Monthly Webinar | Obligating SLFRF Funds: Available Resources and Shared Experiences-Video Recording

Video Transcription

Video Summary

The NGMA webinar focused on the State and Local Fiscal Recovery Funds (SLFRF) Program, led by Veronica Soto and colleagues from the U.S. Treasury. They reviewed the SLFRF origins under the American Rescue Plan Act, which allocated $350 billion to support communities affected by COVID-19. The session emphasized the rapidly approaching obligation deadline of December 31, 2024, by which funds must be formally obligated to avoid return to Treasury. Obligation involves legally committing funds through contracts, interagency agreements, or payroll, not just budget approval or revenue loss claims.<br /><br />Recent public data highlights strong progress, with 95% of SLFRF funds allocated to over 83,000 projects nationwide, including workforce development ($13.4 billion), affordable housing ($9.3 billion), and infrastructure ($34.7 billion). The Treasury’s data dashboard enables recipients to track their allocations, obligations, and project details.<br /><br />A key focus was proper reporting under the revenue loss category, which requires a two-step process: reporting claimed revenue loss and separately documenting specific obligated projects under expenditure category 6. Failure to do so leads to reporting errors and noncompliance. Corrections can be made in upcoming reports due January or April 2025. The Treasury and NGMA encourage recipients to use available guidance, resources, and forums to ensure compliance and maximize community benefits from SLFRF funds.

Keywords

State and Local Fiscal Recovery Funds

SLFRF Program

American Rescue Plan Act

COVID-19 relief funding

obligation deadline 2024

revenue loss reporting

Treasury data dashboard