HomeMy Public PortalAboutRES-CC-2022-11CITY OF MOAB RESOLUTION NO. 11-2022
A RESOLUTION ,DEDICATING THE CORONAVIRUS STATE AND LOCAL FISCAL
RECOVERY FUNDS PROCEEDS TO REVENUE REPLACEMENT UNDER THE
STANDARD ALLOWANCE
he following findings describe the reasons for this resolution and explain its purpose.
a. The American Rescue Plan A.ct of 2021 dedicated Coronavirus State and Local Fiscal
Recovery Fund ("SLFRF'`) money to the State of Utah, Section 603(c)(4) of the Act provided
that local funds may be made available to local non -entitlement units in the state in which the
entity is located.
b. The State of Utah committed $631.519 to the City of Moab as a non -entitlement unit. The
City received the first tranche of these SLFRF proceeds on July 12. 2021, and the final
tranche is expected to be received in June or July of 2022.
c. The Federal Register Volume 87 Number 18 issued on Thursday, January 27,2022 published
the final treasury guidance for the expenditure of the SLFRF proceeds. Page 4403 states "The
`standard allowance" is set at up to $ 10 million total for the entire period of performance not
to exceed the recipients SLFRF award amount. Although Treasury anticipates that this
standard allowance will be most helpful to smaller local governments and. Tribal
governments, any recipient can use this standard allowance instead of calculating revenue
loss,"
d. City Council desires to unencum be those funds for future expenditure, while retaining them
in an assigned fund.
Now therefore, the City of Moab resolves as follows:.
Staff is directed to report all proceeds of the American Rescue Plan Act Non -Entitlement Unit
State and Local Fiscal Recovery Fund proceeds of $631.519 as revenue replacement using the
standard allowance, Additionally, all proceeds under this program are to be dedicated as assigned
funds in the General Fund Statement of Net Assets.
Effective Date and Duration. This resolution shall take effect immediately upon passage by the
City Council, regardless of the date of publication.
PASSED AND APPROVED by a majority of the City Cow
Y: i
Joee
ohnson, Record
'layor
3
261h day of April 2022.
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