COVID-19 Financial Advisory Committee (CFAC) Update

13 Apr 2020, by Seth Grigg Share :

The Governor’s COVID-19 Financial Advisory Committee (CFAC) met for the first time last week to begin the process of prioritizing how to allocate the $1.25 billion allocated to the state of Idaho through the Coronavirus Relief Fund (CRF). Idaho estimates that it will receive its CRF funds from the US Treasury around April 24th. The CFAC will continue to meet this week and next week to establish eligibility criteria and allocation of funds. While nothing has been finalized, it appears that 55% of CRF funds will be allocated to the state, 30% will be allocated to counties, cities, and tribes, and 15% will be held in reserve for future COVID-19 expenses. The local share will likely be allocated 25% based on population and 75% based on actual needs.

While we do not yet know which expenses will be eligible for reimbursement, we do believe actual costs incurred due to COVID-19 not accounted for in your current FY2020 budget will be reimbursable. IAC will provide additional guidance on eligible expenses once this information is available. While many expenses will be eligible for reimbursement, we believe that CRF funds will not be allowed to replace lost revenue or cover expenses which were budgeted for in your current year budget.

The State Controller will develop a form for reporting reimbursement expenses. Expenses eligible for reimbursement will be reported on the State Controller’s Transparent Idaho website. This will allow the public to view and monitor how CRF funds are used by entity and expenses category.

Please continue to track expenses incurred related to COVID-19. IAC should know more about eligible expenses over the next two weeks as well as the process for applying for reimbursement, timelines for reimbursement, and reporting requirements. Please contact Seth Grigg VIA email (sgrigg@idcounties.org) or cell phone (208.695.7312) with questions related to the Governor’s CFAC or the CRF.

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