Governor Phil Scott Introduces Plan for Economic Recovery and Revitalization
GOVERNOR PHIL SCOTT INTRODUCES PLAN FOR ECONOMIC RECOVERY AND REVITALIZATION
Proposes investing $1 billion in federal American Recovery Plan funds for key infrastructure needs including housing, broadband, water and sewer projects, climate change mitigation, and economic development
Montpelier, Vt. – Governor Phil Scott and his Administration today presented a plan to strategically invest $1 billion in one-time federal money provided to states to jumpstart recovery from the Coronavirus pandemic and support long-term economic growth.
Adhering to the principles set in his Fiscal Year 2022 budget, presented in January, the package makes historic investments in projects and initiatives to address long-standing challenges and unaddressed needs, putting communities across the state on a path for recovery and setting course for a stronger economic future in every region. Additionally, the Administration’s proposals ensure the one-time federal money - which is not permanent, ongoing funding - is dedicated to one-time transformations rather than programs the State would have to continue to support with other sources of funding once this federal money is gone.
“This federal money provides an incredible opportunity to tackle some of our biggest problems that we haven’t been able to fully address in the past decade and put ourselves on a path to greater prosperity in the future,” said Governor Scott. “By investing in infrastructure, broadband and housing we can increase economic equity from region to region, helping communities across the state attract more jobs, families and private investment. With these initiatives, along with funds to ensure good jobs remain in Vermont, we can help create more opportunities for our kids, workers and families in every region.”
Through the American Recovery Plan Act (ARPA), Vermont received $1,029,500,000, which it has until December 2024 to allocate. The Administration’s plan recommends using the funds in five strategic categories:
- $250.5 million for broadband and wireless connectivity
- $249 million for housing
- $200 million for climate change mitigation measures
- $170 million for water and sewer infrastructure
- $143 million for further economic development and recovery
The proposal also includes $17 million to cover administration and successful deployment of funds.
“We are pleased to offer the Legislature this starting point, which sets priorities that will help make sure we see the maximum value from every dollar of this one-time federal funding, and put ourselves in a position to grow the economy, make Vermont more affordable and protect the most vulnerable,” added Governor Scott.