Presented by Yara Ibrahim and Damon Armeni, Deloitte

Recipients of State and Local Fiscal Recovery Funds (SLFRF) American Rescue Plan Act (ARPA) funds have received ~$350 billion to support the response and recovery from COVID-19. Many are diligently working to comply with Treasury’s evolving guidelines. However, in doing so, are they overlooking critical criteria that could put their funds at risk for Claw back? We’ve completed an analysis across the nation and this session will cover five common opportunities for improvement.

Learning Objectives:

• Project description enhancement – do your submitted project descriptions meet Treasury’s guidelines?
• Written Justifications – have you compiled the required written justification for capital expenditure projects aligned to certain expenditure categories?
• Obligation of Revenue Loss – did you obligate your revenue loss as per Treasury’s regulations? Many recipients have moved SLFRF funds to a general fund as revenue loss without further establishing an obligation with those funds
• Unobligated funds – are you on track to obligate the remaining funds by December 31, 2024? NOTE: Procurement usually takes 2-3 months!
• Recalculation of Revenue Loss – Did you know that recipients may now supersede their prior election in future reporting cycles and instead take the standard allowance as opposed to calculating their revenue loss and vice versa?