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HomeMy WebLinkAboutCity Council Resolution 22-001, ARPA-SLFRF Budget AdjustmentRESOLUTION NO.22-001 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SARATOGA AMENDING THE FY 2020/21 AND FY 2021/22 BUDGET TO ALIGN WITH AMERICAN RESCUE PLAN ACT (ARPA) FINAL ALLOCATION AND ALLOWABLE EXPENDITURE CATEGORIES WHEREAS City Council desires to amend budget appropriations to reflect budget ARPA/SLFRF funding allocations and allowable expenditure categories for restricted federal funds; WHEREAS, the Council adopted the receipt and use of ARPA federal funds for FY 2020/21 for year-end budget allocations as part of the FY 2021/22 budget adoption; and WHEREAS, in June 2021 the U.S. Treasury released funding allocations for Non -Entitlement Units of Local Government (NEU) and the City was allocated $7,213,239 in ARPA/SLFRF funding for use in allowable expenditure categories to assist with pandemic response and recovery; WHEREAS, it is necessary to appropriate ARPA restricted funds for use in federally specified allowable expenditure categories with all obligations/encumbrances executed by December 31, 2024 and all payments released by December 31, 2026 and report said expenditures within each federally defined expenditure category: Account Description Account Number Amount To delete preliminary ARPA appropriation budgets and reconcile revenue and expenditure accounts related to ARPA for year-end FY 2020121 and add the final ARPA appropriation for FY 2021122 as follows: Add and Delete ARPA revenue and expenditure appropriations as follows: Fiscal Stabilization Reserve 111.8101.4xxxx ($2,800,000) Capital Improvement Fund 111.8101.99999 ($ 850,000) Internal Service Funds 111.8101.99999 ($ 550,000) American Rescue Plan Act (ARPA) 111.8903.xxxxx ($7,213,239) NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Saratoga hereby approves the above adjustments to the FY 2020/21 and FY 2021/22 ARPA related revenue and expenditure appropriation and reconcile accounts to align with the U.S. Treasury NEU funding allocation for the City of Saratoga. Resolution 22-001 Page 2 BE IT FURTHER RESOLVED, the above and foregoing resolution was passed and adopted at a regular meeting of the Saratoga City Council held on 19th day of January 2022 by the following vote: AYES: COUNCIL MEMBERS BERNALD, KUMAR, ZHAO, VICE MAYOR FITZSIMMONS, MAYOR WALIA NOES: NONE ABSTAIN: NONE ABSENT: NONE Tina Walia, Mayor ATTEST: DATE: /"" c2 � Britt Avrit, MMC, City Clerk