Title
Resolution to Amend the Fiscal Year 2022 - 2026 Capital Improvement Plan to Incorporate Additional Fiscal Year 2022 Projects Due to Funding Received or Allocated Through the American Rescue Plan Act of 2021
Purpose
PURPOSE/BACKGROUND:
This resolution amends the City's Capital Improvement Plan for the current fiscal year to incorporate additional projects due to the award of funds through the American Rescue Plan Act of 2021 ("ARPA").
Discussion:
The City Council annually considers and approves the City's Capital Improvement Plan ("CIP") for the upcoming and four (4) additional fiscal years. This consideration and approval generally occurs in conjunction with the annual budget cycle, and those capital projects scheduled for start and/or completion in the subsequent fiscal year are also funded through the City Council Approved budget for the Capital Projects Fund (Capital Budget). Most recently, the Council approved the Fiscal Year 2022 -2026 CIP.
Since the approval of the Fiscal Year 2022 Budget, the United States Congress passed and the President of the United States recently signed the American Rescue Plan Act of 2021 ("ARPA"). A primary component of ARPA is the disbursement of $350 billion in assistance to state, local, territorial, and tribal governments, known as Coronavirus State and Local Recovery Funds ("CLFRF"). Allocations will be sent directly to local governments. For the purposes of ARPA, independent cities are classified in the same manner as counties, resulting in the City receiving a portion of the CLFRF funds allocated for both Counties and Metropolitan Cities, as defined by ARPA. Based on that allocation formula, Hampton is scheduled to receive an allocation of $26,126,991 as County CLFRF funds and $22,533,427 as Metropolitan City CLFRF funds, for a combined total amount of $48,660,418.
The CLFRF funds may be used solely for certain qualifying expenses, including: 1) revenue replacement for the provision of government ser...
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