ACTION REQUESTED:
Title
Communication from the City Manager and Finance Director with a Request to Hold a POLICY SESSION on the CORONAVIRUS STATE and LOCAL FISCAL RECOVERY FUNDS.
Body
BACKGROUND: The City of Peoria received $47,089,976 in Coronavirus State and Local Fiscal Recovery Funds (FRF) over the last two years. The City Council voted in June of 2021 to use $10,301,585 of FRF to eliminate the need to issue working cash bonds in 2021, and to curtail furloughs for affected non-union employees. With the 2022-2023 Biennial Budget the City Council appropriated $13,243,403 in 2022 and $12,185,000 in 2023.
Staff anticipates that $10,476,691 will be spent in 2022. Staff would recommend increasing the 2023 allocation from $12,185,000 to $15,465,428 to accommodate some spending that did not occur in 2022 and to address inflationary increases in certain infrastructure projects. This would leave $10,846,272 to be allocated.
RECOMMENDED SPENDING
2022 ANTICIPATED
2023 PROPOSED
2024-2025
PROPOSED
INFRASTRUCTURE
$ 4,618,403
$ 8,515,455
$ 3,181,802
NEIGHBORHOODS
$ 2,100,693
$ 2,453,303
$ 2,459,402
ECONOMIC DEVELOPMENT
$ 2,407,595
$ 2,406,155
$ 2,357,278
HEALTH EQUITY
$ 600,000
$ 600,000
$ 1,200,000
VIOLENCE REDUCTION
$ 731,250
$ 1,320,390
$ 1,287,098
PROGRAM MARKETING/ FINANCE ADMINISTRATION
$ 18,750
$ 170,125
$ 171,527
TOTAL
$ 10,476,691
$ 15,465,428
$ 10,846,272
Congress outlined specific funding objectives:
* Support urgent COVID-19 response efforts to continue to decrease the spread of the
virus and bring the pandemic under control;
* Replace lost public sector revenue to strengthen support for vital public services and
help retain jobs;
* Support immediate economic stabilization for households and businesses; and
* Address systemic public health and economic challenges that h...
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