Title
Resolution authorizing the creation of the Coronavirus Relief Fund.
Staff Summary
• Lake County is a recipient of the funding available under section 601(a) of the Social Security Act, as added by section 5001 of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), which established a Coronavirus Relief Fund.
• The CARES Act provides that payments from the Fund may only be used to cover costs that 1) are necessary expenditures incurred due to COVID-19, 2) were not accounted for in the Fiscal Year 2020 budget, and 3) were incurred during the period of March 1, 2020 through December 30, 2020.
• In order to ensure compliance with the strict guidelines for this funding, Lake County is proposing the creation of a new special revenue fund to record and account for the revenue and expenses associated with the Coronavirus Relief Fund.
• This resolution establishes Fund 745, The CARES Act Coronavirus Relief Fund for budgeting and accounting purposes only.
• A plan is being developed to utilize these and other funds. Additional guidance is still forthcoming regarding more specifics on eligible uses and relationship with other funding sources.
Body
RESOLUTION
WHEREAS, Lake County is a recipient of the funding available under section 601(a) of the Social Security Act, as added by section 5001 of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), which established a Coronavirus Relief Fund; and
WHEREAS, the CARES Act funding may only be used for very specific uses and is subject to audit by the Inspector General of the U.S. Treasury; and
WHEREAS, it is necessary to establish a special revenue fund to account for the revenues and expenses associated with this funding.
NOW, THEREFORE, BE IT RESOLVED, by this County Board of Lake County, Illinois, that a new fund, namely the CARES Act Coronavirus Relief Fund, will be created.
DATED at Waukegan, Illinois, on May 12, 2020.