How Much Lakewood Will Get From $350 Billion American Rescue Plan

Lakewood CO

11 May, 2021

12:30 PM

Description

LAKEWOOD, CO — The U.S. Department of Treasury on Monday released a breakdown of what kind of financial help communities can expect from the $350 billion Coronavirus State and Local Fiscal Recovery Funds. Lakewood is set to receive $21.5 million. The city was among 19 Colorado municipalities allocated financial support through the program. "For the use of all revenue and funding, the City of Lakewood has a comprehensive budgetary process to evaluate if requests align with the goals of the city and benefit the residents of Lakewood," Lakewood's Chief Financial Officer Holly Bjorklund said in a statement. "The American Rescue Plan funds usage will be evaluated in the same budgetary process while complying with the federal guidelines. This approach allows the City Council to review requests in a strategic approach, consider multiple perspectives and weigh the needs and benefits." The emergency funding for local governments was established by the American Rescue Plan Act of 2021. The funds are meant to be used to respond to acute pandemic-response needs, fill revenue shortfalls among state and local governments, and support the communities and populations hardest-hit by the COVID-19 crisis, according to the U.S. Department of the Treasury. Don't miss the latest news updates in Lakewood: Free Lakewood Patch Newsletters and Email Alerts | Facebook | Twitter "With this funding, communities hit hard by COVID-19 will be able to return to a semblance of normalcy; they'll be able to rehire teachers, firefighters and other essential workers – and to help small businesses reopen safely," said U.S. Treasury Secretary Janet Yellen in a statement. During the Great Recession of 2007-2009, when cities and states were facing similar revenue shortfalls, the federal government didn't provide enough aid to close the gap, Yellen said. In addition to allowing for flexible spending up to the level of their revenue loss, the Treasury states, recipients can use funds to: Support public health expenditures, by funding COVID-19 mitigation efforts, medical expenses, behavioral health care, mental health and substance misuse treatment, and certain public health and safety personnel responding to the crisisAddress negative economic impacts caused by the public health emergency, including by rehiring public sector workers, providing aid to households facing food, housing or other financial insecurity, offering small business assistance, and extending support for industries hardest hit by the crisisAid the communities and populations hardest hit by the crisis, supporting an equitable recovery by addressing not only the immediate harms of the pandemic, but its exacerbation of longstanding public health, economic and educational disparitiesProvide premium pay for essential workers, offering additional support to those who have borne and will bear the greatest health risks because of their service during the pandemicInvest in water, sewer and broadband infrastructure, improving access to clean drinking water, supporting vital wastewater and stormwater infrastructure, and expanding access to broadband internet Patch Editor Jenna Fisher contributed to this report.