What should be considered when submitting a Revenue Loss project?

Revenue Loss Must be Due to Pandemic and Funds Must Impact the Provision of Government Services

Written Justification

Government Services- Provision of Public Safety, Health and Educational Services, Construction of Hospitals, etc.

Option 1- Elect a Standard Allowance of up to $10 Million Dollars

Option 2- Calculate Actual Revenue Loss According to Formula

Max {[Base Year Revenue* (1 + Growth Adjustment) ^ (nt  / 12)] - Actual General Revenue;0}

Calculate at Four Distinct Points in Time then Sum of the Four Calculations-

-December 31, 2020, December 31, 2021, December 31, 2022, and December 31, 2023 OR

-Last Day of Each of the County’s Fiscal Years Ending in 2020, 2021, 2022, and 2023

-^Must Choose One and Stay Consistent

Step 1- Calculate Base Year Revenue: Revenues Collected in Last Full Year Prior to Pandemic (prior to January 27, 2020)

Step 2- Estimate Counterfactual Revenue: Base Year Revenue * [(1 + Growth Adjustment) ^ (n / 12)]

nt: Number of Months Elapsed Since the End of the Base Year to the Calculation Date

Growth Adjustment: Greater of…

5.2 Percent (0.052) OR County’s Average Annual Revenue Growth in the Three Full Fiscal Years Prior to Pandemic

Step 3- Identify Actual Revenue: Revenues Collected Over the Twelve Months Immediately Preceding the Calculation Date

Step 4- Extent of the Reduction in Revenue is Equal to Counterfactual Revenue less Actual Revenue

If Actual Revenue Exceeds Counterfactual Revenue, then the Extent of the Reduction in Revenue is Set to Zero for that Calculation Date

Step 5- Sum of the Four Calculations (at the Four Distinct Points in Time) is the Actual Revenue Loss

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1. Who can submit a Revenue Loss project?
2. What should be considered when submitting a Revenue Loss project?