Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Disaster Recovery topic
No spam. Unsubscribe anytime.
Morganton creates Hurricane Helene funds and approves cash-flow loan amendment
Summary
Council established a $9.66 million Hurricane Helene special revenue fund, a $2.54 million Helene capital projects amendment, and approved an amended state cash-flow loan agreement to allow multi-year repayment.
Morganton — During its June 16 meeting the City Council approved a set of measures to organize and access funds related to Hurricane Helene response and recovery.
Sally told the council that generally accepted accounting principles require the city to set up a special revenue fund to receive reimbursements, insurance proceeds, cash-flow loans and FEMA or other grant monies related to Helene. She said the special revenue fund will be established in the amount of $9,661,199 and that the city will transfer needed amounts into a Helene capital projects fund for spending; the council approved a Helene capital projects fund amendment of $2,538,465. "That fund is where we will be required to receive any reimbursements, any funding, insurance, the cash flow loan, any FEMA reimbursements," Sally said.
Council also considered an amended cash-flow loan agreement from the state treasurer’s office that would allow Morganton to close the loan and repay it over a term rather than repaying immediately; staff described the amendment as a necessary step to receive the loan proceeds. Chris moved to approve the proposed amendment to the cash-flow loan agreement between the State of North Carolina and the City of Morganton; council approved the motion by voice vote.
Councilors approved related general- and water-fund budget amendments earlier in the meeting (a $507,000 general-fund amendment and a $35,200 water-fund amendment) that staff said required no appropriation of fund balance.
