TROY, N.Y. (NEWS10) — The Collar City is expected to get $45.6 million from the federal government thanks to the American Rescue Plan. When it comes to the city’s plan on how to spend the money, they have some ideas in mind.
“$45.6 million is coming to the city of Troy, and it’s really welcoming news,” said Carmella Montello, Troy City Council President.
“It will help us as a country get back on track much quicker,” said Troy Mayor Patrick Madden.
Mayor Patrick Madden, City Council President Carmella Mantello and Troy City Council Members discussed their potential layout for the American Rescue Plan on Thursday night.
“It will come in two installments. The first one will be this May, and the next one will be next year in May. We do have to use the funds by December 31, 2024,” said Mantello.
“So, when we spend it will be gone. So we should use it accordingly, and it shouldn’t be used for expenses that are going to reoccur every year, year after year,” said Mayor Madden.
Troy officials said the funding will be allocated into buckets of four allowable uses. The amounts will be determined once further guidance is received.
Mayor Madden said getting businesses back on their feet is one of their top priorities. They want to pay off debts from the COVID-19 pandemic and amend the 2021 budget to remove fund balances.
Troy City Council said expenses related to the pandemic will be paid for such as air filtration systems and technology upgrades to better respond to public health emergencies.
Funds may be used by state and local governments for:
- Costs associated with responding to the COVID-19 public health emergency or its negative economic impacts, including but not limited to, assistance to households, small businesses, and nonprofits or aid to impacted industries such as tourism, travel, and hospitality
- To support workers performing essential work during the COVID-19 public health emergency by providing premium pay to eligible workers or by providing grants to eligible employers that have eligible workers who perform essential work
- To cover revenue losses caused by the COVID-19 public health emergency
- To make necessary investments in water, sewer, or broadband infrastructure
“All COVID-19 related expenses will be reimbursed. But obviously, the real focus was how can we work together to ensure that our taxpayers, residents, nonprofits and businesses, are in category one,” said Mantello.
Mayor Madden said the funding plan will take time and effort, but it will be worth it in the end.
“The ultimate goal is to repair the fiscal damage that has been done from the pandemic,” he said.