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Budget updateJune 2, 2020
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Federal Reserve Chair Jerome Powell, May 21, 2020
The United States economy is in a “downturn without modern precedent,” Mr. Powell said.
“In the best of times, predicting the path of the economy with any certainty is difficult,” he added. “We are now experiencing a whole new level of uncertainty, as questions only the virus can answer complicate the outlook.”
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Highlights
• National economy under unprecedented strain
• Broward County lost 13.8% of jobs in April • State of Florida budget heavily reliant on
sales tax
• Federal CARES Act funding • Airport • Transit • Broward County
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Data Inquiries Media Inquiries Economic Indicators Division, Retail Indicator Branch Public Information Office 301-763-2713 301-763-3030 [email protected]
Percent Change in Retail and Food Services Sales from
Previous Month Data adjusted for seasonal variation and holiday and trading-day differences but not for
price changes.
FOR RELEASE AT 8:30 AM EDT, FRIDAY, MAY 15, 2020
ADVANCE MONTHLY SALES FOR RETAIL AND FOOD SERVICES, APRIL 2020
Release Number: CB20-69
Statement Regarding COVID-19 Impact: Due to recent events surrounding COVID-19, many businesses are operating on a limited capacity or have ceased operations completely. The Census Bureau has monitored response and data quality and determined estimates in this release meet publication standards. For more information on the compilation of this month's report, see <COVID-19 FAQs>. May 15, 2020 Ͷ The U.S. Census Bureau announced the following advance estimates of U.S. retail and food services sales for April 2020:
Advance Estimates of U.S. Retail and Food Services Advance estimates of U.S. retail and food services sales for April 2020, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $403.9 billion, a decrease of 16.4 percent (± 0.5 percent) from the previous month, and 21.6 percent (± 0.7 percent) below April 2019. Total sales for the February 2020 through April 2020 period were down 7.7 percent (± 0.5 percent) from the same period a year ago. The February 2020 to March 2020 percent change was revised from down 8.4 percent (± 0.4 percent) to down 8.3 percent (± 0.3 percent).
Retail trade sales were down 15.1 percent (± 0.4 percent) from March 2020, and 17.8 percent (± 0.7 percent) below last year. Clothing and clothing accessories stores were down 89.3 percent (± 1.8 percent) from April 2019, while nonstore retailers were up 21.6 percent (± 1.4 percent) from last year.
ADVANCE MONTHLY SALES
April 2020 $403.9 billion -16.4%
March 2020 (revised) $483.5 billion -8.3%
Next release: June 16, 2020
* The 90 percent confidence interval includes zero. There is insufficient statistical evidence to conclude that the actual change is different from zero.
Data adjusted for seasonal variation and holiday and trading-day differences but not for price changes. Source: U.S. Census Bureau, Advanced Monthly Retail
Trade Survey, May 15, 2020.
-30-25-20-15-10
-505
101520
February March AprilTotal Ex Auto Auto Gen Mer
Source: U.S. Census Bureau, Advanced Monthly Retail Trade Survey, May 15, 2020
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Data Inquiries Media Inquiries Economic Indicators Division, Retail Indicator Branch Public Information Office 301-763-2713 301-763-3030 [email protected]
Percent Change in Retail and Food Services Sales from
Previous Month Data adjusted for seasonal variation and holiday and trading-day differences but not for
price changes.
FOR RELEASE AT 8:30 AM EDT, FRIDAY, MAY 15, 2020
ADVANCE MONTHLY SALES FOR RETAIL AND FOOD SERVICES, APRIL 2020
Release Number: CB20-69
Statement Regarding COVID-19 Impact: Due to recent events surrounding COVID-19, many businesses are operating on a limited capacity or have ceased operations completely. The Census Bureau has monitored response and data quality and determined estimates in this release meet publication standards. For more information on the compilation of this month's report, see <COVID-19 FAQs>. May 15, 2020 Ͷ The U.S. Census Bureau announced the following advance estimates of U.S. retail and food services sales for April 2020:
Advance Estimates of U.S. Retail and Food Services Advance estimates of U.S. retail and food services sales for April 2020, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $403.9 billion, a decrease of 16.4 percent (± 0.5 percent) from the previous month, and 21.6 percent (± 0.7 percent) below April 2019. Total sales for the February 2020 through April 2020 period were down 7.7 percent (± 0.5 percent) from the same period a year ago. The February 2020 to March 2020 percent change was revised from down 8.4 percent (± 0.4 percent) to down 8.3 percent (± 0.3 percent).
Retail trade sales were down 15.1 percent (± 0.4 percent) from March 2020, and 17.8 percent (± 0.7 percent) below last year. Clothing and clothing accessories stores were down 89.3 percent (± 1.8 percent) from April 2019, while nonstore retailers were up 21.6 percent (± 1.4 percent) from last year.
ADVANCE MONTHLY SALES
April 2020 $403.9 billion -16.4%
March 2020 (revised) $483.5 billion -8.3%
Next release: June 16, 2020
* The 90 percent confidence interval includes zero. There is insufficient statistical evidence to conclude that the actual change is different from zero.
Data adjusted for seasonal variation and holiday and trading-day differences but not for price changes. Source: U.S. Census Bureau, Advanced Monthly Retail
Trade Survey, May 15, 2020.
-30-25-20-15-10
-505
101520
February March AprilTotal Ex Auto Auto Gen Mer
Source: U.S. Census Bureau, Advanced Monthly Retail Trade Survey, May 15, 2020
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Nonagricultural Employment in Florida Fort Lauderdale-Pompano Beach-Deerfield Beach, April 2020
(Not Seasonally Adjusted), Released May 22, Page 1
Industry Title April 2020 Apr 2019 to Apr 2020Level Percent
Total Nonagricultural Employment 744,000 -119,100 -13.8% Total Private 637,300 -118,300 -15.7% Goods Producing 69,300 -8,500 -10.9% Construction 44,100 -4,800 -9.8% Manufacturing 25,100 -3,700 -12.8% Service Providing 674,700 -110,600 -14.1% Wholesale Trade 48,000 -2,700 -5.3% Retail Trade 98,800 -11,500 -10.4% Food and Beverage Stores 22,400 -300 -1.3% Health and Personal Care Stores 6,600 -1,800 -21.4% General Merchandise Stores 16,100 -2,400 -13.0% Transportation, Warehousing, and Utilities 29,600 -2,800 -8.6% Information 19,200 -900 -4.5%
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Nonagricultural Employment in Florida Fort Lauderdale-Pompano Beach-Deerfield Beach, April 2020
(Not Seasonally Adjusted), Released May 22, Page 2
Industry Title April 2020 Apr 2019 to Apr 2020
Level Percent
Financial Activities 63,900 -200 -0.3%
Finance and Insurance 42,000 400 1.0%
Real Estate, Rental, and Leasing 21,900 -600 -2.7%
Professional and Business Services 136,500 -15,800 -10.4%
Administrative and Support and Waste Services 72,000 -9,800 -12.0%
Education and Health Services 96,400 -16,100 -14.3%
Leisure and Hospitality 45,200 -52,700 -53.8%
Accommodation and Food Services 40,600 -45,400 -52.8%
Other Services 30,400 -7,100 -18.9%
Total Government 106,700 -800 -0.7%
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State of Florida Budget• January 2020 Revenue Estimate for state of
Florida for 2019-2020 revenues (ends in June)
• Total GF estimate $34.327 billion • of which, Sales tax $29.374 billion
• Broward County will be affected by: • Revenue sharing and half cent sales tax,
which is based on sales tax • Grants from state revenues
14%
86%
Sales taxRest
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Sales tax down 24% for activity in March
Sales tax down 0.9% for Year to Year in March
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Broward County impacts
• Airport • Port • Tourist Development Tax
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Airport
• Passenger traffic fell to very low levels from mid-March
• Discussions with airlines continuing as to service levels
• FY21 Recommended budget will be placeholder
• BSO Law enforcement and Fire Rescue costs under review
TSA national daily data thru’ 5/21
0
750,000
1,500,000
2,250,000
3,000,000
3/1/20 3/16/20 3/31/20 4/15/20 4/30/20 5/15/20
20202019
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Port Everglades
• Cruise travel halted, with resumption in late summer or fall
• Fuel and cargo traffic affected but to much less degree
• FY21 Recommended budget will be placeholder
• BSO Law enforcement and Fire Rescue costs under review
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Energy Information Administration liquid fuel forecast
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Tourist Development Tax
• March activity that was collected as tax in April fell by 55.6% from one year ago
• Top ten hotels fell 60.7% from one year ago
• Six months of FY20 revenue likely to be at depressed levels
• FY21 Recommended budget will be placeholder
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TDT collections, FY20 vs FY19
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Broward CARES Act
• $135 M for the Fort Lauderdale–Hollywood International and North Perry Airports, to cover debt service and essential services.
• $78 M for Broward County Transit, to address additional COVID-19 related costs, farebox revenue loss, and reduced gas tax revenues.
• The airport and transit funding will be provided as additional reimbursable grants
• $340 M as federal assistance directly to Broward County from the Treasury Department.
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Broward CARES Act• $340 million
• The CARES Act requires that the payments from the Coronavirus Relief Fund only be used to cover expenses that—
• (1) are necessary expenditures incurred due to the public health emergency with respect to the Coronavirus Disease 2019;
• (2) were not accounted for in the budget most recently approved as of March 27, 2020 (the date of enactment of the CARES Act) for the State or government; and
• (3) were incurred during the period from March 1, 2020 to December 30, 2020.
• Examples of costs that would be eligible, are
• Medical costs
• Public health expenses
• Payroll expenses for certain employees (e.g. public health) whose services are substantially dedicated to mitigating or responding to the emergency
• Expenses of actions to facilitate compliance with public health measures
• Expenses associated with the provision of economic support
• Any other COVID-19 related expenses reasonably necessary to the function of government
• From Dept of Treasury Guidance
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State of Florida CARES ActDollars Status
TOTAL FOR ALL OF FLORIDA 8,328,221,072
Direct to State of Florida 5,855,807,380 Already distributed
Direct to Large Counties 2,472,413,692 Already distributed
Direct to Broward County 340,744,702 Already distributed
Dollars Status
Local Govts statewide 45% share 3,747,699,482
Less Direct to Large Counties 2,472,413,692 Already distributed
Potential for Smaller Counties/Cities 1,275,285,790Request by Florida League of Cities
and the Florida Association of Counties
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