CITY of ALBUQUERQUE
TWENTY FOURTH COUNCIL
COUNCIL BILL NO. R-20-36 ENACTMENT NO. ________________________
SPONSORED BY: Klarissa Pe?a
RESOLUTION
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Urging The United States Congress To Amend Or Enact Provisions Of The Cares Act To Allow For Reimbursement To Local Governments For The Recapture Of Lost Revenues Due To The Corona Virus Pandemic (Pe?a)
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URGING THE UNITED STATES CONGRESS TO AMEND OR ENACT PROVISIONS OF THE CARES ACT TO ALLOW FOR REIMBURSEMENT TO LOCAL GOVERNMENTS FOR THE RECAPTURE OF LOST REVENUES DUE TO THE CORONA VIRUS PANDEMIC.
WHEREAS, on March 27, 2020, the President signed into law the U.S. government's Phase 3 aid package to provide relief due to the novel coronavirus ("COVID-19") through the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act"); and
WHEREAS, to qualify for reimbursement from the CARES Act funds, the costs incurred by the local government must be necessary expenditures due to the public health emergency resulting from the pandemic. The expenditures must not be accounted for in the budget most recently approved as of the date of enactment, and the expenses must have been incurred from March 1, 2020 through December 30, 2020; and
WHEREAS, the mandatory closing of non-essential businesses and social distancing measures in response to pandemic will result in a reduction of New Mexico Gross Receipts Tax (NMGRT) and other General Fund fee revenues the City expects to receive in Fiscal Year 2020, resulting in an operating budget deficit; and
WHEREAS, as of April 17, 2020, the City's Department of Finance and Administration has projected that NMGRT revenues for Fiscal Year 2020 will drop by 6%, or approximately $25.8 million, due to revenues lost during the response to the Corona Virus; and other fee based revenues will drop by 2.0%, or approximately $1.7 million; and
WHEREAS, a survey conducted by the United States Conference of Mayors (USCM) , the National League of Cities (N...
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