FINANCIAL BUSINESS REQUEST (FBR)
Motion/Request:
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MOTION to appropriate $6,760.78 to Account 21014301-53342-T0001 (Town Green Upgrade) from Account 21090305-58915 (Undesignated) to cover the deficit of the Town share of STEAP grant funding not eligible to be covered by ARPA funding.
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Background:
Supplemental funding was sought to cover the Town matching share of expenses for the State STEAP grant. At their meeting of February 9, 2022, the Town Council appropriated $75,000 from the ARPA funds allotted to the Town to cover the matching funds and other Town Green improvements.
The $75,000 was appropriated to a new account, 21014301-53342-G0014 (Town Green Upgrade), created for ARPA funds accountability. The deficit in 21014301-53342-T0001 (the original account established for the Town share of STEAP funds) had grown to $21,393.64.
As it turns out, by fixed inception date of ARPA fund eligibility, March 3, 2021, only $10,164.30 of these expenses are ARPA-eligible, leaving a remaining deficit of $11,229.34. A residual amount of $4,468.56 was left in the original capital account, 21090305-53342 (Town Green Upgrade), established by $70,000 appropriation by Town Council action at their meeting of November 13, 2019.
Applying these funds by transfer has brought the outstanding deficit to $6,760.78. This is the amount that remains to be reconciled.
Department Comment/Recommendation:
I recommend reconciliation of this remaining deficit in Account 21014301-53342-T0001 by an appropriation from undesignated capital funds.
Finance Director Comment/Recommendation:
The Undesignated account in the CNR fund has a current, unencumbered balance of $494,821.78
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Mayor Comment/Recommendation:
I support this action to close out the STEAP 2020 grant.
Meeting Action Detail:
Town Council Meeting 10/12/2022:
File #: 22446 Version: 1
Type: Financial Business Request (FBR)
Title: MOTION to appropriate $6,760.78 to Account 21014301-53342-T0001 (Town Green Upgrad...
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