A fund in the city’s budget has been created in anticipation of federal dollars being allocated to Streetsboro.
Streetsboro City Council voted Monday evening to allow the creation of a “Local Fiscal Recovery Fund” in anticipation of financial assistance from the American Rescue Plan Act.
Finance Director Jenny Esarey said the city expects to receive around $3.4 million over a two-year period. Streetsboro anticipates receiving around $1.7 million in 2021 and a similar amount in 2022 as well.
The 2021 act is a $1.9 trillion economic COVID-19 stimulus package that was signed into law in mid-March. ARPA provides additional relief to address the continued impact of the pandemic on the country. Through it, $350 billion is being provided to state and local governments.
The new fund was created in order to track ARPA funding allocation and use it within Streetsboro.
The specifics of when the city will receive the stimulus money and precisely how much has not been confirmed by the state Office of Budget and Management, Esarey said.
To date, COVID-19 has not financially impacted the city. Esarey said Streetsboro has been extremely lucky in that its municipal income tax has held steady to the city’s budget throughout the pandemic and that its employers have continued to operate, she said.
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