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A RESOLUTION BY THE CITY COUNCIL OF THE CITY OF JONESBORO, ARKANSAS TO APPROPRIATE AMERICAN RESCUE PLAN ACT FUNDS AND A PORTION OF EXCESS RESERVES TO CREATE RESTRICTED FUNDS FOR CAPITAL IMPROVEMENT AND COMMUNITY PROJECTS
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WHEREAS, the City of Jonesboro desires to allocate funding to various projects to invest in quality of place, safety and recreational amenities in the City of Jonesboro; and,
WHEREAS, the funding areas and projects included within this resolution have been discussed at multiple public meetings and are derived from input from city staff, residents of Jonesboro and professionals in various relevant fields; and,
WHEREAS, restricted accounts create a protected shelter within City accounting that ensures allocations are only used for intended purposes as appropriated by City Council; and,
WHEREAS, allocations made from Restricted Funds follow normal City purchasing policies and procedures; and,
WHEREAS, the current balance of $8,129,000 in American Rescue Plan Act Funds is required to be fully appropriated by the end of 2024; and,
WHEREAS, Excess Reserves are defined as funds in reserve that exceed the required reserves established most recently in RES-09:186 at 15% of the budgeted expenditures in the Unappropriated Fund Balance of the General Fund; and,
WHEREAS, Excess Reserves currently exceed $24,000,000; and,
WHEREAS, the following areas represent a partial list of projects funded by a Capital Improvement Plan proposal presented by City Administration; and,
WHEREAS, the Mayor and City Council desire to appropriate American Rescue Plan Act funding, and create Restricted Fund Accounts for the following items:
Pedestrian Trails, Sidewalks and Street Projects - $4,500,000
Land Bank and Development Incentives - $500,000
Lacy Park Improvements / Indoor Turf Facility Partial Funding - $2,500,000
Humanitarian Support Funding - $500,000
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