Title
Update on American Rescue Plan Act Funds
Summary
COUNCIL GOAL: Financially Sound Government
(4A: Provide Funding and Organizational Framework to Ensure Continual Economic Improvements)
MEETING DATE: July 6, 2021
DEPARTMENT: Financial Services
CONTACT: Mark Holloway, Chief Financial Officer
Trudy Mathis, Finance Director
RECOMMENDED CITY COUNCIL ACTION:
• None
ITEM SUMMARY:
• This discussion will provide the background and the framework for possible uses of ARPA Funding.
BACKGROUND INFORMATION:
• City of McKinney received ARPA funding to address financial needs created by the COVID-19 public health emergency.
• City Council will appropriate the funding, based on priorities, and need.
FINANCIAL SUMMARY:
• Approximately $23.1 million will be allocated to the City of McKinney over the next two years for the cost of eligible public projects.
BOARD OR COMMISSION RECOMMENDATION:
• N/A