Manager Marano also gave the good news that refinancing our current bond would bring approximately $200,000 in savings to the Village. Additionally, Palmetto Bay is poised to receive $12,000,0000 in American Rescue Plan Act (ARPA) funding. Half should be disbursed to the Village in June 2021 and the remainder in March 2022.
ARPA funding is expected to refund approximately $4,500,000 to the General Fund and the Enterprise Fund in lost revenue due to COVID-19. More importantly, the Village has learned that stormwater projects are now eligible under ARPA's definition of "water" projects. As a waterfront community, Palmetto Bay is particularly vulnerable to flooding, and stormwater projects effectively mitigate flooding conditions. However, such projects can be quite expensive. Manager Marano added that there may be opportunities to use ARPA funding for the rebuilding of the recreation room at Coral Reef Park, which was demolished a few years ago.
Following the presentation and public comments, members of the Mayor & Council shared their comments and recommendations with the Village Manager and addressed questions to the Department Directors. Mayor Cunningham emphasized the importance of connecting the Council priorities to the budget in a more deliberate manner. Vice Mayor Tellam, along with other Councilmembers, added that including benchmarks and progress information related to the priorities would be beneficial to both Council and staff. Manager Marano committed to a balanced budget, with overall revenues matching or falling below overall expenditures, exclusive of any ARPA funding. "Even without the COVID-19 money, we are striving to balance our primary budget", said Manager Marano.