The U.S. Department of the Treasury issued updated
guidance on compliance and reporting of State and Local
Fiscal Recovery Funds (SLFRF) authorized by the American
Rescue Plan Act. Additionally, the Department of the Treasury
scheduled two webinars in May on the same topic.
In November 2023, the Treasury issued an interim rule, the
‘Obligation IFR,’ which amended the definition of
‘obligation’ in 31 CFR 35.3 and provided some related
clarifications. Effective immediately, the Obligation
IFR was announced in the federal register on November
20, 2023. The regulation effectively clarifies when SLFRF funds
are considered to be obligated for an eligible use, and,
therefore, usable under the SLFRF. The regulations also clarified
that SLFRF funds can be used for the costs related to reporting
compliance requirements, records retention and internal control
requirements, environmental compliance requirements, and other
uses.
The U.S. Treasury is hosting two webinars on the
topic, ’Coronavirus State and Local Fiscal Recovery Funds
Program—Updated FAQs on Obligations,’ on May 8 from
7:00-8:30 a.m.Pacific Time
and May 9 from 10:00-11:30 a.m. Pacific
Time. These webinars provide recipient governments
the opportunity to understand recent SLFRF program updates and
clarify the ’obligation’ requirement. The sessions will
provide comprehensive overviews of the SLFRF program, the
obligation interim final rule, clarifications in the FAQs, and
SLFRF reminders.
To register for either webinar, please click one of
the following links:
