Submitted By
Donna Gayden, Interim Chief Financial Officer
Reviewed By
A.M. Zayyad, Deputy Village Manager
Agenda Item Title
Title
An Update on the Status of the ARPA Funds
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Overview
Overview
Attached is the revised ARPA Spending & Obligation Summary as October 2, 2024. ARPA funds must be obligated by December 31, 2024, and are required to be expended by December 31, 2026. According to US Department of Treasury guidance, calendar year 2023 is the final year allowed to capture lost revenue. The final year lost revenue calculation for calendar year 2023 is $8,113,664, however, the remaining amount of unobligated/unspent ARPA funds is $7,911,165.
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Recommendation
Recommendation
Staff is recommending that the Village capture the remaining unobligated/unspent ARPA funds in the amount of $7,911,165 (GF $6,328,932 Parking Fund $1,582,233) as lost revenue. Almost all spending restrictions will be lifted except that the funds may not be used towards paying down debt or pension obligations or for legal settlements.
Background
None - Report Only
Fiscal Impact
None - Report Only
DEI Impact
N/A
Alternatives
N/A
Previous Board Action
N/A
Citizen Advisory Commission Action
N/A
Anticipated Future Actions/Commitments
N/A
Intergovernmental Cooperation Opportunities
N/A