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Appropriation Adjustment — CARES Act Coronavirus Relief Funds <br />July 7, 2020 <br />Page 3 <br />The County advanced the Grant Funds (Funds) for both small business relief (approx. $900k) and <br />for reimbursement of COVID-19 eligible expenditures (approx. $2.9 million) in June 2020. The Funds <br />will be held in a liability account until incurred expenditures have determined to be eligible. Upon <br />determination, incurred expenditures will be reclassified into the accounting unit noted below (see <br />fiscal impact). Furthermore, as grant payments are made to small businesses, the liability account <br />will be reconciled to recognize the revenues on a monthly basis. Additional provisions required by <br />the Agreement include returning unspent funds back to the County by February 2021 along with <br />requirements to report back on the use of funds on a periodic basis. <br />FISCAL IMPACT <br />Approval of the appropriation adjustments will recognize funds in the revenue accounts and increase <br />the expenditure accounts as follows: <br />Revenues <br />Fiscal Year <br />Accounting Unit- <br />Fund Description <br />Accounting Unit, Account <br />Amount <br />Account <br />Description <br />FY 19-20 <br />17410002-52001 <br />CARES Act-FMSA <br />CARES Act -CV, Federal Grant- <br />$2 936,473 <br />(June) <br />Indirect <br />FY 20-21 <br />17318002-52001 <br />CARES Act-CDA <br />CARES Act -CV, Federal Grant- <br />$ 904,200 <br />(July -Dec.) <br />Indirect <br />Total Revenues <br />$3,840,673 <br />Expenditures <br />Fiscal Year <br />Accounting Unit- <br />Fund Description <br />Accounting Unit, Account <br />Amount <br />Account <br />Description <br />FY 19-20 <br />17410100-various <br />CARES Act-FMSA <br />CARES Act -CV, Various <br />$ 2,936,473 <br />June <br />FY 20-21 <br />17318810-various <br />CARES Act-CDA <br />CARES Act -CV, Various <br />$ 904,200 <br />Jul -Dec. <br />Total Expenditures <br />$3,840,673 <br />Fiscal Impact Verified By: Kathryn Downs, CPA, Executive Director— Finance and Management <br />Services Agency <br />Submitted By: Steven A. Mendoza, Executive Director — Community Development Agency <br />Kathryn Downs, CPA, Executive Director— Finance and Management <br />Services Agency <br />Exhibits: 1. Subrecipient Agreement with County, $ 2,936,473 <br />2. Subrecipient Agreement with County, $ 904,200 <br />20A-3 <br />