AGENDA CAPTION:
Title
Consider approval of Ordinance 2021-54, on the first of two readings, amending the City's 2020-2021 Fiscal Year budget to allocate funds made available due to the Award to the City of American Rescue Plan Funds; and providing an effective date.
Body
Meeting date: July 6, 2021
Department: Finance-Marie Kalka, Finance Director
Amount & Source of Funding
Funds Required: Click or tap here to enter text.
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Funds Available: Click or tap here to enter text.
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Fiscal Note:
Prior Council Action: September 15, 2020 original budget adopted; February 24, 2021 Budget Amendment #1; May 4, 2021 Budget Amendment #2; July 6, 2021 Budget Amendment #3
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]
? Economic Development - Choose an item.
? Environment & Resource Protection - Choose an item.
? Land Use - Choose an item.
? Neighborhoods & Housing - Choose an item.
? Parks, Public Spaces & Facilities - Choose an item.
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? Core Services
? Not Applicable
Master Plan: [Please select the corresponding Master Plan from the dropdown menu below (if applicable)]
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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 ...
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