Common use of REALLOCATION OF COST-SHARE FUNDS Clause in Contracts

REALLOCATION OF COST-SHARE FUNDS. Following the end of each fiscal year, the Board shall reallocate (redistribute) unobligated VACS allocations, including unobligated funds from prior fiscal years, and unobligated CREP or RCPP funds (keeping cost-share within the drainage basin it was originally allocated within). These funds will be used for VACS programmatic priorities which may include funding for Chesapeake Bay Watershed Implementation Plan implementation or targeted agricultural BMPs. VACS funds that have not been approved by the District’s Board of Directors at the end of the fourth quarter of the fiscal year (June 30, 2023 2024) to fund an existing cost-share application are considered to be unobligated. Data collected from the budget summary page of the Conservation Application Suite will be analyzed to identify those Districts that have obligated ninety percent (90%) or more of their Total VACS allocation. The percent of their VACS allocation obligated will be identified by dividing the “Obligated” amount by the “Allocation” amount. For those Districts that did not obligate at least ninety percent (90%) of their Total VACS allocation by June 30, 2023 2024, unobligated cost-share funds will be summed and all of a District’s unobligated VACS funds will be reallocated. This includes amounts already distributed to Districts for which a project has since been discontinued (which shall be reverted back to the Department; such funds shall not be directly sent between Districts) as well as VACS funds still being held by the Department for which there are no pending obligations against it. Technical assistance funding shall proportionally be transferred with the reallocated cost-share. Reallocation cost-share amounts and the associated technical assistance amounts shall be specifically noted in cost-share disbursement letters to Districts and become part of the financial record.

REALLOCATION OF COST-SHARE FUNDS. Following the end of each fiscal year, the Board shall reallocate (redistribute) unobligated VACS allocations, including unobligated funds from prior fiscal years, and unobligated CREP or RCPP funds (keeping cost-share within the drainage basin it was originally allocated within)) at its next scheduled meeting. These funds will be used for VACS programmatic priorities which may include funding for Chesapeake Bay Watershed Implementation Plan implementation or targeted agricultural BMPs. VACS funds that have not been approved by the District’s Board of Directors at the end of the fourth quarter of the fiscal year ( June 30, 2022) (June 30, 2023 20242023) to fund an existing cost-share application are considered to be unobligated. Data collected from the budget summary page of the Virginia Agricultural BMP Tracking Program (Tracking Program) Conservation Application Suite will be analyzed to identify those Districts that have obligated ninety percent (90%) or more of their Total VACS allocation. The percent of their VACS allocation obligated will be identified by dividing the “Obligated” amount by the “Allocation” amount. For those Districts that did not obligate at least ninety percent (90%) of their Total VACS allocation by June 30, 2023 20242022 June 30, 2023, unobligated cost-share funds will be summed and all of a District’s unobligated VACS funds will be reallocated. This includes amounts already distributed to Districts for which a project has since been discontinued (which shall be reverted back to the Department; such funds shall not be directly sent between Districts) as well as VACS funds still being held by the Department for which there are no pending obligations against it. Technical assistance funding shall proportionally be transferred with the reallocated cost-share. Reallocation cost-share amounts and the associated technical assistance amounts shall be specifically noted in cost-share disbursement letters to Districts and become part of the financial record.