Title
Approval of Joint Recommendation from City Manager and Finance Committee for Appropriation of 2020 Year-End Funds for General Fund and Proposed Use of America Rescue Plan funding
Recommended Action
Committee Recommendation:
Finance Committee met on March 17 and April 21 to review and discuss the 2020 year-end General Fund financial position and the America Rescue Plan funding. The Committee directed staff to forward a joint City Manager/Finance Committee recommendation to City Council to approve the joint recommendations of City Manager and Finance Committee for appropriating year-end funds and the proposal for use of America Rescue Plan (ARP) funding, and direct staff to include these appropriations in a future Quarterly Budget Amendment.
City Manager Recommendation:
Move to approve the joint recommendation of City Manager and Finance Committee to appropriate ~ $3.9 million of 2020 year-end General Fund funds, as summarized in Attachment #1, and approve the proposed use of America Rescue Plan (ARP) funding, and direct staff to include these appropriations in a future Quarterly Budget Amendment.
Report
Issue:
Whether to approve the joint recommendation of City Manager and Finance Committee to appropriate ~ $3.9 million of 2020 year-end General Fund funds, as summarized in
Attachment #1, and approve the proposed use of America Rescue Plan (ARP) funding, and direct staff to include the appropriations with a future Quarterly Budget Amendment.
Staff Contact:
Nanci Lien, Finance Director, 360.753.8465
Presenter(s):
Jay Burney, City Manager
Nanci Lien, Finance Director
Background and Analysis:
The City ended 2020 with an approximate General Fund fund balance of $3.9 million. This is the fund balance available for appropriations after adjustments were made to increase the Emergency Reserve ($124,274) and the Budget Revenue Stabilization Reserve ($395,000).
Finance Committee discussed the 2020 year-end General Fund financial position at their March 1...
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