WORKSHOP ITEM - Joe Huss, Finance Director
Title
CARES FUNDING UPDATE
Background
At the August 3 Council Meeting, the City Council approved the City’s Small Business Grant Program. The Council committed up to $500,000 of the $5 million in CARES funding allocated to the City for this program.
At the August 3 and 10 Workshops, staff updated the Council on other aspects of the CARES Act program including the work to date on securing the funding and retaining a consultant (Baker Tilly) to assist in establishing a funding plan.
Staff has compiled a list of potential uses of the CARES funds that is currently under review by Baker Tilly. Based on this list, Baker Tilly is preparing a Spending Plan Risk Assessment (current draft attached). This assessment is being refined and will add a fuller description of the project, a link to the US Treasury Guidance and FAQ page, as well as estimated expenses.
Staff will be providing the Council with regular updates regarding the use of CARES funds and the status of CARES-funded programs.
Recommendation
Informational only.