Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Amending The Fiscal Year 2021 Operating Budgets Of Various Funds As Adopted And Approved By Resolution R-2020-232; Amending The Fiscal Year 2021 Capital Improvement Plan As Adopted And Approved By Resolution R-2020-233.
Strategic Plan Focus
Financial Management & Administration
Body
Staff Recommends: Approval of the Resolution.
Explanation:
This Resolution seeks authorization to amend the Fiscal Year (FY) 2021 Operating Budget and the FY 2021 Capital Improvement Plan adopted and approved by the City Commission on September 24, 2020, pursuant to Resolutions R-2020-232 and R-2020-233 respectively.
As part of the American Rescue Plan Act ("ARPA"), the U.S. Department of Treasury launched the Coronavirus State and Local Fiscal Recovery Funds which provides $350 billion in emergency funding to state, local, territorial, and tribal governments. The allocation of the funds is intended to assist government entities in recovery efforts following the economic fallout of the COVID-19 pandemic. To date, the City has received $14,695,215 in its first tranche of ARPA funds and must obligate all funds by December 31, 2024.
The U.S. Department of Treasury published an Interim Final Rule which provides guidance of qualifying projects that fall within the following allowable expenditure categories:
* Support public health expenditures or address negative economic impact caused by the public health emergency
* Premium pay for eligible workers
* Government services to the extent of lost revenues
* Investments in infrastructure
Fiscal Impact:
In conjunction with the FY 2022 budget development process, staff has reviewed the Interim Final Rule along with upcoming operational and capital needs of the City. Additional consideration was given to projects and investments linked to the City's Strategic Plan. As a result, the first tranche is allocated accordingly: $5,780,000 to qualifying pr...
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