June 7, 2021
The United States Treasury, under the Biden administration, established the Coronavirus State and Local Fiscal Recovery Fund to provide monies to cities. The cities can use the money to offset revenue losses and provide funding to support a very broad variety of projects to encourage job growth, provide housing, and assist in the completion of critical infrastructure development and maintenance projects, among other uses.
When the allocation formula was proposed, Cerritos was allocated $6.3 million.
Since the announcement, Cerritos Staff, led by Finance Manager Ryan Carey, has been working closely with the U.S. Treasury to submit the proper paperwork. According to a June 1, 2021 memo obtained by HMG-CN, the city received its first installment of $3.135 million with the second payment of $3.135 million coming in 12 months.
