AGENDA CAPTION:
Title
Consider approval of Resolution 2021-130R, approving the allocation of $9,050,741 in funds received by the City of San Marcos on June 1, 2021 under the American Rescue Plan, and declaring an effective date.
Body
Meeting date: July 6, 2021
Department: Finance
Amount & Source of Funding
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Funds Available: Click or tap here to enter text.
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Fiscal Note:
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City Council Strategic Initiative: [Please select from the dropdown menu below]
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Comprehensive Plan Element (s): [Please select the Plan element(s) and Goal # from dropdown menu below]
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Background Information:
The US Treasury launched the Coronavirus State and Local Fiscal Recovery Fund totaling $350B approved through the American Rescue Plan. San Marcos has received an allocation of $18,101,483. The City has received half of the funds with remaining funds anticipated to be received in 2022. Funds must be incurred (for the most part) between 3/3/21 and 12/31/24 with funds expended by 12/31/26. Staff recommends that the funds already received of $9,050,741 be allocated and the remaining funds to be received next year be allocated then. This will give the City time to recover and see what the continued needs are of the City and the community as we continue to progress through recovery.
Based on discussion and direction given by Co...
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