The Town Council is scheduled to review Danville's financial situation during its public meeting on Tuesday, where staff from Chandler Asset Management will provide an update on the town's quarterly investment report.
Chandler Asset Management staff say that while national finances are still recovering from major hits taken during the coronavirus pandemic, there is some room for optimism as the national economy is trending in a positive direction.
"The U.S. economy continues to recover and while some pockets of the economy remain dislocated, real gross domestic product is approaching pre-pandemic levels," Chandler Asset Management staff said in their report to the town.
"The recovery has been fueled by robust fiscal spending, accommodative monetary policy and a swift vaccine rollout. These factors are beginning to moderate but should continue to provide tailwinds for the economy in the coming quarters," they added.
The slowing vaccination rates in the country and the recent spike in infections leave some areas for concern, staff said, but future federal spending should help continue a robust economic recovery.
"Some pandemic-related fiscal relief is starting to phase out, but President Biden and a group of bipartisan senators have agreed to an overall framework for a roughly $1 trillion infrastructure plan (including about $579 billion in new federal spending above previously approved levels)," staff said.
"Meanwhile, the Federal Reserve continues to signal that it will look past any near-term uptick in inflation to facilitate continued improvement in the labor market. Estimates for U.S. GDP growth remain strong. The current Bloomberg consensus estimate for 2021 and 2022 U.S. GDP growth are 6.6% and 4.1%, respectively," they said.
During Tuesday's meeting the town is also set to receive an update on the activities of local tourism advocacy group Visit Tri-Valley, receiving the update from the group's CEO and President Tracy Farhad.
The Danville Town Council's regular meeting is set to be held virtually at 5 p.m. Tuesday (July 20). Interested residents can view the meeting via video teleconferencing app Zoom using Webinar ID 818 2789 0469.
In other business
The Town Council also plans to meet for a special closed session to discuss anticipated but undisclosed litigation.
While discussion of the unannounced litigation will be conducted during a closed session not open to the public, any member of the public may address the council during a public comment session period held prior to the start of the closed meeting.
Closed-session review will begin at 3 p.m. at 510 La Gonda Way in the large conference room.