Title
[ADDENDUM ITEM-1] MOTION TO APPROVE SUBAWARD AGREEMENT BETWEEN BROWARD COUNTY AND THE CITY OF PEMBROKE PINES FOR CARES ACT FUNDING; AND TO THE ALLOW THE CITY MANAGER TO TAKE ALL NECESSARY STEPS TO EFFECTUATE THIS AGREEMENT.
Summary Explanation and Background
SUMMARY EXPLANATION AND BACKGROUND:
1. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act was signed into law, providing over $2 trillion in economic relief to assist with the impact of the COVID-19 pandemic, $8.3 billion of which was allocated to the State of Florida.
2. Based on its population, Broward County qualified for a direct payment allocation and received $340.7 million in funding from the Department of the Treasury under the Coronavirus Relief Funds program.
3. Broward County’s municipalities have proposed that the County allocate a portion of the funds it received pursuant to the CARES Act to the County’s municipalities, and the County has agreed to make available approximately 30% or $102.3 million it received from the CARES Act to the County’s municipalities based on the CARES for One Broward Funding Plan.
4. Broward County wishes to sub-award a portion of the funds it received from the CARES Act to the City of Pembroke Pines, and the City must sign the sub-award agreement with Broward County.
5. The City must expend and request reimbursement of all eligible expenses by December 10, 2020, as well as meet other requirements in accordance with the agreement.
6. The City has been advised that our estimated allocation of the CARES ACT Funding is $7.5 million.
7. This Subaward Agreement as presented currently exists in substantially final form. At the request of the City Attorney and to expedite the implementation once all the exhibits and paperwork are finalized by the County; we request Commission approval of this agreement.
8. Request Commission approve the Subaward Agreement between Broward County and the City of Pembroke Pines for Cares Act Funding and to allow the City Manager to take all necessary steps to effectuate this Agreement.
Financial Impact
FINANCIAL IMPACT DETAIL:
a) Initial Cost: None. This is a reimbursement agreement. The City is eligible to receive $7.5 million from Broward County for Cares Act Funding.
b) Amount budgeted for this item in Account No: Not Applicable. However, the City’s Finance Department will create all accounts needed to track eligible expenses and revenues related to this funding.
c) Source of funding for difference, if not fully budgeted: Not Applicable
d) 5 year projection of the operational cost of the project Not Applicable
e) Detail of additional staff requirements: Not Applicable