2021 American Rescue Plan
On April 26 during the Gahanna City Council Finance Committee meeting, a 1st quarter financial update was given by our Finance Director. Within that conversation, an update on the 2021 American Rescue Plan was also discussed. Here is a brief summary:
Since the passage of the American Rescue Plan Act of 2021 on March 11, 2021, we have received questions from the public concerning the legislation’s impact on Gahanna. There is still much uncertainty around the Plan, including exact distribution amounts and specific guidance for usage. However, there are some details we can share at this time.
How much funding will the City receive?
At this time, we are estimating that we will receive $6,957,018.75 in total, which is based on a population formula. If this estimated amount is confirmed, 50% (or $3,478,509.38) will be received in 2021. The remainder will be received in 2022, no earlier than 12 months after the first payment is received.
When will it be received?
Our funding will be distributed through the State of Ohio, specifically the Ohio Office of Budget and Management (OBM). We expect the funds to be distributed from OBM sometime after June 2021.
For what purpose(s) can the funds be used?
Similar to previous stimulus funding, monies received likely will be able to be used to respond to the public health emergency surrounding and caused by COVID19 or its negative impacts. Uses beyond that scope have not yet been determined with any certainty, and we are awaiting additional guidance from the U.S. Treasury and the OBM.
Currently, we are in the planning stage and are evaluating the accumulative losses incurred due to the COVID pandemic. We also are evaluating a second assistance program that will aid both residents and businesses in Gahanna.
As soon as we have definitive details to share, we will provide an update. Thanks for your patience as we determine final plans for the American Rescue Plan of 2021.