2023 Resolutions (2) - Laserfiche WebLink

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Article IX. Allocation of Revenues [ -ft *:I D. Federal funds received to reimburse net eligible operating expenses will be strategically allocated to each Participating City. Eligible federal funds, in combination with eligible state funds, will be allocated on an annual basis, in such combinations and amounts to be determined by the Commission. Subject to the requirements of Article X, and in the event eligible federal funds are available, such funds will be allocated to the Participating Cities to offset any deficiencies between the estimated Local Share in each Participating City TSP and the actual Local Share determined by the Commission at the end of each of the fiscal year. E. State funds received to reimburse net eligible operating expenses will be strategically allocated to each Participating City. Eligible state funds, in combination with eligible federal funds, will be allocated on an annual basis, in such combinations and amounts to be determined by the Commission. Subject to the requirements of Article X, and in the event eligible state funds are available, such funds will be allocated to the Participating Cities to offset any deficiencies between the estimated Local Share in each Participating City TSP and the actual Local Share determined by the Commission at the end of the fiscal year. 3. During the Effective Period, the City agrees to modify Article X, Calculation of Local Share of Operating Costs, of the Cost Allocation Agreement and add section (C) as follows: Article X. Calculation of Local Share of Operating Costs I ** *1 C. The fiscal year of the Commission shall begin on July I and conclude on June 30. In the event the actual total local share of Local Funds is less than the budgeted total local share of Local Funds for a Participating City, after the Commission has strategically allocated federal and state funds in FY2024 ( "Surplus "), then such Surplus shall be refunded in full by the Commission to that Participating City on or before August 1, 2025. In the event the actual total local share of Local Funds, exceeds the budgeted total local share of Local Funds for a Participating City, after the Commission has strategically allocated federal and state finds in FY2024 ( "Deficit "), then such Deficit shall be paid in full by the Participating City to the Commission on or before August 1, 2025. 4. Except for the obligation for the Commission to pay any Surplus to the City of Portsmouth or the City to pay any Deficit to the Commission for FY2024, all amendments to the Allocation Agreement contemplated by this Resolution shall