Updated Final Rule FAQs Provide Clarification
Treasury released an updated SLFRF Frequently Asked Questions document. Of note, Treasury clarified that local governments who did not choose the “standard allowance” election under revenue replacement in their April 2022 Project and Expenditure Reports may update their revenue loss election through the April 2023 reporting period. As a reminder, the “standard allowance” allows local governments to spend up to $10 million (not to exceed their award amounts) to provide government services.
Additionally, Treasury provided clarifications on the definitions of obligated funds, noting that “obligation” means “an order placed for property and services and entering into contracts, subawards, and similar transactions that require payment.” Click here to read the FAQs and note that the new or updated FAQs are listed on the second page.