'Listen Up, DuPage!' episode explores fiscal management in time of crisis
"Listen Up, DuPage!," a podcast produced by College of DuPage in partnership with the DuPage County Board, launched its third episode tackling the financial implications and operational impacts of the coronavirus crisis.
Local experts discuss how major public entities in DuPage County are proactively addressing fiscal management and planning for the long-term during a crisis unlike anything we've seen in recent history.
The discussion features College of DuPage President Dr. Brian Caputo, COD's Interim Financial Controller David Virgilio, DuPage County Finance Committee Chairman Bob Larsen and DuPage County Director of Public Works and Operations Nick Kottmeyer.
While the extent and nature of the economic impact of COVID-19 are not yet fully known, institutions must evaluate their emergency management plans and be forward-thinking in planning for the future, Dr. Caputo said.
"Overall, COD was prepared for this crisis," he said. "We were able to shift from face-to-face to online instruction rather quickly, maintaining a large share of our enrollment. While the college has a healthy fund balance, we are carefully monitoring costs and creating strategies to address an anticipated enrollment decline as a result of COVID-19. The future remains unknown, but as an institution, we must be prepared on all fronts to make quick and efficient decisions."
At the county level, the economic landscape looks vastly different than it did several months ago, but with strong fiscal management, DuPage County will minimize the impact of an economic downturn, Larsen said.
"In DuPage County we are facing a lot of challenges in uncharted territory," he said. "The good news is that years and years of responsible fiscal management by our board, chairman and staff has put us in a good position to navigate these rocky waters. We know that rough times are heading our way with unemployment rates at an all-time high and a lack of state funding, but we have resources in place to minimize the impact."
"Listen Up, DuPage!," a monthly podcast, is designed to keep community members informed on key local initiatives, community innovation and central issues shaping DuPage County. On each episode, host WDCB Radio Station Manager Dan Bindert will join influential community leaders to engage in meaningful conversations about the most rapidly involving county in the nation.