ACTION REQUESTED:
Title
Communication from the City Manager and Finance Director with a Request to RECEIVE & FILE a REPORT on the CORONAVIRUS STATE and LOCAL FISCAL RECOVERY FUNDS.
Body
BACKGROUND: On June 1, 2021, the City Council held a policy session pertaining to the Coronavirus State and Local Fiscal Recovery Funds. Council asked several questions that they wanted to see as report backs. They include:
What stormwater backlog projects or combined sewer projects could be addressed with Fiscal Recovery Funds? How would this mitigate future borrowing?
What is the public engagement strategy?
How can the Fiscal Recovery Funds be used for housing rehabilitation and neighborhood stability? How can the funds be targeted in neighborhoods hit hardest by Covid-19?
How can the Fiscal Recovery Funds be used for business support?
How can the Fiscal Recovery Funds be used for restoring cuts to public safety services - police, fire, and code enforcement?
How can the Fiscal Recovery Funds be used to address the needs of the homeless and mentally ill?
How many properties need to be demolished and at what cost?
What capital projects were suspended due to Covid-19 in 2020?
How can the Fiscal Recovery Funds be used to address inadequate alley lighting that is leading to illegal dumping in the south side?
The attached file answers the Council's questions.
Congress recently passed the $1.9 Trillion American Rescue Plan, which included $350 Billion for state and local governments through the Coronavirus State and Local Fiscal Recovery Funds (FRF). Over the next two years, the City of Peoria will receive $47,089,976 in FRF. Last week, the City received the first $23,544,988. The City Council voted in June to use $10,301,585 of the FRF to eliminate the need to issue working cash bonds in 2021, and to curtail furloughs for affected non-union employees. $36,788,391 remains to be obligated.
Congress outlined specific funding objectives:
* Support urgent COVID-19 response ...
Click here for full text