Budget / Financial Reports

COVID-19 Impacts on the City of Hudson's Finances

Amid the COVID-19 pandemic and with unemployment at an all-time high, the City is carefully monitoring income tax income vs. expenditures to determine the impacts on the City's finances. Income taxes account for approximately 78% of our General Fund budgeted revenue. As of May, while we are seeing a decrease in income tax revenues, our finances are holding steady, due in part to early aggressive deferrals of projects and budget reductions until we determine the total impact this will have on the annual budget. The City continues to monitor finances and is providing monthly updates to City Council. We will better understand the impact in coming months.

Fund Impact

This graph shows the City’s income tax budget and actual along with the deferred revenue broken down by Fund. As approved by voters, income tax revenue is distributed to the General Fund, Hudson Parks, Hudson Fire/EMS and Hudson City School District. The graph also accounts for the “Expense Deferrals” which include budgeted expenses that have been deferred or reduced in response to the COVID-19 impact. The overall “Fund Net Impact”, is a positive $4,572,759 including $1,320,065 in the General Fund.