Plymouth Common Council approves resolution to create new funds
at Monday’s Common Council meeting, Resolution 2021-940 was approved. The resolution creates various new funds necessary in order to hold money associated with several new projects and grants.
Section one creates the Airport Coronavirus Response Grant Program Fund for the deposit of FAA funding designated for the Plymouth Municipal Airport. Expenditures from the fund are for any and all general expenses and purchases of the Aviation Department. The fund will be active until it is terminated by another resolution, ordinance, or Indiana law. The fund balance is non-reverting at the end of the year. If the fund is terminated, then the balance, if any, will be transferred in accordance with Indiana law as specified in the termination resolution or ordinance. The amount of the deposit is $10,000 and there is no local match.
Section two creates the American Rescue Plan Grant Fund for the deposit of federal American Rescue Plan Act funding designated for the City of Plymouth. Expenditures from the fund shall be for any and all general expenses and purchases of the city. The duration of the fund will be active until it is terminated by a future resolution, ordinance, or by an Indiana law. The fund balance is non-reverting at the end of the year. If the fund is terminated, then the balance, if any, will be transferred in accordance with Indiana law as specified in the termination resolution or ordinance. The anticipated amount of the deposit is $2.08 million. It also does not require a local match.
Section three creates the FEMA FFY20 Grant Fund for the deposit of Hazard Mitigation Grant Program funds. Expenditures from the fund are for any and all expenses and purchases associated with the grant. The amount of the grant is $346,000 with 20 percent being the responsibility of the city. Since it is a reimbursable grant, the city will pay the funds and then request reimbursement from the grantor. The full amount, $346,000, will be transferred from the Rainy Day Fund to this newly created fund so that the fund will be kept in the black. Any moneys associated with the project may be placed into the fund, in the discretion of the Clerk-treasurer. If the fund is terminated, any remaining moneys will be transferred back into the Rainy Day Fund.
Section four creates the River Park Square Phase 2 Grant Fund for the deposit of Stellar Communities funds received from the Office of Community and Rural Affairs. The amount of the grant is $700,000. The city is responsible for $140,000 of that amount. Due to it being a reimbursable grant, the city will need to front the funds and request reimbursement from the grantor. In order to keep the newly created fund in the black, $500,000 will be transferred from the 2000 TIF Tax Money Fund to this newly created fund. Expenditures from the fund will be used for any and all general expenses and purchases associated with the grant. If the grant is terminated, then any remaining balance would be transferred back to the 2000 TIF Tax Money Fund.
Section five creates the Hoosier Old Wheels Grant Fund for the deposit of Land and Water Conservation Fund Program. The funds for this program are intended for the playground and trail improvements. The amount of the grant is $500,000. The city is responsible for $250,000 of that amount. In order to keep the newly created fund in the black, $350,000 will be transferred from the Park and Recreation Fund to the newly created fund. If the fund is terminated, then the balance will be transferred back to the Park and Recreation Fund.
Section six creates the Hoham Drive Grant fund for the deposit of funds received from the Indiana Department of Transportation. Expenditures from the fund will be for any and all general expenses and purchases associated with the grant. The remaining amount of the grant is just under $100,000 plus the purchase of real estate. Of that amount, 20 percent is the responsibility of the city. Since it is a reimbursable grant, the city will need to provide all funds and then request reimbursement from the grantor. In order to keep the fund in the black, $500,000 will be transferred from the 1993 TIF Tax Money Fund to the newly created fund. When the fund is terminated, the remaining balance will be transferred back to the 1993 TIF Tax Money Fund.
Section seven creates the TIF 5 Winona TIF Area Fund for the deposit of funds received from the TIF allocation area. Expenditures will be for any and all general expenses and purchases associated with the TIF district. When the fund is terminated, the remaining balance will be transferred in accordance with Indiana law and as specified in the termination resolution or ordinance.
Section eight creates the TIF 6 Centennial Crossing TIF Area Fund for the deposit of funds received from the TIF allocation area. Expenditures from the fund will be for any and all general expenses and purchases associated with the TIF district. Upon termination, any balance remaining will be transferred in accordance with Indiana law and as specified in the termination resolution or ordinance.
Section nine creates the TIF 7 Pretzels TIF Area Fund for the deposit of funds received from the TIF allocation area. Expenditures from the fund will be used for any and all general expenses and purchases associated with the TIF district. Upon termination of the fund, any balance remaining will be transferred in accordance with Indiana law and as specified in the termination resolution or ordinance.
The council unanimously approved the resolution.