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Request for Action <br /> <br /> <br /> <br /> <br /> <br />To Item Number <br />Mayor and City Council 4.7 <br />Agenda Section Meeting Date Prepared by <br />Consent February 22, 2022 Lori Ziemer, Finance Director <br />Item Description Reviewed by <br />Resolution: Standard Allowance Under the Cal Portner, City Administrator <br />Revenue Loss Provision of the American <br />Reviewed by <br />Rescue Plan Act <br /> <br /> <br />Action Requested <br />Adopt, by motion, a resolution approving the standard allowance under the revenue loss provision of the <br />American Rescue Plan Act. <br /> <br />Background/Discussion <br />On January 6, 2022, the US Treasury issued the final rule of the American Rescue Plan Act allowing broader <br />flexibility and greater simplicity in the program. The final rule includes a key change to the revenue replacement <br />provision and allows a standard allowance for revenue loss of up to $10 million. <br /> <br />Recipients are allowed to select between the standard amount of revenue loss or complete a full revenue loss <br />calculation. Recipients that select the standard allowance may use funds up to that amount, in many cases their full <br />award amount, for government services, with streamlined reporting requirements. <br /> <br />The League of Minnesota Cities recommends that cities adopt a resolution with their intentions to elect the <br />standard allowance for revenue loss issued in the final rule of the American Rescue Plan Act. <br /> <br />Financial Impact <br />N/A <br /> <br />Mission/Policy/Goal <br />Appropriately govern in an ever-changing environment to develop a sustainable and prosperous community. <br /> <br />Attachments <br /> Resolution <br /> <br /> <br />The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional <br /> <br />service, and community engagement that encourages and inspires prosperity. <br /> Updated: August 2020 <br />