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(1) Standard allowance. The reduction in the recipient's general revenue due to the <br />public health emergency over the period of performance will be deemed to be ten million dollars; <br />or <br />(2) Formula. The reduction in the recipient's general revenue due to the public health <br />emergency over the period of performance equals the sum of the reduction in revenue, calculated <br />as of each date identified in paragraph (d)(2)(i) of this section and according to the formula in <br />paragraph (d)(2)(ii) of this section: <br />(i) A recipient must make a one-time election to calculate the reduction in its general <br />revenue using information as of either: <br />(A) December 31, 2020, December 31, 2021, December 31, 2022, and December 31, <br />2023; or <br />(B) The last day of each of the recipient's fiscal years ending in 2020, 2021, 2022, and <br />2023. <br />(ii) A reduction in a recipient's general revenue for each date identified in paragraph <br />(d)(2)(i) equals: <br />Max {[Base Year Revenue* (1 + Growth Adjustment)^(n42)1 -Actual General Revenue; <br />Of <br />Where: <br />(A) Base Year Revenue is the recipient's general revenue for the most recent full fiscal <br />year prior to the COVID-19 public health emergency; <br />(B) Growth Adjustment is equal to the greater of 5.2 percent (or 0.052) and the <br />recipient's average annual revenue growth over the three full fiscal years prior to the COVID-19 <br />public health emergency; <br />424 <br />