Metropolis of Fairbanks begins figuring out how CARES Act funds can be distributed

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FAIRBANKS, Alaska (KTVF) As Fairbanks awaits its share of state CARES Act funds, metropolis officers are figuring out the best way to allocate these funds to metropolis residents.

Earlier this week, the Fairbanks Metropolis Council voted unanimously to just accept the $16 million in CARES Act funding the governor allotted to town. Now, an administrative advert hoc committee is figuring out how these funds will make their approach into residents’ palms.

“We did some calculation on what we could collect to reimburse ourselves for COVID related expenses,” says Metropolis of Fairbanks Mayor Jim Matherly. “Last I heard, according to our finance department, it was about $100,000,” the mayor continues, noting that this quantity might enhance barely because of ongoing prices.

“But that’s where the money for the city will stop. The rest of it is going to go through a couple of organizations, nonprofits, and banks,” mentioned the mayor. In keeping with a press launch issued by town, requests-for-proposals (RFP) are going out on Friday to “financial institutions and organizations that wish to participate”

Nonetheless Metropolis Chief of Employees Mike Meeks, who’s a member of the advert hoc CARES Act committee, says that it’s nonetheless too early to make any concrete statements about the place the cash will go and the mechanism by which it will likely be distributed.

“We have met once, after the council gave us the green light to go ahead,” Meeks says. “Our next committee meeting will be Wednesday [May 27], and that’s where we’re really going to start talking about… ‘what are the big buckets that we’re going to put the money into? What is the percentage of that?’”

The “buckets” Meeks refers to are the sectors of town into which cash can be distributed. He mentions help to small companies, help to nonprofits, and direct grants. Nonetheless, he stresses that none of that is at the moment set in stone, and that every thing might change in the course of the subsequent assembly. Nonetheless, the situations hooked up to the CARES Act reduction funds by the federal authorities be aware that the cash can solely be used to recoup coronavirus-related expenditures.

To place issues into perspective, Meeks says that figuring out how CARES Act funds can be distributed is like constructing a airplane whereas attempting to fly it on the similar time. “We want to be able to be flexible as possible until we can get this money out the door. By far, the majority of the money that the city gets is going out the door,” he says.

After the committee drafts an preliminary plan, Meeks says they’ll deliver it again earlier than the council for changes. “What we want to do is keep the public informed along the way because they’re very interested in where we are,” he says.

Copyright 2020 KTVF. All rights reserved.


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