COVID Coffers

On the latest episode of the Debtwire Municipals Muni Lowdown podcast, Managing Editor Paul Greaves speaks with a journalist on the team, Kunal Kamal, about coronavirus spending by states and localities. The podcast begins with Kunal providing an overview of the spending of coronavirus state and local fiscal recovery funds. Kunal then discusses the distinctions between how much funding has been obligated vs. the amount spent. He notes that states and localities have until 31 December 2024 to obligate funds and must be spent by 31 December 2026. Kunal moves the discussion towards the seven spending categories identified by the Government Accountability Office (GAO) and focuses on the two largest ones, revenue replacement and negative economic impacts. To close the podcast, Kunal discusses GAO findings around compliance and reporting of state and local fiscal recovery funds.