Spending Federal Stimulus Funds in FY10

Finance and Administration Advisory GroupNovember 18, 2009

Spending of Federal Stimulus Money

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• One of key factors in balancing FY10 budget is federal stimulus money.

• After 9C cuts, UMass Boston’s FY10 stimulus allocation is $25.6M.• UMass Boston is using federal stimulus funds for payroll.

• Consistent with spirit of American Recovery and Reinvestment Act (ARRA), which is to preserve and create jobs.

• Reduces campus’s administrative and reporting burden.• With payroll, we can control spending rate to ensure all ARRA money is

spent by end of FY10.• Use of ARRA funds will be transparent to campus:

• Beginning 11/27/09, we will shift payroll from state appropriation (fund 11000) to new fund (13250) for 6-7 payrolls, until all ARRA money is spent.

• You will see change in your unit’s financial reports.• No impact on paychecks, pension or other benefits.