assessment" and published in the September 2020 issue of the National Tax Journal. The researchers evaluated 150 fiscally standardized cities based on how much tax revenue they may lose in Fiscal Year 2021. Their results are reflected in two estimates of tax revenue loss, covering areas such as sales tax, personal income tax, and property tax: one estimate uses a less severe scenario (less revenue loss) while the other uses a more severe scenario (more revenue loss). In this story, Stacker ranked the top 100 cities with the highest revenue loss under the less severe scenario; ties are broken by revenue loss under the more severe scenario.

Of the 100 cities on this list, 11 are in California, eight are in Florida, six are in Ohio, and five are in New York. Cities in New York state make up four of the top five cities with the largest projected revenue losses. Read on to find out COVID-19’s revenue impact in your city.

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2/101 SLIDES © Pixabay #100. Baltimore

- Projected FY 2021 revenue loss under less severe scenario: 4.6% (#97 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 7.3% (#115 highest)

On average, Baltimore as of Sept. 10 was confirming 102 cases of COVID-19 daily. Maryland became the 19th state to hit 100,000 coronavirus cases on Aug. 16. Baltimore moved into Phase 2 of its reopening Sept. 8, which allows for indoor dining, casinos, and indoor retail to open at 50% capacity.

3/101 SLIDES © Matt Gush // Shutterstock #99. Santa Ana, California

- Projected FY 2021 revenue loss under less severe scenario: 4.6% (#97 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 8.1% (#95 highest)

Neighborhoods in Santa Ana by mid-August represented some of the highest case counts of COVID-19 in Orange County. The city had already suffered $12 million in losses by May of this fiscal year, according to Finance Director Kathryn Downs. Santa Ana in late August implemented a Mobile Resource Center that provides free COVID-19 testing, masks, and assistance programs for those impacted by the virus.

4/101 SLIDES © meunierd // Shutterstock #97. San Diego (tie)

- Projected FY 2021 revenue loss under less severe scenario: 4.6% (#97 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 8.2% (#91 highest)

Businesses are slowly beginning to open back up in San Diego, but the number of coronavirus cases does not seem to be dwindling. On Sept. 1, 67 new COVID-19 cases were recorded in the city; one new community outbreak that day was traced to a bar/restaurant.

Slideshow continues on the next slide 5/101 SLIDES © Sundry Photography // Shutterstock #97. Fremont, California (tie)

- Projected FY 2021 revenue loss under less severe scenario: 4.6% (#97 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 8.2% (#91 highest)

Fremont, tied with San Diego in estimated revenue loss from COVID-19, has put forth aggressive initiatives to help relieve some losses to small businesses. The Small Business Relief Grant Program targets Fremont businesses that have been heavily impacted financially from the pandemic, utilizing Fremont’s diverse income tax base which helps employees in the case of emergencies like this.

6/101 SLIDES © George Sheldon // Shutterstock #96. Frederick, Maryland

- Projected FY 2021 revenue loss under less severe scenario: 4.7% (#94 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 7.4% (#114 highest)

Coronavirus case numbers in Federick trended downward in August with a small rise in cases in early September. Frederick County Public School is conducting classes virtually throughout the fall semester.

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7/101 SLIDES © Scruggelgreen // Shutterstock #95. Omaha, Nebraska

- Projected FY 2021 revenue loss under less severe scenario: 4.7% (#94 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 7.8% (#106 highest)

In an April survey, nearly 90% of business leaders in Nebraska reported being negatively affected by the COVID-19 crisis. In Omaha, the unemployment rate was 9.9% in April, which is 1.3% higher than the state’s normal unemployment rate as a whole. Half of the city’s general budget comes from sales tax, making the impact from closed businesses a hard hit.

8/101 SLIDES © Pixabay #94. Los Angeles

- Projected FY 2021 revenue loss under less severe scenario: 4.7% (#94 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 8.5% (#81 highest)

Los Angeles has projected a heavy loss in finances, and officials fear for residents’ job security because the projection of case numbers seems uncertain. Since the tourism industry has withered away with the virus’ introduction, the city is looking at a revenue loss between $45 million and $400 million. A UCLA study published in the Sept. 10 issue of the Journal of Medical Internet Research found a spike in patients coming into UCLA Health hospitals and clinics in late December 2019 with coughs and acute respiratory failure. Those findings indicate COVID-19 was already being transmitted in Los Angeles months ahead of the first definitive COVID-19 cases in the U.S. being reported.

9/101 SLIDES © Sean Pavone // Shutterstock #93. Birmingham, Alabama

- Projected FY 2021 revenue loss under less severe scenario: 4.8% (#90 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 8.0% (#100 highest)

Due to the pandemic, Birmingham postponed its 2021 budget plan by three months. Its delayed release in late August included reductions that reflected a $63 million shortfall in business tax revenue.  About 71% of the jobs in Birmingham metro area in mid-March were consumption-based, meaning they required people to leave their homes and spend money, a practice which has been heavily impacted due to city locals staying at home.

Slideshow continues on the next slide 10/101 SLIDES © Tupungato // Shutterstock #92. Fresno, California

- Projected FY 2021 revenue loss under less severe scenario: 4.8% (#90 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 8.5% (#81 highest)

More than 2.8 million Californians by mid-April had filed for unemployment benefits, with thousands of Fresno locals contribute to those numbers. The city surpassed 21,000 cases of COVID-19 in mid-August.

11/101 SLIDES © Todd A. Merport // Shutterstock #91. Stockton, California

- Projected FY 2021 revenue loss under less severe scenario: 4.8% (#90 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 8.6% (#77 highest)

Stockton officials have their own unemployment relief program for eligible residents. Stockton Economic Empowerment Demonstration (SEED) is a program begun in February 2019 that selects 125 residents to receive $500 a month for 18 months from the city. Stockton officials hope that other cities across the country can contribute to the program and extend the help to others.

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12/101 SLIDES © Pixabay #90. Montgomery, Alabama

- Projected FY 2021 revenue loss under less severe scenario: 4.8% (#90 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 8.8% (#71 highest)

Montgomery has had to make major budget cuts since the pandemic took effect. City officials have already planned for a $20 million revenue loss for the 2020 and 2021 fiscal year. In April 2020, Judge Mark Keough terminated the city’s “Stay at Home, Stop the Spread” order, which implemented a curfew to the residents.

13/101 SLIDES © Sean Pavone // Shutterstock #89. Knoxville, Tennessee (tie)

- Projected FY 2021 revenue loss under less severe scenario: 4.9% (#86 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 8.1% (#95 highest)

Many businesses in Knoxville have struggled to get consumers through their doors since COVID-19 broke out, and they’ve struggled to get their furloughed employees to return to work. The city has seen a total of more than 7,000 coronavirus cases and counting, and the state has reported a 3.3 % unemployment rate.

14/101 SLIDES © f11photo // Shutterstock #88. Nashville, Tennessee (tie)

- Projected FY 2021 revenue loss under less severe scenario: 4.9% (#86 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 8.1% (#95 highest)

Nashville has specifically seen a spike in its downtown areas, where young people reside and use the location for entertainment purposes. While doctors admit that most young people will likely see little-to-no severe symptoms of the virus, they still encourage people of all ages to socially distance and remain conscious of the virus’ effects. Furthermore, being a music capital, the city has recently funded $2 million toward struggling music venues.

Slideshow continues on the next slide 15/101 SLIDES © Sean Pavone // Shutterstock #87. Chattanooga, Tennessee

- Projected FY 2021 revenue loss under less severe scenario: 4.9% (#86 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 8.6% (#77 highest)

With over 8,000 coronavirus cases affecting the city’s residents, the Chattanooga mayor Jim Coppinger placed a mandatory mask order in July to help prevent the spread of the coronavirus. The order was set to expire a few days into April but was recently extended to October 8 since officials see no end to the virus in the near future. Even with the rule in place, 60% of Chattanooga businesses have seen a major loss in revenue.

16/101 SLIDES © Jon Bilous // Shutterstock #86. Riverside, California

- Projected FY 2021 revenue loss under less severe scenario: 4.9% (#86 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 8.8% (#71 highest)

Outside of Riverside’s financial losses—unemployment hit 13.7% in July—the city was the first to report a case of MIS-C, which is a rare complication found in children under the age of 21. It has not been reported as to what causes MIS-C, but most reported patients are known to have fully recovered.

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17/101 SLIDES © Kevin Ruck // Shutterstock #85. Greensboro, North Carolina

- Projected FY 2021 revenue loss under less severe scenario: 5.0% (#84 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 8.0% (#100 highest)

The financial impact on COVID-19 on the Greensboro community was already estimated by mid-April to be $1.5 million. Greensboro typically receives about $58 million a year from sales tax; since the economic shutdown, county officials braced for as much as a 50% dropoff through fiscal year 2021 that begain in July.

18/101 SLIDES © Carl Skaggs // Wikimedia Commons #84. Modesto, California

- Projected FY 2021 revenue loss under less severe scenario: 5.0% (#84 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 8.9% (#68 highest)

By late May, Modesto officials were expecting an estimated $20.1 million deficit in the city's general fund budget. The lack of funds has meant tough considerations for various cost-cutting measures, from reduced firefighter positions and up to $2.2 million less in the overtime fund for the police department there.

19/101 SLIDES © Sean Pavone // Shutterstock #83. Jackson, Mississippi

- Projected FY 2021 revenue loss under less severe scenario: 5.1% (#79 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 7.6% (#109 highest)

Due to Mississippi's drastic state budget cut, many cities, including Jackson, face major job losses from the coronavirus. The state has been criticized for its unstable unemployment system, as many people struggle to make ends meet. The Jackson City Council decided to make a $2.6 million budget cut for the 2021 fiscal year.

20/101 SLIDES © Sharkshock // Shutterstock #82. Raleigh, North Carolina

- Projected FY 2021 revenue loss under less severe scenario: 5.1% (#79 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 8.3% (#86 highest)

Raleigh set up funding for eligible small businesses that have lost at least 25% of their revenue because of COVID-19. The $1 milion in funding was to be dispersed in increments up to $10,000. North Carolina Humanities Council also set up a grant system throughout the state to distribute more than $600,000 in emergency funding to nonprofit cultural organizations that have been negatively affected by the pandemic.

21/101 SLIDES © Sean Pavone // Shutterstock #81. Memphis, Tennessee

- Projected FY 2021 revenue loss under less severe scenario: 5.1% (#79 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 8.5% (#81 highest)

Unemployment in the Memphis metropolitan area reached 12.7% in April, more than three times the March percentage. The Memphis International Airport in May reported an $11 million loss.

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22/101 SLIDES © Andrew Zarivny // Shutterstock #80. Sacramento, California

- Projected FY 2021 revenue loss under less severe scenario: 5.1% (#79 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 9.0% (#64 highest)

The coronavirus crisis hit Sacramento with an almost $90 million loss in projected revenue. The city budget for the coming year seeks to mitigate that loss and balance the budget without having to make cuts or layoffs but rather by a half-cent sales tax increase termed "Measure U."

23/101 SLIDES © NAPA // Shutterstock #79. Anaheim, California

- Projected FY 2021 revenue loss under less severe scenario: 5.1% (#79 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 9.1% (#62 highest)

Disney theme parks, which have two parks, three hotels, and an outside mall, has faced cratering sales in the face of the pandemic. The company could face up to $21 billion in lost revenue through 2022. Disneyland Resorts' outdoor strip called "Downtown Disney" in Anaheim was slated to reopen in mid-September at limited capacity.

24/101 SLIDES © Arina P Habich // Shutterstock #78. Aurora, Colorado

- Projected FY 2021 revenue loss under less severe scenario: 5.3% (#77 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 9.0% (#64 highest)

Aurora in April issued a hiring freeze and furloughed approximately 576 city employees. City officials projected a $20- to $25-million shortfall toward the general fund budget.

25/101 SLIDES © Pixabay #77. Charlotte, North Carolina

- Projected FY 2021 revenue loss under less severe scenario: 5.3% (#77 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 9.3% (#59 highest)

Charlotte City Council members in August approved $8 million in relief funding for hotels and restaurants hit hard by the pandemic. Assistance for these businesse will come in the form grants and marketing help with $5 million allocated for the restaurant industry and $3 million for Charlotte hotels.

26/101 SLIDES © Pixabay #76. Richmond, Virginia

- Projected FY 2021 revenue loss under less severe scenario: 5.4% (#75 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 8.3% (#86 highest)

Richmond-area clinics have moved swiftly with the third phase of clinical vaccine trials and recruiting volunteers to participate. The trials were expected to begin by Sept. 14.

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27/101 SLIDES © clayton harrison // Shutterstock #75. Gulfport, Mississippi

- Projected FY 2021 revenue loss under less severe scenario: 5.4% (#75 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 9.6% (#53 highest)

With approximately 3,408 residents, the people of Gulfport, the second-largest city in Mississippi, have raised concerns with the city’s reopening plans. The state’s school year began with in-person meetings as normal, but soon after, 100 students at Gulfport High School were sent home after coming into contact with a teacher who may have contracted the virus.

28/101 SLIDES © Andrew Zarivny // Shutterstock #74. Tucson, Arizona

- Projected FY 2021 revenue loss under less severe scenario: 5.5% (#72 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 8.4% (#85 highest)

Tucson in April braced for a deficit expected to eclipse that of 2009, according to a memorandum from City Manager Michael Ortega. The city received $95 million from the CARES Act to counteract lost revenue there due to the pandemic.

29/101 SLIDES © Kevin Ruck // Shutterstock #73. Columbia, South Carolina

- Projected FY 2021 revenue loss under less severe scenario: 5.5% (#72 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 9.0% (#64 highest)

In May, Columbia was projected to cost $20 million in lost revenue this year due to COVID-19. Lawmakers in the state arrived in Columbia Sept. 12 to address changes to the state budget, including $500 million earmarked for making up lost revenue amounts.

30/101 SLIDES © Pixabay #72. San Francisco

- Projected FY 2021 revenue loss under less severe scenario: 5.5% (#72 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 9.7% (#52 highest)

Bay Area Rapid Transit (BART) in September received an infusion of $1.2 billion in federal grant money to increase frequency of trains in the Transbay Tube. The BART system was hit particularly hard by the pandemic due to decreased ridership and cratered revenue.

31/101 SLIDES © Virrage Images // Shutterstock #71. Phoenix

- Projected FY 2021 revenue loss under less severe scenario: 5.6% (#67 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 8.6% (#77 highest)

Just after the pandemic was declared, it was reported in April that 250,000 Arizonans lost their jobs in only three weeks. Despite economic woes throughout the metropolitan area, Phoenix saw significant single-family rent growth with a 5% increase in June 2020 over the same time in 2019.

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32/101 SLIDES © Pixabay #70. Washington D.C. (tie)

- Projected FY 2021 revenue loss under less severe scenario: 5.6% (#67 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 8.8% (#71 highest)

Washington D.C. met with strong criticized for its lack of testing access early on in the pandemic. Mayor Muriel Bowser on Aug. 25 issued a mandate requiring insurance companies to provide 100% financial coverage for coronavirus tests administereed to people considered high-risk. A survey conducted by the Greater Washington Partnership of 400 businesses owners in the D.C.-metro area found that most workers in the region are unlikely to return to offices before summer 2021.

33/101 SLIDES © Pixabay #69. Columbus, Ohio (tie)

- Projected FY 2021 revenue loss under less severe scenario: 5.6% (#67 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 8.8% (#71 highest)

As Columbus hospitals lost millions and Ohio hospitals as a whole lost billions in revenue from March through July, the total anticipated loss of revenue for Columbus this year was predicted by city officials in June to total almost $42 million. A study released in mid-August suggests tax revenue from apparel, restaurants, tourism, and vehicle sales could fall by up to 50% due to the pandemic.

34/101 SLIDES © julie deshaies // Shutterstock #68. Burlington, Vermont

- Projected FY 2021 revenue loss under less severe scenario: 5.6% (#67 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 8.9% (#68 highest)

Burlington, known for its creative arts, expects a $15 million revenue loss from the pandemic in the next two years. The city faced a significant outbreak for a short period, which caused cases to soar temporarily, but the state health department by mid-August considers the outbreak to be resolved.

35/101 SLIDES © Henryk Sadura // Shutterstock #67. Gary, Indiana

- Projected FY 2021 revenue loss under less severe scenario: 5.6% (#67 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 9.5% (#55 highest)

The coronavirus pandemic served to exacerbate Gary's already tenuous economy and putting pressure on the Food Bank of Northwest Indiana to ensure families could stay fed. By late April, the city represented the second-highest case count of COVID-19 in the state. Just 44% of Ohio residents in late August approved of Gov. Gary Herbert's COVID-19 response.

36/101 SLIDES © Pixabay #66. Milwaukee

- Projected FY 2021 revenue loss under less severe scenario: 5.7% (#63 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 8.8% (#71 highest)

Milwaukee made news early on in the pandemic when former city health commissioner Dr. Jeanette Kowalik warned residents about how dangerous the virus could be and brought to light the racial disparities in the city's coronavirus patients. By mid-May, Milwaukee County was bracing for a budgetary impact totaling $450 million due to Covid-19.

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37/101 SLIDES © Pixabay #65. Boise, Idaho

- Projected FY 2021 revenue loss under less severe scenario: 5.7% (#63 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 8.9% (#68 highest)

COVID-19 came down especially hard on Idaho's education system, which took an almost $100 million cut in order to recoup lost revenue. Such drastic measures turned the economy around throughout the state: Idaho was on track by mid-August to see a $405 million surplus by the end of 2020.

38/101 SLIDES © Jon Bilous // Shutterstock #64. Dover, Delaware

- Projected FY 2021 revenue loss under less severe scenario: 5.7% (#63 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 9.6% (#53 highest)

Dover by the end of May was down more than $5 million in utilities and services and lost over $100,000 in fees and permits related to events including the Dover NASCAR race. Kent County, Traffic data captured 1 mile south of Dover Toll Plaza on Del. 1 showed a 32% drop in traffic count between March 22 and May 27. Traffic throughout the state has rebounded but is still double digits below traffic counts from the same time in 2019.

39/101 SLIDES © Paul Brady Photography // Shutterstock #63. Wilmington, Delaware

- Projected FY 2021 revenue loss under less severe scenario: 5.7% (#63 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 9.8% (#51 highest)

In total, Wilmington is expecting to lose more than $27 million in revenue from city fees such as property tax, licenses and permit fees, and red-light camera profits. As the city comes to terms with these losses, officials continue to plan for a slimmer budget for future fiscal years.

40/101 SLIDES © quiggyt4 // Shutterstock #62. Rutland, Vermont

- Projected FY 2021 revenue loss under less severe scenario: 5.8% (#58 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 8.3% (#86 highest)

Rutland has cut down on spending due to the pandemic, but its healthcare workers seem to be the most affected, with more than a $6 million revenue loss to one of the city’s hospitals and about 150 employees furloughed. Revenue losses for the Rutland Regional Medical Center mirror those of hospitals around the country due to bans on elective surgeries.

41/101 SLIDES © Jon Bilous // Shutterstock #61. Missoula, Montana

- Projected FY 2021 revenue loss under less severe scenario: 5.8% (#58 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 8.5% (#81 highest)

Montana got roughly $1.25 billion in federal funding to help recover economic losses during the pandemic. But Missoula County commissioners in July said money hadn't yet trickled down to Missoula County. Developers in late August pulled out of planned construction for a hotel and conference center at Missoula's Riverfront Triangle, citing falloffs in entertainment revenue amid the pandemic.

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42/101 SLIDES © Wangkun Jia // Shutterstock #60. Chesapeake, Virginia

- Projected FY 2021 revenue loss under less severe scenario: 5.8% (#58 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 8.6% (#77 highest)

Chesapeake‘s spike in reported coronavirus cases hit a high in mid-summer 2020. As a result, city officials came down with an iron fist on certain emergency orders. According to city health director Dr. Nancy Welch, many people ages 20 to 49 were possibly not aware of having the virus and were also not wearing a mask, social distancing, or taking other preventative measures to keep the virus under wraps.

43/101 SLIDES © Sherry V Smith // Shutterstock #59. Virginia Beach, Virginia

- Projected FY 2021 revenue loss under less severe scenario: 5.8% (#58 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 8.8% (#71 highest)

Virginia Beach, known for its oceanside restaurants, anticipates a $67.3 million revenue loss due to the coronavirus. As a solution, restaurant owners encourage city council members to budget toward advertising the city and its attractions once the beach is deemed safe. Whether or not this will be implemented has yet to be determined.

44/101 SLIDES © Pixabay #58. Denver

- Projected FY 2021 revenue loss under less severe scenario: 5.8% (#58 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 10.3% (#41 highest)

As the pandemic began to garner the necessary attention, Denver Mayor Michael Hancock in mid-May announced a $226 million revenue shortfall for the city and the mandatory furlough of hundreds of employees. According to Chief Financial Officer Brendan Hanlon, Denver is currently seeing a more significant loss than in the Great Recession’s first year.

45/101 SLIDES © Kenneth C. Zirkel // Wikimedia Commons #57. Lewiston, Maine

- Projected FY 2021 revenue loss under less severe scenario: 5.9% (#57 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 9.0% (#64 highest)

Lewiston officials have projected a $1.6 million revenue loss and are currently working to offset the striking numbers with its “rainy fund.” Some of these cuts include those of the public school system.

46/101 SLIDES © trekandshoot // Shutterstock #56. Billings, Montana

- Projected FY 2021 revenue loss under less severe scenario: 6.0% (#56 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 9.3% (#59 highest)

As of Aug. 4, 72% of state residents hospitalized with COVID-19 were being cared for in Billings hospitals. Several restaurants downtown closed during the pandemic, but new eateries opening suggest optimism and hope for a rebounding economy.

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47/101 SLIDES © ESB Professional // Shutterstock #55. Providence, Rhode Island

- Projected FY 2021 revenue loss under less severe scenario: 6.1% (#52 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 8.1% (#95 highest)

The Providence Business Loan Fund offers an infusion of funding for eligible businesses and borrowers, while the city's Revolving Fund Commercial Corridor Micro-Business Loan provided eligible businesses with up to $5,000 for necessary renovations to reopen safely. For workers who lost their jobs, the state offers a means of holding onto health insurance through HealthSource RI.

48/101 SLIDES © Tim Roberts Photography // Shutterstock #54. Mesa, Arizona

- Projected FY 2021 revenue loss under less severe scenario: 6.1% (#52 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 9.2% (#61 highest)

Mesa in April was infused with $90 million from the Coronavirus Relief Fund. The city that same month rolled out the Mesa CARES initiative in order to find out what businesses, residents, and local non-profits needed in terms of support to weather the pandemic. The outreach intiaitive was designed to help city officials learn how to best allocate the federal funds.

49/101 SLIDES © Kate Scott // Shutterstock #53. Norfolk, Virginia

- Projected FY 2021 revenue loss under less severe scenario: 6.1% (#52 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 9.4% (#57 highest)

On July 31 amid a spike in COVID-19 cases that reached a 10.8% positivity rate, stricter rules throughout Virginia were enacted to limit indoor dining, close bars and restaurants by midnight, and establish "last call" at 10 p.m. The positivity rate dropped by early September to 6.7%, allowing regulations to loosen by Sept. 10. Norfolk business owners remarked to local news outlet WTKR that the city quickly came back alive.

50/101 SLIDES © Valiik30 // Shutterstock #52. Tulsa, Oklahoma

- Projected FY 2021 revenue loss under less severe scenario: 6.1% (#52 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 9.9% (#49 highest)

Despite increasing coronavirus cases and the budget’s financial loss, Tulsa City Council in early September approved $2 million in funds to cater to the city’s coronavirus relief. The funds focus on public health emergencies and community-driven programs. By doing this, the city hopes to help keep the economic structure as normal as possible.

51/101 SLIDES © photo.ua // Shutterstock #51. Cincinnati

- Projected FY 2021 revenue loss under less severe scenario: 6.2% (#50 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 9.5% (#55 highest)

Amid extensive business closures during the pandemic, some Cincinnati residents have expressed worry about permanent changes to the neighborhoods. Throughout the state, about 800 restaurants have closed permanently.

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52/101 SLIDES © John Hoffman // Shutterstock #50. Colorado Springs, Colorado

- Projected FY 2021 revenue loss under less severe scenario: 6.2% (#50 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 10.4% (#37 highest)

Colorado Springs has seen some positive signs for its economy, with sales tax revenue increasing month-over-month. A big driver of the increase came from auto sale taxes, which had stagnated in the spring.

53/101 SLIDES © f11photo // Shutterstock #48. St. Louis, Missouri (tie)

- Projected FY 2021 revenue loss under less severe scenario: 6.3% (#46 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 10.0% (#45 highest)

As schools across the nation scramble to find solutions to keep their students on track, St. Louis is one city that has tested the innovative idea of outside schooling. Though it's not as surefire a way to prevent the virus from spreading as staying home, it allows students to socially distance more than if they were inside a school building.

54/101 SLIDES © Ami Parikh // Shutterstock #48. Dayton, Ohio (tie)

- Projected FY 2021 revenue loss under less severe scenario: 6.3% (#46 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 10.0% (#45 highest)

Dayton International Airport in early September was awarded $586,000 of $2.7 million in federal relief grants granted to Ohio airports. The aviation industry as a whole suffered some of the largest industry-wide revenue losses as travel came to a screeching halt during shutdowns and continued concerns over the transmission of COVID-19.

55/101 SLIDES © Real Window Creative // Shutterstock #47. Spokane, Washington

- Projected FY 2021 revenue loss under less severe scenario: 6.3% (#46 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 10.3% (#41 highest)

Spokane lost $125 million in revenue on some of the city’s most popular events alone. City officials predict such events will not resume until September 2021.

56/101 SLIDES © Sean Pavone // Shutterstock #46. Tacoma, Washington

- Projected FY 2021 revenue loss under less severe scenario: 6.3% (#46 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 10.6% (#32 highest)

Hundreds of Tacoma employees were laid off during the pandemic due to the Metro Parks’ shutdown in the spring, from which the city lost about $13 million in revenue. The parks' most revenue-dependent businesses reopened with revised safety guidelines over the summer.

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57/101 SLIDES © Eduardo Medrano // Shutterstock #45. Little Rock, Arkansas

- Projected FY 2021 revenue loss under less severe scenario: 6.4% (#42 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 9.1% (#62 highest)

Little Rock’s revenue loss was partly due to the city’s shutdown, which canceled hundreds of conventions and meetings. Tourism is one of the city’s most profitable income sources, and with tourism on hold for the country as a whole, Little Rock saw a significant decrease in profits.

58/101 SLIDES © Sean Pavone // Shutterstock #44. Akron, Ohio

- Projected FY 2021 revenue loss under less severe scenario: 6.4% (#42 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 10.0% (#45 highest)

Akron officials warned residents of steep revenue declines and lack of aid in April, when more than 130 workers returned from their furloughed positions. Akron Children’s Hospital lost $91 million in revenue through June because of the pandemic.

59/101 SLIDES © f11photo // Shutterstock #43. Cleveland

- Projected FY 2021 revenue loss under less severe scenario: 6.4% (#42 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 10.4% (#37 highest)

Cleveland has faced about $40 million in revenue loss due to the pandemic. In July, the city spent $13 million more than it earned in revenues.

60/101 SLIDES © Dee Browning // Shutterstock #42. Huntington, West Virginia

- Projected FY 2021 revenue loss under less severe scenario: 6.4% (#42 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 11.1% (#27 highest)

Huntington Convention and Visitors Bureau President Tyson Compton told local news outlet WOWK that revenue loss for the city poses a “serious issue.” West Virginia is projected to lose $223 million, and officials have found that each funding area is necessary for the city to function properly.

61/101 SLIDES © Michael Shake // Shutterstock #41. Toledo, Ohio

- Projected FY 2021 revenue loss under less severe scenario: 6.5% (#40 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 10.3% (#41 highest)

The Ohio Senate voted in early September to distribute federal aid funds to cities in the state that need the assistance, including Toledo, which will receive more than $9 million. This has been said to help offset some of the city’s total revenue loss, which is in the millions.

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62/101 SLIDES © Andrew Zarivny // Shutterstock #40. Reno, Nevada

- Projected FY 2021 revenue loss under less severe scenario: 6.5% (#40 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 10.5% (#35 highest)

Certain information about the virus has yet to be discovered by medical workers, whether it's the possibility of a COVID-19 vaccine or other logistics, such as whether a person can grow certain antibodies after having the illness. A patient in Reno was thought likely to be the key to the latter mystery when doctors discovered a recurrence of his COVID-19 symptoms over the span of a few months.

63/101 SLIDES © John O'Neill // Wikimedia Commons #39. St. Petersburg, Florida

- Projected FY 2021 revenue loss under less severe scenario: 6.6% (#37 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 10.4% (#37 highest)

Financial Services Firm Raymond James, one of the largest based in St. Petersburg, in mid-September laid off around 550 employees around the world. The pandemic all but negated half of the firm's record earnings in the last several years.

64/101 SLIDES © Pixabay #38. Miami

- Projected FY 2021 revenue loss under less severe scenario: 6.6% (#37 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 10.9% (#30 highest)

Miami Beach is a well-known attraction for social gatherings and beach getaways, but over the summer it became a hotspot for the coronavirus. Miami Beach alone was losing $3.6 million weekly in tourism revenue as of March.

65/101 SLIDES © Pixabay #37. Indianapolis

- Projected FY 2021 revenue loss under less severe scenario: 6.6% (#37 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 11.3% (#25 highest)

Indiana as of Sept. 16 still had $1.3 billion in coronavirus relief funds to allocate throughout the state. Funds may not be used for direct revenue replacement or for expenses outlined already in Indiana's budget. Officials in mid-September expressed hope for a deadline extension by which to spend the funds.

66/101 SLIDES © Tamanoeconomico // Wikimedia Commons #36. Nampa, Idaho

- Projected FY 2021 revenue loss under less severe scenario: 6.7% (#34 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 9.9% (#49 highest)

After health officials in late June saw “daily significant increases”' in the total number of cases in nearby Ada County, Nampa moved back into Stage 3 of the reopening plan, by which the city ordered all bars to close after the spike. The new directive came after Nampa had been approved to move to Stage 4, at which point businesses and venues reopened with certain social distancing restrictions.

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67/101 SLIDES © JDMcGauley // Shutterstock #35. Ft. Wayne, Indiana

- Projected FY 2021 revenue loss under less severe scenario: 6.7% (#34 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 10.6% (#32 highest)

Fort Wayne has played up opportunities to enjoy the area while social distancing in an effort to attract tourists to the area and bring much-needed revenue to local businesses. Throughout the state, about $900 million of reserve funding was used to counteract revenue shortfalls amid the pandemic.

68/101 SLIDES © Pixabay #34. Seattle

- Projected FY 2021 revenue loss under less severe scenario: 6.7% (#34 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 11.5% (#22 highest)

Early on, city officials anticipated Seattle's revenue loss during the pandemic to total more than $100 million. By September, that estimate had risen to a $326 million budget shortfall, amplifying pressure for budget cuts in a number of city departments including the police force.

69/101 SLIDES © Pixabay #33. Tampa, Florida

- Projected FY 2021 revenue loss under less severe scenario: 6.8% (#31 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 10.3% (#41 highest)

Tourism is a major revenue driver for Tampa. Despite the pandemic, at least 75,000 people headed to Tampa Bay for Labor Day weekend. Travel officials highly encourage visitors to maintain COVID-19 safety guidelines like wearing a mask and socially distancing.

70/101 SLIDES © JNix // Shutterstock #32. Lexington, Kentucky

- Projected FY 2021 revenue loss under less severe scenario: 6.8% (#31 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 10.4% (#37 highest)

Lexington officials by late April projected a decrease of almost $40 million in revenue for the fiscal year 2020-21. Officials said the impact of the revenue loss was immediate and far-reaching.

71/101 SLIDES © tome213 // Shutterstock #31. Hialeah, Florida

- Projected FY 2021 revenue loss under less severe scenario: 6.8% (#31 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 11.0% (#29 highest)

Closures of major retailers and hospitality chains throughout Southern Florida have been devastating—but they're leading to exciting business prospects for investors. Business lots in Hialeah have been priced at as much as 20% below market value, which could be a major boon to new businesses in the area.

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72/101 SLIDES © Nejdet Duzen // Shutterstock #30. Aurora, Illinois

- Projected FY 2021 revenue loss under less severe scenario: 6.9% (#29 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 10.0% (#45 highest)

On Sept. 2, Aurora hit its 5,000th coronavirus case. Mayor Richard Irvin has continuously pushed the city’s “Mask Up” campaign to decrease those numbers and highlight what the mayor calls the “three W’s”: washing hands and the use of sanitizer as often as possible, watching one’s distance, and wearing a mask.

73/101 SLIDES © Real Window Creative // Shutterstock #29. Topeka, Kansas

- Projected FY 2021 revenue loss under less severe scenario: 6.9% (#29 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 10.5% (#35 highest)

Kansas was voted in a summer study as the second-most irresponsible state when it came to handling the pandemic due to its lack of mask requirements. Still, Topeka has taken steps to support its residents financially after being granted millions by the CARES Act.

74/101 SLIDES © Brandonrush // Wikimedia Commons #28. Fort Smith, Arkansas

- Projected FY 2021 revenue loss under less severe scenario: 7.0% (#27 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 9.4% (#57 highest)

While revenue from sales tax in Fort Smith seemed promising at the beginning of the pandemic, officials still planned for decline in the months to follow. The projected job losses in the city were reported to be over 10% in April. Still, officials say they believe the stimulus check distributed nationwide to Americans this summer and the Payroll Protection Program helped with some of the residents’ financial woes.

75/101 SLIDES © Pixabay #27. Pittsburgh

- Projected FY 2021 revenue loss under less severe scenario: 7.0% (#27 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 10.6% (#32 highest)

Pittsburgh's revenues by mid-May had dropped 25% due to the pandemic. When reporting the percentage of unemployed residents whose jobs were affected by the virus, polls found that the city was largely disproportionate in unemployment by race and age. A June 2020 study found 19.7% of Black employees were unemployed compared to their white counterparts at 17.2%.

76/101 SLIDES © Sean Pavone // Shutterstock #26. Oklahoma City, Oklahoma

- Projected FY 2021 revenue loss under less severe scenario: 7.1% (#23 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 11.1% (#27 highest)

Before September 2020, Oklahoma health specialists were not counting antigen testing, which detects antibodies in the body. As the test becomes more popular, officials have decided that counting the test would give them a better picture of the overall reported numbers. Oklahoma City surpassed 70,000 COVID-19 cases by mid-September, making it one of the country's newest hotspots for the virus.

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77/101 SLIDES © Tupungato // Shutterstock #25. Kansas City, Missouri

- Projected FY 2021 revenue loss under less severe scenario: 7.1% (#23 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 11.3% (#25 highest)

Kansas and Missouri communities have been brought to the brink by the pandemic, which officials say could lead to untenable budget cuts without federal support. Officials in Kansas City have worked to find ways of trimming expenses without relying too heavily on reserves or cutting into funding for fire, police, trash collection, or water.

78/101 SLIDES © Sean Pavone // Shutterstock #24. Las Vegas

- Projected FY 2021 revenue loss under less severe scenario: 7.1% (#23 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 11.5% (#22 highest)

Known as a 24-hour city with its lavish boardwalks and bright lights, Las Vegas has seen its biggest casinos reportedly lose over $6 billion in revenue. This money is typically dependent on social gatherings with its gaming, hotels, food and drink, and other attractions.

79/101 SLIDES © Sean Pavone // Shutterstock #23. Ft. Lauderdale, Florida

- Projected FY 2021 revenue loss under less severe scenario: 7.1% (#23 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 11.7% (#21 highest)

Fort Lauderdale experienced a major surge in COVID-19 cases over the summer. Exacerbating significant losses in spring, summer, and fall revenue, many people who typically head to Florida for the winter have cooled on their plans until case counts recede.

80/101 SLIDES © Thomas Kelley // Shutterstock #22. Louisville, Kentucky

- Projected FY 2021 revenue loss under less severe scenario: 7.2% (#21 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 10.9% (#30 highest)

Louisville Mayor Greg Fischer said in April that Louisville will see $46 million less in revenue this fiscal year and $69 million less in fiscal 2020-21. Kentucky hospitals alone anticipate a loss of $2.6 billion in revenues.

81/101 SLIDES © Sean Pavone // Shutterstock #21. Charleston, West Virginia

- Projected FY 2021 revenue loss under less severe scenario: 7.2% (#21 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 12.4% (#16 highest)

West Virginia Gov. Jim Justice in early September allocated $50 million of CARES Act money for schools in order to fund cleaning supplies, PPE, and more COVID-19 testing if needed. Sept. 14 marked the single-highest day for COVID-19 patients at Charleston Area Medical Center Hospitals with 60 peole being cared for.

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82/101 SLIDES © Pixabay #20. Chicago

- Projected FY 2021 revenue loss under less severe scenario: 7.3% (#20 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 11.5% (#22 highest)

Chicago Mayor Lori Lightfoot projected a budget shortfall estimated at $1.2 billion in 2021. Lightfoot, who has been strict on the city’s stay-at-home orders, says tax receipts saw a major decrease in numbers from the lack of restaurant operation, hotels, tourism, and other attractions. She also noted that the recent looting that took place earlier this summer hit many small businesses hard.

83/101 SLIDES © f11photo // Shutterstock #19. Charleston, South Carolina

- Projected FY 2021 revenue loss under less severe scenario: 7.6% (#19 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 12.6% (#13 highest)

Charleston reportedly let go of many employees in the pandemic’s wake as it announced a $6 million budget cut in August. As a result, the city is attempting to adjust to the new budget by cutting expenses, hence the loss of employment for residents and small businesses.

84/101 SLIDES © Sean Pavone // Shutterstock #18. New Orleans

- Projected FY 2021 revenue loss under less severe scenario: 7.7% (#18 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 12.3% (#17 highest)

One of New Orleans’ main sources of revenue is tourism, which typically bring in more than $16 billion annually. Most famous is the city’s Mardi Gras celebration. According to Chief Marketing Officer of New Orleans and Company Mark Romig, “each household in Louisiana would be paying about $1,100 more in taxes” without the tourism attractions.

85/101 SLIDES © f11photo // Shutterstock #17. Philadelphia

- Projected FY 2021 revenue loss under less severe scenario: 8.0% (#17 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 12.0% (#19 highest)

Philadelphia was one of the first cities to be prepped by the Centers for Disease Control and Prevention to be ready for a COVID-19 vaccine by Nov. 1. The vaccine would be distributed across the urban area’s pharmacies. Philadelphia could lose more than $200 million in tax revenue from the COVID-19 crisis.

86/101 SLIDES © Suzanne Tucker // Shutterstock #16. Grand Rapids, Michigan

- Projected FY 2021 revenue loss under less severe scenario: 8.2% (#16 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 12.0% (#19 highest)

Leaders of advocacy groups believe the pandemic’s impact has led to major mental health issues and a financial burden on Grand Rapids residents. On Sept. 4, Commissioner Joe Jones requested that some of the CARES Act funds be implemented in aiding those in need through the pandemic and offsetting the city’s revenue loss, as well as be allocated to fund anti-violence resources.

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87/101 SLIDES © Felix Mizioznikov // Shutterstock #15. Warren, Michigan

- Projected FY 2021 revenue loss under less severe scenario: 8.3% (#12 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 12.3% (#17 highest)

Warren began distributing free masks to those in need Aug. 20 for as long as supplies lasted. Drive-through testing was scheduled to be made available starting Sept. 17 at Warren City Hall.

88/101 SLIDES © Sean Pavone // Shutterstock #14. Baton Rouge, Louisiana

- Projected FY 2021 revenue loss under less severe scenario: 8.3% (#12 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 12.5% (#15 highest)

Baton Rouge projected in May a $23 million shortfall after the coronavirus’ impact affected much of its sales tax for the fiscal year. The city was forced to collect approximately $15 million less than what was initially anticipated during the 2020 budget preparation. Despite this financial loss, there are no signs of needing to lay off or furlough employees.

89/101 SLIDES © Sean Pavone // Shutterstock #13. Tallahassee, Florida

- Projected FY 2021 revenue loss under less severe scenario: 8.3% (#12 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 13.0% (#12 highest)

Tallahassee faces more than $23 million in revenue losses. The city has set its sights on the CARES Act to balance the losses from both general and sales tax revenues.

90/101 SLIDES © aphotostory // Shutterstock #12. Orlando, Florida

- Projected FY 2021 revenue loss under less severe scenario: 8.3% (#12 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 13.1% (#11 highest)

The Land of Disney lost some of its magic as the theme park feels the loss of its tourism revenue. The $75 billion industry has reportedly lost $612 million, or $38 million per day since the park’s closing. SeaWorld also experienced an economic downfall, losing $131 million in tourist attractions.

91/101 SLIDES © ESB Professional // Shutterstock #11. Jacksonville, Florida

- Projected FY 2021 revenue loss under less severe scenario: 8.4% (#11 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 12.6% (#13 highest)

Jacksonville has felt the heat of the recession, too, with a 12% decline in city revenue. The city said it is evaluating its budgets and is looking for an 8% decline in sales tax, specifically this year. Still, officials also add that there’s been a “strong recovery of consumer spending,” a glimmer of hope when it comes to the city’s retail economic recovery.

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92/101 SLIDES © Susan Montgomery // Shutterstock #10. Flint, Michigan

- Projected FY 2021 revenue loss under less severe scenario: 8.6% (#10 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 13.5% (#9 highest)

Flint’s water crisis made headlines and has been the center of discussion for residents of the area for many years now. Now, residents must juggle two tragedies on their plate: the lack of clean water and a pandemic. Residing in the city with the second-highest poverty rate in America, residents are now dealing with both the pandemic and government restrictions that put many out of work.

93/101 SLIDES © Joseph Sohm // Shutterstock #9. Kansas City, Kansas

- Projected FY 2021 revenue loss under less severe scenario: 8.9% (#9 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 13.2% (#10 highest)

For Kansas City, Kansas, the conversation around tax relief was already a hot topic. Unfortunately, due to the pandemic, any wish to gain tax relief may be further out of reach than the city thought. Kansas has lost about 700 jobs over the last year, the sixth-worst rate of growth in America, according to federal and state figures.

94/101 SLIDES © Nagel Photography // Shutterstock #8. Wichita, Kansas

- Projected FY 2021 revenue loss under less severe scenario: 9.3% (#8 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 13.9% (#7 highest)

Wichita, home of Riverfront Stadium, has faced many financial pushbacks due to the stadium’s closing after COVID-19. The restaurants and bars surrounding the stadium picked up much of the city’s sales tax revenue, and without those operations, Wichita could be in serious trouble. Officials have projected a $10 million revenue shortfall this year.

95/101 SLIDES © Pixabay #7. New York, New York

- Projected FY 2021 revenue loss under less severe scenario: 9.4% (#7 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 13.9% (#7 highest)

Not only has New York City, one of the busiest and most popular cities in America, seen a $9 billion revenue loss from lack of social gatherings, but the city has also seen a major decline in the city’s Unincorporated Business Tax after the majority of the residents migrated to remote working. The lack of subway use has also contributed significantly to the city’s losses.

96/101 SLIDES © Andrey Bayda // Shutterstock #6. Detroit

- Projected FY 2021 revenue loss under less severe scenario: 9.5% (#6 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 14.2% (#6 highest)

Detroit transformed a city park into a temporary memorial for the residents who died from the virus. Slowly but surely, residents are doing their part, and the city has seen the positive rate drop to 2.7%.

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97/101 SLIDES © Brian Logan Photography // Shutterstock #5. Yonkers, New York

- Projected FY 2021 revenue loss under less severe scenario: 10.1% (#5 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 15.3% (#5 highest)

According to a Westchester County data release, Yonkers in April has had the most confirmed coronavirus cases of any city Westchester, with more than 1,250. Yonkers sales tax revenue was down 30% by mid-May.

98/101 SLIDES © Sean Pavone // Shutterstock #4. Shreveport, Louisiana

- Projected FY 2021 revenue loss under less severe scenario: 11.1% (#4 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 16.0% (#4 highest)

Shreveport has reportedly faced huge financial cuts due to the pandemic. So much so that Mayor Adrian Perkins announced in August that he, his senior staff, and department heads would be taking a 10% salary cut for the remaining fiscal year. Officials projected the total impact to be a $25 million revenue loss.

99/101 SLIDES © debra millet // Shutterstock #3. Syracuse, New York

- Projected FY 2021 revenue loss under less severe scenario: 13.5% (#3 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 19.3% (#3 highest)

Syracuse projected an estimated $30 million loss due to the virus, and Mayor Ben Walsh has let it be known that will not be the end of the cuts. The job loss is reportedly one of the worst in the entire nation during this pandemic, with the area suffering more job loss in the past year than 90% of other large American metropolitan areas.

100/101 SLIDES © Wangkun Jia // Shutterstock #2. Buffalo, New York

- Projected FY 2021 revenue loss under less severe scenario: 13.7% (#2 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 19.7% (#2 highest)

It’s no doubt that Buffalo has experienced major losses in revenue, being that the city’s target source comes from sales taxes, and almost every retail attraction is closed. It seems the entire county is looking to reevaluate how it will maximize the budget with $235 million cash-on-hand.

101/101 SLIDES © TarnPisessith // Shutterstock #1. Rochester, New York

- Projected FY 2021 revenue loss under less severe scenario: 13.8% (#1 highest of 150 cities examined)
- Projected FY 2021 revenue loss under more severe scenario: 19.9% (#1 highest)

Looking good financially before the pandemic hit, Rochester is now one of the top cities in trouble revenue-wise. The county in which Rochester resides is looking at a total loss of $68-122 million in revenue. Despite using the money for hazard pay for its employees, officials say the city will need federal aid assistance.

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News Source: msn.com

Contra Costa DA will no longer charge people for possessing small amounts of drugs, with rare exception

Next News:

GoodRx shares jump 40 percent in Nasdaq debut after $1.1 billion IPO

Shares of private equity-backed GoodRx Holdings surged 40 percent in their debut on the Nasdaq on Wednesday after the online prescription drug platform raised $1.14 billion in its initial public offering.

The stock opened at $46, compared to the IPO price of $33 per share. At its opening price, the company is valued at nearly $18 billion, more than six times the valuation it commanded during its last private fundraise in 2018.

GoodRx’s shares hit a session high of $49.57, a jump of over 50 percent.

The company, which counts PE firm Silver Lake among its biggest backers, sold about 34.6 million shares. It had initially set a target range between $24 and $28 per share.

GoodRx’s debut comes on the heels of the successful IPOs of data warehouse company Snowflake and Unity Software, underscoring investor appetite for new stocks which promise rapid revenue growth.

Moreover, shelter-in-place restrictions to control the pandemic have prompted people to turn to virtual consultations and online purchases of medicines, benefiting companies like GoodRx, which is also one of the few startups to be profitable at the time of its IPO.

“Healthcare companies have been the most active segment of the IPO market this year,” said Kathleen Smith of IPO research firm Renaissance Capital.

“Investors had a strong interest in GoodRx due to its 50%+ revenue growth and superior 40%+ EBITDA margins.”

GoodRx posted $257 million in revenue for the first six months of 2020, up from $173 million a year earlier. Net income totaled $55 million, compared with $31 million last year.

The California-based company gathers information for more than 70,000 U.S. pharmacies to track drug prices and offers discount coupons. It makes money by charging fees to partnering pharmacy benefits managers.

Silver Lake owned a 35.3 percent stake in the company before the offering, GoodRx’s filing showed.

Filed under ipo ,  nasdaq ,  prescription drugs ,  silver lake ,  9/23/20

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