TITLE: Title
Consideration of federal CARES Act funding allocation and Amendment to the FY2019-20 Adopted Budget
PURPOSE: The purpose of this item is to allocate the CARES Act funding to various eligible COVID-19 expenditures and to consider an amendment to the FY2019-20 budgets.
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DEPARTMENT: Town Manager and Finance
CONTACT INFORMATION: David Andrews, 918-7315; Cary McNallan, 918-7301
INFORMATION: The Town received $266K in federal funds from the CARES Act to be used for eligible expenditures related to COVID-19. Staff has provided the Council with information as to how these funds could be allocated. The attached budget amendment allocates a portion of these funds to the FY2019-20 budget to offset current eligible expenditures. The remainder of the funds will be deferred and included in the FY2020-21 adopted budget.
FISCAL & STAFF IMPACT: The FY19-20 budgets will increase as such: General Fund’s Information Technology will increase by $41,500; Affordable Housing Fund’s rental assistance program will increase by $120,000; and the Emergency Loan Fund will increase by $47,500.
RECOMMENDATION:r Staff recommends the Council approve the recommended allocation of funds for FY2019-20 by approving the budget amendment provided in Attachment A.