ITEM TITLE:
#21-55 -Amending the 2021 Budget by accepting $1,106,173.34 in additional American Rescue Plan Act revenues and appropriating same to qualifying expenditures, by accepting $4,337 in Alaska State Library ARPA Grant revenues, by transferring $44,029 from General Fund / Solid Waste Department to Major Equipment Reserve and appropriating same for equipment purchase, by reversing the 2021 Permanent Fund appropriation of $3,107,248, and by reversing the related interfund transfers.
SUBMITTED BY: Brian Carlson, Finance Director
FISCAL NOTES:
Expenditure Required: $1,150,202.34
Unencumbered Balance: $1,150,202.34
Funding Source: ARPA Grant Revenue - 310.0000.33412 ($1.1MM); Interfund Transfer ($44K)
RECOMMENDATION:
Approve
SUMMARY STATEMENT:
This resolution reflects the following items:
• ARPA Grant Amendment: our original ARPA grant of $930K was increased by an additional $1.1MM, which will be appropriated to the Sewer Force Main project, per ARPA qualifying expenditure guidelines. Staff will present a corresponding reduction to the Sewer Force Main among funds to be re-deployed during the projects budgeting process in March.
• Library ARPA Grant: These revenues do not have a corresponding expense in 2021, due to the timing of the award relative to the City’s budget. It will therefore “expire”, and be included in the carry-forward budget in March 2022. At that time staff will request a corresponding Library expense appropriation as an amendment to the 2022 Budget, and pursuant to Grant expenditure guidelines.
• Major Equipment: Public Works Director will present an additional Major Equipment request, to be funded with excess Solid Waste Department appropriations from 2021, if approved by Council.
• Permanent Fund: the 1.5% appropriation, totaling $3.1MM, and all its related transfers are reversed/eliminated, on the assumption that Council does not wish to liquidate these funds in 2021.