Submitted By
Steve Drazner, CFO
Reviewed By
AMZ
Agenda Item Title
Title
Discussion Regarding an Initial Plan for Expending American Rescue Act Funds
End
Overview
Overview
On November 15, 2021, the Village Board reviewed the results of the community survey as comments received from the public regarding the potential uses of the American Rescue Funds allocated to the Village in the amount of $38,984,402. At that meeting, it was stated that a more detailed discussion on this topic would take plan in the first quarter of 2022. In particular, certain community organizations expressed some immediate needs for funds in the 1st Quarter of 2022. These requests will be reviewed at this meeting. Any decisions regarding funding distributions by the Village Board will require formal action at a subsequent meeting.
Body
Staff Recommendation
The Department of Treasury as well as the Government Finance Officers Association encourages communities to take the time necessary to make decisions about the best use of these funds. Staff would prefer this first review to focus on any immediate 1st Quarter needs of the community and then plan for an alternative date in the 2nd Quarter to further develop and align the community input with current needs in the community.
Fiscal Impact
As a logistical matter, alternatively, the Board may opt to categorize all the ARPA funds as lost revenue each year (once final numbers come in each March subsequent to year-end) which would provide much more flexibility to the Board for spending these funds. The Village's Chief Financial Officers Steve Drazner will review this approach during the meeting.
Background
The Village already received half of its total Federal Treasury allocation of $38,984,402 equaling $19,492,201 and the other half should be received this Spring or early Summer. The Treasury recently released its final ruling on spending these funds and a 44 page "summary" of the final rules is attached herein to this agenda i...
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