Label
ARPA Funds
Department of Finance
Campbell (x1252)
Title
Establishing the Local Fiscal Recovery Fund to account for federal funds received through the American Rescue Plan Act (ARPA); authorizing the Mayor to accept and deposit ARPA funds; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
The American Rescue Plan Act of 2021 was signed into law on March 11, 2021. As part of this COVID-19 stimulus package, federal funding will distributed to state and local governments to address the continued impact of COVID-19. The City of Toledo is projected to receive approximately $188.7 million through the ARPA. Half of this funding is expected in May of 2021 and half is expected in 2022. Funding must be spent by the end of calendar year 2024.
This ordinance authorizes the establishment of the Local Fiscal Recovery Fund to account for the award of these funds. The Ohio Auditor of State issued Bulletin 2021-004 (attached for reference) to provide accounting guidance for the ARPA programs and to emphasize the need for separate accountability of these federal funds.
This ordinance further authorizes the Mayor to accept and deposit ARPA funds into the Local Fiscal Recovery Fund. Subsequent ordinances will be presented to authorize appropriation and expenditure of funds for activities eligible under the ARPA.
The fiscal impact of this ordinance is as follows:
- The amount of funds requested: No expenditure authority requested with this ordinance
- The expenditure budget line item: N/A
- New revenue generated (operational revenue, grants, if any): $188.7 million (projected)
- Revenue budget line item (if any):
- Are funds budgeted in the current fiscal year (yes/no)?: No
- Is this a capital project (yes/no)? N/A
- If yes, is it new or existing (new/existing)? N/A
- What section of the City's Strategic Plan does this support:
o Excellence in Basic Services (yes/no) yes
o Quality Community Investment (Livable City, Development) (yes/no) yes
o Workplace Culture...
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