R-003-22 Accept $14,880,000 For The American Rescue Plan Act (ARPA) Coronavirus Local Fiscal Recovery Funds; etc.

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10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 RESOLUTION NO. R-03-22 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLTON TO: 1. ACCEPT $14,880,000 FOR THE AMERICAN RESCUE PLAN ACT (ARPA) CORONAVIRUS LOCAL FISCAL RECOVERY FUNDS; 2. TO AMEND THE BUDGET FOR FISCAL YEAR COMMENCING JULY 1, 2021 AND ENDING JUNE 30, 2022 IN THE AMOUNT OF $7,440,000 FOR THE FIRST TRANCHE OF STATE AND LOCAL FISCAL RECOVERY FUNDS; 3. TO APPROVE THE USE OF THE REVENUE LOSS CATEGORY IN THE DEPARTMENT OF TREASURY'S INTERIM FINAL RULE FOR THE PROVISION OF GOVERNMENT SERVICES; AND, 4. RELATED MATTERS. WHEREAS, on March 11, 2021, the United States Congress passed the American Rescue Plan Act of 2021 (APRA), which provides fiscal relief funds to State and Local Governments, and other program areas aimed at mitigating the continuing effects of the COVID-19 Pandemic; and, WHEREAS, ARPA is intended to provide support to local governments in responding to the impact of COVID-19 and in their efforts to contain COVID-19 in their communities, residences, and businesses; and, WHEREAS, ARPA includes State and Local Fiscal Recovery Funds (SLFRF) to support urgent COVID-19 response efforts to decrease the spread of the virus; to replace lost public sector revenue to strengthen support for vital public services; to support immediate economic stabilization for households and businesses; and to address systemic public health and economic challenges that have contributed to unequal impacts of the pandemic on certain populations; and, WHEREAS, the United Stated Treasury has adopted the Interim Final Rule as guidance regarding the use of ARPA funds; and, WHEREAS, in July 2021, the United States Treasury disbursed the City of Colton's first tranche of funds, totaling Seven Million, Four Hundred Forty Thousand Dollars ($7,440,000), and is scheduled to receive the second, equal tranche in July 2022; and, WHEREAS, that as recipient, the City of Colton accepts award of Coronavirus Local Fiscal Recovery Funds allocation up to the maximum allocation pursuant to the terms and conditions of ARPA; and, WHEREAS, in accordance with the prescribed formula provided by the United States Department of Treasury, the City of Colton's calculation determined the City's entire allocation to he eligible for replacement of lost revenue; and, WHEREAS, it is in the best interest of the City to accept such funding and authorize the use of such funding for the eligible use category of replacing lost revenue for the provision of government services (Revenue Loss category) as set forth in the Interim Final Rule issues by the Department of Treasury to implement the Coronavirus Local Fiscal Recovery Fund established under ARPA, which the City will prioritize and allocate through the FY2022-23 budget development process;