(A) The Town Council, upon direction by and through the Indiana State Board of Accounts (SBOA), has a need to establish a local fund for receipt and disbursement of funds received through the American Coronavirus Local Fiscal Recovery Grant Fund of 2021 (Fund # 176) and pursuant to I.C. 5-11.
(B) The single source of income for Fund 176 shall be receipt of monies from the American Rescue Plan Act of 2021(ARP) and/or any subsequent deposit of funds which could or might be directed by state and federal agencies to the fund.
(C) Funds receipted into Fund 176 shall require additional appropriation (Town Council) approval and any expense must adhere to eligible purposes as detailed in Section 603(c) of ARP as established in 2021, and to such amendments in Section 603(c) which could be forthcoming. The primary purpose of the ARP Coronavirus Local Fiscal Recovery Grant Fund is to track monies allocated to the town from the American Rescue Plan Act of 2021 (ARPA) and to ensure that the use of the funds is consistent with the plan adopted by the town.
(D) Management of the fund shall be completed in adherence to processes and accounting procedures as detailed by the Indiana State Board of Accounts (SBOA) in State Examiner Directive 2021-1 and subsequent memorandum dated March 18, 2021, and in accordance with in-place accounting procedures as approved through the SBOA and any and all subsequent directives through the SBOA.
(Ord. 2021-1, passed 6-14-2021)