HomeMy WebLinkAbout22-138 Approve American Rescue Plan Act (ARPA) funds expenditure reporting for the Downtown South Street replacement project
4646 Dakota Street SE
Prior Lake, MN 55372
RESOLUTION 22-138
A RESOLUTION APPROVING AMERICAN RESCUE PLAN ACT (ARPA) FUNDS
EXPENDITURE REPORTING FOR THE DOWNTOWN SOUTH STREET REPLACEMENT
PROJECT
Motion By: Braid Second By: Burkart
WHEREAS, the United States Department of Treasury has adopted guidance regarding the
use of American Rescue Plan Act (“ARPA”) funds. The city, in response to the
Pandemic, has had expenditures and anticipates future expenditures
consistent with the Department of Treasury’s ARPA guidance; and
WHEREAS, the City of Prior Lake is in receipt of the Coronavirus State and Local Fiscal
Recovery Fund (SLFRF) award totaling $2,976,958; the Council has approved
the use of the Standard Allowance in Resolution RES22-038; and
WHEREAS, the City will report the use of ARPA funds for Downtown South Street project
expenditures; and
WHEREAS, Interest earnings above the ARPA proceeds received will be allocated to the
CR21/Revere project.
NOW THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF PRIOR LAKE,
MINNESOTA as follows:
1. The recitals set forth above are incorporated herein.
2. City staff is authorized to apply the American Rescue Plan Act (ARPA) funds to the
expenditures related to the Downtown South Street replacement project for ARPA reporting
purposes.
3. City staff is authorized to make cash transfers from the Fund 265 special revenue fund for
the intended use of available funds as follows:
Fund Description
Estimated
Amount
Updated Amount
(ARPA reported
use of reserves) *
Required Fund
Transfers for CIP
Projects *Transfer
From:Transfer To:
Construction
DT South Street
Project
Expenditures 1,750,000$ 2,977,000$ 1,750,000$ F265 F501
DR: F501- Cash $1,750,000
CR: F501 ARPA Grant Revenue TRN20-000002 $1,750,000
Facilities
Management
Fire Station 1
renovations for FT
firefighters 400,000 400,000 F265 F440
DR: F440- Cash $400,000
CR: F440 ARPA Grant Revenue FAC22-000001 $400,000
Construction
CR21/Revere
Improvements
827,000 827,000 F265 F501
DR: F501- Cash $827,000
CR: F501- ARPA Grant Revenue TRN22-000002 $827,000
Total 2,977,000$ 2,977,000$ 2,977,000$
* rounded to the nearest '000 for presentation purposes
DR: F265 Unearned Rev $2,977,000
CR: F265 Cash $2,977,000
For Accounting Use: Revenue Recognition and Transfer Entries
M:\City Clerk\City Council\Resolutions\2022\22-138 Approve American Rescue Plan Act (ARPA) funds expenditure reporting for the Downtown South Street
replacement project.docx 2
Passed and adopted by the Prior Lake City Council this 21st day of November 2022.
VOTE Briggs Thompson Burkart Braid Churchill
Aye ☒ ☒ ☒ ☒ ☒
Nay ☐ ☐ ☐ ☐ ☐
Abstain ☐ ☐ ☐ ☐ ☐
Absent ☐ ☐ ☐ ☐ ☐
______________________________
Jason Wedel, City Manager