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Treasury Department releases updated guidance for the Recovery Fund Project and Expenditure Reports

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    Treasury Department releases updated guidance for the Recovery Fund Project and Expenditure Reports

    On November 5, the U.S. Department of Treasury (Treasury) released updated guidance on the reporting requirements for the American Rescue Plan Act’s (ARPA) Coronavirus State and Local Fiscal Recovery Funds (Recovery Fund). The updated guidance amends the Recovery Fund’s Project and Expenditure Report to include a new field titled “Adopted Budget.” The updated guidance also clarifies that certain programmatic data and project demographic information will be phased in over several reporting cycles. The Adopted Budget is only required to be completed by counties with populations that exceeds 250,000.

    The Adopted Budget section will allow a county to provide information about the budget it has adopted for a project through its relevant budget process. Recipients will enter the Adopted Budget based on information that exists currently in the recipient’s financial systems and established budget process. Treasury will collect the Adopted Budget figures to better understand the intended impact of the project, identify opportunities for technical assistance and understand the recipient’s progress in program implementation.

    Additionally, the updated guidance also states that the collection of certain programmatic data and project democratic information will be phased in over several reporting cycles, with collection set to begin with the April 2022 Project and Expenditure Report. For both the Adopted Budget and the collection of programmatic data and project demographic information, further information will be provided by Treasury in a subsequent Reporting Guidance and User Guide, which will be released after the issuance of the Final Rule.

    NACo will continue to monitor updates regarding the Fiscal Recovery Funds and provide updates as needed.

    Have additional questions on the Fiscal Recovery Funds? NACo is here to help. Click here to ask a question.

    On November 5, the U.S. Department of Treasury (Treasury) released updated guidance on the reporting requirements for the American Rescue Plan Act’s (ARPA) Coronavirus State and Local Fiscal Recovery Funds (Recovery Fund).
    2021-11-11
    Blog
    2021-11-11

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