An Act to Address Challenges Faced by Municipalities and State Authorities Resulting From COVID-19
Recent Legislation, Accounting Procedure
free cash appropriation certified delay adoption FY21 budget COVID-19 expenditures retained earnings enterprise fund
St. 2020, c. 53, s. 6; 59:23; 44:53F1/2
This Bulletin provides guidance to local officials regarding the procedures for the appropriation of free cash and retained earnings after June 30, 2020 as authorized by section 6 of An Act to Address Challenges Faced by Municipalities and State Authorities Resulting From COVID-19, Chapter 53 of the Acts of 2020, (the Act). Section 6 provides an option for cities, towns and districts to appropriate from July 1, 2019 certified free cash and retained earnings after June 30, 2020 “as a funding source for the city’s, town’s or district’s fiscal year 2021 expenditures” if the city, town or district’s annual budget is delayed beyond June 30, 2020 due to the current COVID-19 emergency (“emergency”).