CARES Act funding, financial plans and what to expect in 2021 and beyond

Baker Tilly recently presented a virtual roundtable series with Accelerate Indiana Municipalities (Aim) about CARES Act funding for local governments in Indiana and the importance of long-term financial and capital planning in the face of COVID-19. View the recording below.

CARES Act funding, financial plans and what to expect in 2021 and beyond

The session focused on the financial impacts local governments in Indiana are facing as a result of the COVID-19 pandemic. Specifically, we discussed:

• Coronavirus Aid, Relief, and Economic Security (CARES) Act funding
  - Updates on requesting and receiving funds
  - Accounting for CARES Act dollars
• Options for utilizing CARES Act money
  - Today’s wants and needs vs. tomorrow’s cash flow and reserves
• Financial obstacles on the horizon
  - 2022 local income tax (LIT) impacts
  - Potential impact to other revenue sources
  - COVID-19 economic impacts in 2021 and beyond
  - Tax base/circuit breaker/economic development considerations
• How the various impacts fit together into your community’s long-term financial and capital plan
  - Financial plans are evergreen, especially in today’s environment
  - Accurate financial planning and future scenario considerations have never been more important

Presenters and subject matter specialists

• Paige E. Sansone, CPA, Partner
• Eric J. Walsh, CPA, Partner
• Brian Colton, Principal
• Susan Cowen, Manager

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