Article 9. Grant Fund Balance Deficit - 2020 - 2022 Expenses

ARTICLE 9. To see if the Town will transfer from available funds the sum of $676,242.77, or any other sum, to the Special Revenue account, FEMA Corona Virus Relief, to cover unreimbursed spending from the years 2020-2022; or take any other action relative thereto.

Article Explanation

The Town received funds to cover the costs of the COVID-19 pandemic on a reimbursement basis. In total, the Town received over $1.5 million. However, due to timing and changing regulations, there is a deficit left on the Town’s balance sheet for expenditures that were ultimately not reimbursed. The Department of Revenue extended the reconciliation timelines through Fiscal Year 2026 and will be requiring that all deficits are settled prior to setting the Fiscal Year 2027 tax rate. Using Free Cash will alleviate extra tax burden for these prior expenses.

Article Motion

Ms. Wasoff moves to transfer $676,242.77 from Free Cash to the Special Revenue account, FEMA Corona Virus Relief.