TITLE
Recommendation to approve the City's Guiding Principles for Stimulus Funding. (Citywide)
DISCUSSION
On February 17, 2009, the President signed H.R. 1, the American Recovery and Reinvestment Act of 2009 (Stimulus), which provides over $787 billion to jumpstart the spiraling national economy, as the nation faces the worst economic downturn in the last 80 years. This bill is roughly a third each of infrastructure investments, increases to social programs, and tax reductions and changes that together are designed to create and save jobs, and help the nation recover. Long Beach has been very involved in both the creation of the stimulus package, as well as now in the implementation of the Stimulus, as we work to ensure that Long Beach is in a position to secure as many of those dollars as possible.
Guiding Principles
At the March 10, 2009 City Council meeting, the City Council directed staff to create draft guiding principles on how Stimulus dollars should be used in the City of Long Beach. The following are staff's recommended guidelines for the City Council to consider:
· The City shall apply for Stimulus funding in as many accounts as possible to maximize the dollars to Long Beach for eligible projects.
· Shovel-ready eligible projects shall take priority, as it is one of the guiding principles set by Congress.
· Projects should create or preserve as many private sector jobs as possible, while ensuring that projects are a cost-effective use of taxpayer dollars. To the extent possible, these jobs should help those affected most by the recession.
· The City should ensure an efficient and effective process for applying for funds, so that Long Beach is not put at a competitive disadvantage.
· The City should not create programs that will require an unbudgeted funding commitment after Stimulus dollars are spent, as Stimulus dollars cannot be used to fund ongoing programs in the future.
· Projects should align with the City's Council's Budget goals, and...
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