07/08/2021 FINANCE COMMITTEE Minutes

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Finance Committee Minutes July 8, 2021 NEW BUSINESS Discussion and Approval of End of Year Transfer Request. Per Mr. Collins there are no additional year end transfers. Town Manager Updates: a. Update on Federal COVID-19 funds anticipated/receive: Mr. Collins: Federal COVID 19 funds received by the Town of Mashpee to date is $744,000.00, and the total of Federal funds expected if$1.4 million, which includes the $744,000,00 already received. The balance of the $1.4 million federal funds is not expected this fiscal year, which is believed to be the Federal fiscal year which ends October 1. Ms. Lopes: There is no final decision of use of COCID 19 funds by the schools. Mr. Collins: Anticipated COVID 19 expenses: CARES ACT: possible deficit of approximately $400,000.00. No policy decision of whether to use free cash or Federal COVID 19 funds already received of$744,000.00 to cover the deficit. Discussion allowed uses for Federal COVID 19 funds. There is an expansive list of allowed uses for such funds and many are not specifically tied to COVID 19. Mr. Collins discussed priority of use of funds for costs directly linked to COVID 19 and then decide using such funds for other allowed uses. Mr. Collins will provide a list of allowed use of COVID 19 funds to the F1nCOm. Mr. Collins: Reported no layoffs of Town employees during then pandemic, however some Town employees were reassigned. Cares Act discussion: received $1,250.218.00 and this is separate from the Rescue Plan Act. FEMA reimbursement: March 2020 through September 15, 2020 in the amount of$402,357.86. September 12, 2020 through December 31, 2020 in the amount of$83,300.57. Barnstable County, for all the towns located in Barnstable County, is expected to receive $41,370,800.00 and expected earmark for the Town of Mashpee is expected to be $2.759,572.00.