Title
Approval to Appropriate $1,000,000 of Economic Development Reserves to Support Community Economic Recovery Efforts
Recommended Action
Committee Recommendation:
On Wednesday, June 17 Finance Committee unanimously approved a motion to direct the City Manager to bring forward a $1,000,000 funding strategy to support regional economic recovery efforts.
City Manager Recommendation:
Move to approve the appropriation of an additional $1,000,000 of Economic Development Reserves to support community economic recovery efforts, and direct staff to bring forward a resolution memorializing the decision and include the appropriation in the third quarter budget amendment ordinance which will be presented to Council in October 2020.
Report
Issue:
Whether to approve appropriating $1,000,000 of Economic Development Reserves to support community economic recovery efforts and direct staff to bring forward a resolution memorializing the decision and include the appropriation in the third quarter budget amendment ordinance which will be presented to Council in October 2020.
Staff Contact:
Mike Reid, Economic Development Director, 360.753.8591
Presenter(s):
Jay Burney, City Manager
Mike Reid, Economic Development Director
Keith Stahley, Assistant City Manager
Background and Analysis:
City Council may revise the City's Budget by approving an ordinance. Generally, budget amendments are presented quarterly to Council for their review and approval but may be made at any time during the year. Authorizing this appropriation to be included in the third quarter budget amendment ordinance, which will be presented to Council in October, provides authorization to expend the funds.
On January 21, 2020, the Washington State Department of Health confirmed the first case of coronavirus (COVID-19) in the US in Snohomish County.
On March 15, 2020, the Governor ordered the closing of all sit-down restaurants and bars and banned gatherings of 50 or more statewide.
On March 17, 202...
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