An Act to Address Challenges Faced by Municipalities and State Authorities Resulting From COVID-19
Recent Legislation, Accounting Procedure
amortization deficit expenditures revenue COVID-19 three years FY20
St. 2020, c. 53, s. 7
This Bulletin provides guidance to local officials regarding the amortization of its FY2020 deficit resulting from the COVID-19 emergency as authorized by section 7 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). This section provides an option for cities, towns and special purpose districts to amortize their FY2020 COVID-19 emergency expenditure account deficit and certain FY2020 revenue deficits over the next three fiscal years in equal installments or more rapidly. The commissioner of revenue will implement section 7 through the director of the Bureau of Accounts of the Division of Local Services (director).