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Asheville staff brief council on FEMA disaster loan, narrowing budget gap and tax implications
Summary
City finance staff told the Asheville City Council on April 16 that the city has applied for the FEMA Community Disaster Loan (CDL) program and that other revenue and one-time savings measures have reduced a projected general fund gap for next fiscal year.
City finance staff told the Asheville City Council on April 16 that the city has applied for the FEMA Community Disaster Loan (CDL) program and that other revenue and one-time savings measures have reduced a projected general fund gap for next fiscal year.
The loan application, if approved, could be for up to $5,000,000, and staff said they would return to council for formal approval if the award is offered. Tony McDowell, finance and management services, said the city and FEMA are finalizing the application and that preliminary analysis suggested the city may be eligible for the program—s $5 million maximum.
Why it matters: The loan is one of the few federal mechanisms available to replace disaster-related local revenue loss; applying it to the general fund would reduce the…
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