The Seattle Times reports,

Seattle budget director Ben Noble’s team last week estimated the city could collect $110 million less than expected in general-fund tax revenue this year due to an economic breakdown caused by the virus and by efforts to slow its spread, said Noble.

This would be a reduction of about 7 percent, according to Noble. The general fund revenue forecast on which the city’s 2020 budget (adopted in November) is based estimated that 2020 revenues would be $1,480.7 million. Importantly, though, the estimate of a $110 million reduction was done last week, before restaurants were closed.

The city began this year with about $65 million in an emergency fund (designated for surprise expenses) and about $58 million in a revenue stabilization account sometimes referred to as the “rainy day fund” (kept for shortfalls in revenues), Noble said.

“We will hit both of those” for money this year, he said. “I don’t know how far into them we will go.”

Last week Seattle Mayor Jenny Durkan announced that the city will defer city business and occupation tax collections until late 2020 for businesses with annual taxable income of $5 million or less. The mayor also announced an expansion of the small business stabilization fund. The bill to do so is currently being considered by the Seattle City Council; it would appropriate $1.4 million. (According to a city summary, the funding is from an underspend of community block development grant funds and a project deferral.)

And yesterday the mayor announced that the city will provide $5 million to give grocery vouchers of $800 to 6,250 families. According to the Seattle Times, this funding will come from sweetened beverage tax revenues. The 2020 budget estimates that sweetened beverage tax revenues will be $24.3 million for the year. But, as the Seattle Times notes,

Some revenue sources outside Seattle’s general fund could see even more dramatic reductions, Noble said. For example, the city’s taxes on short-term rentals and sugary beverages could bring in 20% to 50% less money than expected, because tourism has plunged and because people are no longer buying beverages at restaurants, he said.