Agenda - Council - 06/22/2021 - Laserfiche WebLink

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CC Regular Session Meeting Date: 06/22/2021 By: Diana Lund, Finance Information 5.21. Title Adopt Resolution #21-184 Accepting Coronarvirus Local Fiscal Recovery Fund Established Under the American Rescue Plan Act Purpose/Background: The City is stated to receive approximately $2.9M from the Federal Government through the State of Minnesota as a result of the COVID-19 pandemic. The funds are known as the Fiscal Recovery Funds through the American Rescue Plan Act. The City is expected to receive 50% of the funds in July 2021 and the other 50% in the summer of of 2022. The use of the funds are outlined under four major areas: 1. Responding to the Public Health Emergency 2. Serving the Hardest Hit and Addressing Inequities 3. Addressing Negative Economic Impacts 4. Improving Access to Water and Broadband Infrastructure A non-exclusive list of eligible uses for each of these four major areas is attached. The use of these funds must be decided by December 31, 2024 and spent by December 31, 2026. A future work session is planned to discuss how the City of Ramsey plans to use the Recovery Funds. Observations/Alternatives: Alternative #1: Accept the Recovery Funds in the estimated amount of $2.9M with the respective uses to be discussed and authorized at future city council work sessions and meetings Alternative #2: Do not accept the Recovery Funds in the estimated amount of $2.9M. Funding Source: Recovery Funds will be used as allowed and decided upon by City Council at a future date. Recommendation: Staff recommends acceptance of the Fiscal Recovery Funds with the allocation of said funds to be determined at a later date. Action: Motion to Adopt Resolution #21-184 Accepting the Coronavirus Local Fiscal Recovery Funds Established Under the American Rescue Plan Act. Attachments