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File #: 21-350    Version: 1 Name:
Type: Agendas Status: Agenda Ready
File created: 10/13/2021 In control: Board of Aldermen
On agenda: 10/19/2021 Final action:
Title: Framework for Development of the Use and Spending of ARPA Funds PURPOSE: The purpose of this item is for staff to present a framework for developing a comprehensive approach for the use of ARPA Funds that facilitates long-term resiliency and capacity building as the Town recovers from the COVID-19 pandemic.
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TITLE: Title
Framework for Development of the Use and Spending of ARPA Funds
PURPOSE: The purpose of this item is for staff to present a framework for developing a comprehensive approach for the use of ARPA Funds that facilitates long-term resiliency and capacity building as the Town recovers from the COVID-19 pandemic.
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DEPARTMENT: Manager's Office, Finance

CONTACT INFORMATION: Richard J. White III, Town Manager, 919-918-7315; Arche McAdoo, Finance Director, 919-918-7439

INFORMATION: On June 22, 2021, the Town Council adopted an amendment to the American Rescue Plan Act (ARPA) Grant Project Ordinance that included authorization of a short-term program for distributing up to $2.3 million of ARPA funds while developing a long-term plan for the remaining ARPA fund balance. Included in this amendment was the appropriation of $300,000 for small business grants.

On September 14, 2021, the Town Council amended the grant project ordinance to increase the final ARPA Grant Award from $6,200,000 to $6,753,198.84. The Town has received $3,376,194.84 of the grant award with the balance to be received by the Town within one year. All grant funds must be committed by December 31, 2024 and spent by December 31, 2026. The current budget for ARPA funds follows:
Expenditures

Grants to Small Businesses
$ 300,000.00
Essential Employee Pay
$ 224,795.00
Town Revenue Replacement
$ 1,834,730.00
Restricted Unallocated Funds
$ 4,393,673.84
Total Expenditures
$6,753,198.84
The restricted unallocated funds may increase based on the amount spent for Essential Employee Pay, and Town Revenue Replacement.

A Staff Work Group has been formed to develop strategies for developing a plan to guide the use of the unallocated funds which are restricted for ARPA eligible activities. This Staff Work Group is comprised of the Town Manager and the following Departments: Finance; Communication and Engagement; Economic Development; Planning...

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