Regular Board of Supervisors Meeting


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  Action   7.       
Finance  
Meeting Date: 12/01/2020  
Inter-fund Transfer for AZ CARES Funds
Submitted By: Daniel Duchon, Finance
Department: Finance  
Presentation: No A/V Presentation
Recommendation: Approve
Document Signatures: BOS Signature Required
# of ORIGINALS
Submitted for Signature:
2
NAME
of PRESENTER:
Daniel S. Duchon TITLE
of PRESENTER:
Budget Manager
Mandated Function?: Not Mandated
Source of Mandate
or Basis for Support?:
Docket Number (If applicable):

Information
Agenda Item Text:
Approve two inter-fund transfers for the AZ CARES monies from Fund 533 to Fund 100, the first in the amount of $5,497,086.45 for Fiscal Year 2020 expenses and the second in the amount of $244,045.55 for Fiscal Year 2021 expenses.
Background:
The AZ CARES grant provided the County with $5,741,132 in reimbursement for public safety and public health general fund expenses.  The grant required the funds to be sequestered, and now the grant cycle is complete and closed.  The County should now move those funds from the sequestered fund 533, to fund 100 (general fund) for reimbursement of the actual expenses.  Total is $5,741,132.00.  For FY-20 expenses, inter-fund transfer of $5,497,086.45.  For FY-21 expenses, inter-fund transfer of $244,045.55.  These two transfers will place the AZ CARES funds of $5,741,132.00 in the General Fund.
Department's Next Steps (if approved):
Finance will execute inter-fund transfers (two).
Impact of NOT Approving/Alternatives:
Funds will be left in Fund 533.
To BOS Staff: Document Disposition/Follow-Up:
Minutes to Finance.

Budget Information
Information about available funds
Budgeted: Funds Available: Amount Available:
Unbudgeted: Funds NOT Available: Amendment:
Account Code(s) for Available Funds
1:
Fund Transfers
Fiscal Year: FY21
One-time Fixed Costs? ($$$):
Ongoing Costs? ($$$):
County Match Required? ($$$):
A-87 Overhead Amt? (Co. Cost Allocation $$$):
Source of Funding?:
Fiscal Impact & Funding Sources (if known):
FY-21 $244,045.55 in reimbursement revenue.
 
Fiscal Year: FY20
One-time Fixed Costs? ($$$):
Ongoing Costs? ($$$):
County Match Required? ($$$):
A-87 Overhead Amt? (Co. Cost Allocation $$$):
Source of Funding?:
Fiscal Impact & Funding Sources (if known):
For FY20 $5,497,086.45 in reimbursement revenue.
Attachments
No file(s) attached.


    

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