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2022-022 Council Resolution
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2022-022 Council Resolution
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2/18/2022 7:29:06 PM
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2/18/2022 9:19:42 AM
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City Council
Council Document Type
Resolutions
Meeting Date
02/14/2022
Council Meeting Type
Regular
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CITY COUNCIL <br /> AGENDA ITEM 1E <br /> STAFF ORIGINATOR: Hannah Lynch,Finance Director <br /> MEETING DATE: February 14, 2022 <br /> TOPIC: Consider Resolution No. 22-22, Electing the Standard Allowance <br /> Available under the Revenue Loss Provision of the American <br /> Rescue Plan Act <br /> VOTE REQUIRED: 3/5 <br /> BACKGROUND <br /> The City has been allocated $2,417,213.82 of American Rescue Plan Act (ARPA) funds. The <br /> funds have been accepted and are planned to be used in a manner consistent with guidance <br /> adopted by the United States Department of Treasury. <br /> In May 2021, the Treasury published the Interim Final Rule describing eligible and ineligible <br /> uses of funds as well as other program provisions. Under that guidance the City adopted a <br /> spending plan on December 13, 2021. <br /> On January 6, 2022, Treasury issued the Final Rule delivering broader flexibility and greater <br /> simplicity in the program. The Final Rule offers a standard allowance for revenue loss of up to <br /> $10 million, allowing recipients to select between a standard amount of revenue loss or <br /> complete a full revenue loss calculation. Recipients that elect the standard allowance may use <br /> that amount, in many cases their full award, for government services, with streamlined <br /> reporting requirements. <br /> By electing the standard allowance available under the revenue loss provision of ARPA in the <br /> amount of$2,417,213.82, the City may spend all allocated ARPA funds for the provision of <br /> government services. <br /> Similar to the initial spending plan, the City intends to use the revenue loss funds for the <br /> provision of government services to re-open the Rookery Activity Center and, if needed, other <br /> pay-go spending for capital improvements and purchases. <br /> RECOMMENDATION <br /> Staff is recommending approval of Resolution No. 22-22, Electing the Standard Allowance <br /> Available under the Revenue Loss Provision of the American Rescue Plan Act. <br /> ATTACHMENTS <br /> Resolution 22-22 <br />
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