City and School Officials Briefed on Anticipated Financial Future of Virginia Beach and the Region

Annual five-year financial forecast advises that leaders proceed with caution.
post-it notes reading "what's next?"At a joint meeting on Nov. 17, Greg Grootendorst, Chief Economist of the Hampton Roads Planning District Commission, City Budget Director Kevin Chatellier and Virginia Beach Schools Chief Financial Officer Farrell Hanzaker provided overviews of the economic and financial landscape for the City Council and School Board to help leaders plan how to allocate revenue and plan expenditures in the coming years. Hampton Roads’ recovery from the economic impacts of the pandemic has been slower than average compared to the state and the nation. Though there are some positive economic indicators for our future, COVID-19 makes everything more uncertain. 

View the full presentation below. Review the Five-Year Forecast Report here. 

2020 Five-Year Forecast

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