Agenda - Council - 07/22/1980 - Laserfiche WebLink

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OrFIC[ or RrvrNur SHARING 2401 E STRrET. N.W. COLUMmA PLAZA HIGHRIE[ WASHIN~TO~. D.Co 20226 OFFICE OF THE SECRETARY OF THE TREASURY Dear Chi.ef Executive Officer: July 8, 1980 REF: 5132-P Today we rmde the third of four general revenue sharing, payments -for Entitlement Period ll (EPll) to over 37,000 eligible qovernments, including your qovernment. The Eleventh Period be.qan on October 1, 1979 and ends on September 30, 1980. The next revenue sharin0, pavmen! which your government receives in early October 1980 will comp] et e payments under the currently authorized General Revenue Sharinq (GRS) Prof.., ram. Your payment has been ~rade directly to your designated bank or other financial institution if you have so authorized. OtherWise, your government's payment is in the form of a check mailed separately from this letter. SOA Mailing Postponed Mile no further entitlement'periods are currently authorize(t, the Administrat4on has before the Congress, a proposal for a five-year reauthorization. The proposal will modify the fornnlas x4nich could result in changes to your government's allocation. 1Ye cannot provide you with firm or final allocation figures until the authorim~tion; therefore, the re.qmlar mailing of the Statement of Assurances scheduled for August will be postponed. As part of the SOA rmilin~ we also notified each recipient government of the amount of funds they could expect to receive for the next entitlement period on the "Status of Your GRS Account" page in the SOA package, ltowever, in this instance, for your budget planning, we sugqest you use current level of allocation to your Bove/-nment. Notice of EPI1 Final Allocations Each entitlement period, we compute an initial and a final allocation because we continually receive more accurate data from both recipient governments and the Bureau of the Census. Final allocations for Entitlement Period 11 have now been computed. Generally, adjustments to payments necessitated bv the final allocation computations are applied to the next entitlement peric~t. However, since no further entitlement periods are now authorized, the adjustments rmst be applied to the current Entitlement Period 11 allocations. Usually, governments with final allocations which are laro. er than their initial allocations wi1! have positive adjustments rmde to their next payment, on October 7, 1980. A .9. overnment which has a final allocation less than its initial allocation will have the neqative adjustment applied to its October payment if it is sufficient to recover the overpayment. If not, this quarter's payment has been reduced as well. -