Submitted By
Steve Drazner, Chief Financial Officer and Tammie Grossman, DCS Director
Agenda Item Title
Title
Review and Discussion of Budgeting for the Village's Allocated Share of Coronavirus State and Local Recovery Funds totaling $38,984,402
End
Overview
Under the American Rescue Plan (ARP) Coronavirus State and Local Fiscal Recovery Funds, the Village of Oak Park's allotment is $38,984,402, of which, $19,492,201 has already been received. A presentation will be made about the Village's lost revenues as it relates to the allocation of ARP funds. The allotted distribution may be used on either lost revenue as defined under US Treasury guidelines or eligible expenses. Staff recommendations are presented in this agenda item for Village Board review and discussion only with no action required at this meeting.
Anticipated Future Actions/Commitments
At the July 19, 2021 Village Board meeting, a Budget Amendment for FY21 will be presented to authorize the creation of the ARP Fund, and appropriation of replacement revenues for FY2020 as compared to FY2019 and the appropriation of funds for the remainder of FY21 for to help support Oak Park small businesses and not-for-profits recover from the Coronavirus emergency to create a Business and Not-for-Profit Coronavirus Recovery Program (BNPCR) as detailed below.
During the FY22 budget process, which will begin with a Village Board discussion on July 26, 2021, the Budget process will include recommendations for Board consideration of supplemental ARP appropriations to be included in the FY22 and FY23 budgets. It is noted, that all funds must be committed by December 31, 2024.
Body
Report
Under the American Rescue Plan (ARP) Coronavirus State and Local Fiscal Recovery Funds, of the approximately $65.1 Billion that is being allocated to municipalities nationwide, the allocation to the Village of Oak Park is $38,984,402. This total allocation is paid in two installments over a twelve-month period and thu...
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