The U.S. Department of the Treasury this month updated guidance on the reporting requirements for the American Rescue Plan Act’s Coronavirus State and Local Fiscal Recovery Funds.
The updated guidance amends the Recovery Fund’s Project and Expenditure Report to include a new field titled “Adopted Budget” (required for counties with populations that exceed 250,000). In addition, the new guidance clarifies that specific programmatic data and project demographic information will be phased in over several reporting cycles.
According to the National Association of Counties (NACo):
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.
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