Measure: $414,350 from Affordable Housing ARPA to a drainage project
Transfer the uncommitted balance of ARPA funds into the Department of Public Works (DPW) drainage project, which is included in the 2024-2025 approved capital projects. At the end of the 2022 fiscal year, the Town authorized $1,100,000 of ARPA funds to establish a trust fund dedicated to affordable housing. To date, the Town has obligated $685,650 of these funds. Under Treasury guidelines, ARPA funds must be fully obligated by December 2024, or they will be forfeited and returned to the Treasury. Unfortunately, due to timing constraints, the remaining funds in the Affordable Housing ARPA budget will not be committed before the year-end deadline. To prevent the loss of these funds, we are proposing to transfer the uncommitted balance. This action will allow the funds to remain obligated and utilized for a critical infrastructure need, rather than being returned to Treasury.
Related measures: