Title
A Resolution authorizing and directing the Dept. of Finance to allocate an amount equal to the initial $6,400,000 of reimbursement funds received from the Department for Local Government under the Coronavirus Aid, Relief, and Economic Security Act to the Urban County Government’s Contingency Designation Fund (Ordinance No. 50-2016) upon receipt of said funds and the taking of any necessary additional Budgetary actions, with any subsequent withdrawal and use requiring further action; and authorizing and directing the allocation of an amount equal to any additional funds received into the General Fund (Budget Stabilization Reserve), with the Council to discuss potential uses of these reserve funds on at least a quarterly basis. [Council Office, Maynard]
Body
WHEREAS, in order to provide additional funding for certain programs in the FY2021 budget above the amounts provided in the Mayor’s Proposed Budget it was necessary to use $6,400,000.00 from the Contingency Designation Fund established pursuant to Ordinance No. 50-2016; and
WHEREAS, the Lexington-Fayette Urban County Government is applying to receive certain Coronavirus Relief Funding from the Commonwealth of Kentucky through the Department for Local Government under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), for reimbursement of any eligible expenses incurred due to the Coronavirus Disease 2019 (“COVID-19”) public health emergency; and
WHEREAS, the Urban County Council recognizes that it would be appropriate to allocate an amount equal to the first $6,400,000.00 reimbursement funding received from the Department for Local Government to the Contingency Designation Fund upon receipt and to allocate any additional funding received to the General Fund (Budget Stabilization Reserve).
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE LEXINGTON-FAYETTE URBAN COUNTY GOVERNMENT:
Section 1 - That the Department of Finance, on behalf of the Lexington-Fayette Urban County Government, be and hereby is authorized and directed to allocate an amount equal to the first $6,400,000.00 of reimbursement funds received from the Department for Local Government under Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) into the Urban County Government’s Contingency Designation Fund (Ordinance No. 50-2016) upon receipt of said funds and the taking of any additional necessary budgetary action.
Section 2 - That any subsequent withdrawal and use of said funds shall require additional action in conformity with the requirements of Ordinance No. 50-2016.
Section 3 - That the Department of Finance, on behalf of the Lexington-Fayette Urban County Government, be and hereby is authorized and directed to allocate an amount equal to any additional reimbursement funds received from the Department for Local Government to the General Fund (Budget Stabilization Reserve) upon receipt of said funds and the taking of any additional necessary budgetary action.
Section 4 - That the Urban County Council shall meet on at least a quarterly basis to discuss potential uses of the funds which are allocated to the Budget Stabilization Reserve pursuant to this resolution.
Section 5 - That this Resolution shall become effective on the date of its passage.
PASSED URBAN COUNTY COUNCIL: