Title
Approval of a Resolution Authorizing the Appropriation of $1,000,000 of Economic Development Reserves to Support Community Economic Recovery Efforts
Recommended Action
Committee Recommendation:
On July 14, the City Council moved to approve a $1,000,000 funding strategy to support regional economic recovery efforts as recommended by the Finance Committee.
City Manager Recommendation:
Move to approve the resolution authorizing an additional $1,000,000 of Economic Development Reserves to support community economic recovery efforts and to include the appropriation in the third quarter budget amendment ordinance which will be presented to Council in October 2020.
Report
Issue:
Whether to approve the resolution authorizing $1,000,000 of Economic Development Reserves to support community economic recovery efforts 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):
None. Consent item only.
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, 2020, City Council passed Ordinance 7233, a Declaration of Public Health Emergency, in response to the COVID-19 epidemic in our community. The order gives the City more flexibility to address the impacts...
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