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A RESOLUTION AUTHORIZING THE CITY OF JONESBORO, ARKANSAS AMEND THE JETS 2020 BUDGET FOR THE CARES ACT FUNDING
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WHEREAS, Resolution 20:045 provided for the City of Jonesboro to enter into an agreement with the Federal Transit Administration (FTA) for the 2020 FTA Formula 5307 CARES Act in the amount of $3,277,057 in federal funds with no match which can be used without a time limit; and
WHEREAS, the amount of federal funds was later reduced by the FTA to $2,633,991; and
WHEREAS, the City of Jonesboro, Arkansas passed the 2020 budget in RES-19:201, which will need to be amended in order to reflect the use of funds.
NOW, THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF JONESBORO, ARKANSAS THAT:
SECTION 1: The 2020 Budget for JETS is hereby amended to provide a change in Federal Funds to reflect the 2020 FTA Formula 5307 CARES Act in the following amounts:
a. Operations: $1,900,000, which any unused balance will be carried forward to the next budget.
b. Equipment Purchases: $343,759, which any unused balance will be carried forward to the next budget.
c. Capital Improvements: 390,232, which any unused balance will be carried forward to the next budget.
PASSED AND APPROVED THIS 8TH DAY OF OCTOBER 2020.