Title
Vote on a request to approve the adoption of a Coronavirus Aid, Relief, and Economic Security (CARES) Act fund budget
Abstract
Action Requested: Vote on a request to approve the adoption of a Coronavirus Aid, Relief, and Economic Security (CARES) Act fund budget
Discussion & Analysis: Recently released guidance related to the CARES Act funding maintains that funds should be budgeted for and accounted for in a special revenue fund as outlined in NCGS 159-26(b)(2).
The CARES Act fund budget will track all eligible CARES Act expenses. The recommended budget for the CARES Act Fund will be as follows:
|
Revenues |
|
|
COVID Relief Fund |
$1,461,651 |
|
Expenditures |
|
|
Transfer Out-General Fund |
$1,461,651 |
|
Total |
$1,461,651 |
|
|
|
General Fund
|
Revenues |
|
|
Transfer In - CARES Act |
$1,461,651 |
|
COVID Relief Fund |
($1,461,651) |
|
Total |
$0 |
How does this relate to the Comprehensive Plan: N/A
Budgetary Impact: The CARES Act fund budget will have no net impact in the FY20 budget.
Recommendation: Motion to approve the adoption of a Coronavirus Aid, Relief, and Economic Security (CARES) Act fund budget