Label
ARPA-SLFRF Adjustment
Finance
Melanie Campbell (x1252)
Revised
Title
Authorizing the reallocation of Coronavirus State and Local Fiscal Recovery Funds received through the American Rescue Plan Act among eligible and previously obligated projects; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
The City received Coronavirus State and Local Fiscal Recovery Funds (“SLFRF”) through the American Rescue Plan Act of 2021 (“ARPA”) to support eligible City programs and projects in the Toledo Recovery Plan. In accordance with federal requirements, SLFRF funds were required to be obligated by December 31, 2024, and must be expended by December 31, 2026.
U.S. Treasury guidance permits the reclassification of SLFRF funds among eligible projects and activities, subject to applicable federal requirements, including the requirement that the receiving project have a qualifying obligation incurred by December 31, 2024. As the City approaches the conclusion of the SLFRF program, the Department of Finance is continuing to evaluate remaining project expenditures, schedules, obligations, and anticipated completion dates to ensure the City fully utilizes its federal award within the required period.
Over the remaining months of the program, certain previously authorized projects may not require the full amount of SLFRF funding allocated to them or may not incur all anticipated expenditures within the federal expenditure period. At the same time, other eligible and timely obligated projects may be positioned to utilize additional SLFRF funding before the federal deadline. Reallocating funds among these projects will allow the City to maximize the use of its federal award and minimize the risk of returning unspent funds to the U.S. Treasury.
Where additional SLFRF funding is applied to eligible expenditures that otherwise would have been supported by the General Fund or another local funding source, those local resources may become available to support the continued c...
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