Agenda Date: 07/14/2020
Subject:
Title
CARES Act Update
Body
Prepared By:
Tiffany Hooten, Finance Director
PURPOSE:
Staff will be discussing the CARES Act funds and potential eligible costs as they relate to COVID-19.
PRESENTATIONS:
Staff Presenter(s): Tiffany Hooten, Finance Director
Additional Presenter(s): N/A
SUMMARY:
The CARES Act Section established the Coronavirus Relief Fund (the "Fund") and appropriated $150 billion to the Fund. Under the CARES Act, the Fund is to be used to make payments for specified uses to States and certain local governments; the District of Columbia and U.S. Territories; and Tribal governments.
The populations of Arapahoe and Jefferson Counties are more than 500,000, allowing both counties to qualify and receive a distribution of $114.75m from the Treasury Department. It was determined these funds could be shared with cities within the counties. Both counties have established separate processes for declaring and reporting eligible expenditures under the CARES Act for cities in both jurisdictions. Portions of Littleton are located in Arapahoe and Jefferson counties and therefore Littleton is eligible for funding from both counties. The city is expected to receive $4,409,413 of CARES Act funds.
PRIOR ACTIONS OR DISCUSSIONS:
Council approved the intergovernmental agreements regarding the CARES Act local government distributions with Arapahoe and Jefferson Counties at the May 19, 2020 council meeting. A study session was held on May 26, 2020 with support from council on Phase I uses of CARES Act funds.
Additionally, council approved an ordinance on second reading on July 7, 2020 to appropriate $4,409,413 from the grant fund for expenditures related to CARES Act funds.
ANALYSIS:
Staff Analysis
Understanding the needs of municipalities, and although it is not required, both Arapahoe and Jefferson County will be distributing funds to cities within their counties provided that the transfer qualifies as a necessary expenditur...
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