Title
A Resolution amending Resolution No. 269-2020, which placed $6,400,000 of Federal reimbursement funds received from the Dept. for Local Government into the Contingency Designation Fund (Ordinance No. 50-2016), to reduce the amount to $1,800,000, with the difference of $4,600,000 being placed into the General Fund (Budget Stabilization Reserve). [Council Office, Maynard]
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WHEREAS, Resolution No. 269-2020 placed $6,400,000 of reimbursement funds received from the Department for Local Government into the Contingency Designation Fund established pursuant to Ordinance No. 50-2016, based upon the belief that an amount equal to these funds would need to be used from the Contingency Designation Fund in order to provide funding for certain programs in the final adopted FY 2021 Budget; and
WHEREAS, it was not necessary to use any of the $6,400,000 in funding from the Contingency Designation Fund in order to pay for these programs; and
WHEREAS, the Urban County Council would not have required the reimbursement funds to be placed in the Contingency Designation Fund had it known that it would not be necessary in order to fund these programs; and
WHEREAS, the Urban County Council finds that given this change in circumstances it instead chooses to place $4,600,000 of the $6,400,000 into the General Fund (Budget Stabilization Reserve), which would allow for the $600,000 per year contribution that would have normally been made to the Contingency Designation Fund in both FY 2020 and FY 2021, but was not due to Budgetary constraints, as well as the regular contribution for FY 2022 to remain in the fund.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE LEXINGTON-FAYETTE URBAN COUNTY GOVERNMENT:
Section 1 - That the above preamble is incorporated herein by reference as if fully stated.
Section 2 - That Resolution No. 269-2020 be and hereby is amended to reduce the amount that the Department of Finance, on behalf of the Lexington-Fayette Urban County Government,...
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