Prime recipients should review the memo for detailed requirements concerning projects and expenditure categories and be prepared to also provide detailed obligation and expenditure information for any contracts and grants awarded, loans issued, transfers made to other government entities, and direct payments made by the prime recipient that are greater than or equal to $50,000.
M-20-26 eliminates the 6-month single audit extension, requires auditors/auditors to separately ID emergency acts expenditures on the SEFA and audit findings, and adds requirement to exhaust other funding sources.
PRAC is required to coordinate its oversight activities with the comptroller general of the United States and state auditors.
While broad in nature, the guidance makes it clear that the funds are NOT to be used for revenue replacement.
Of note for states is a $150 billion Coronavirus Relief Fund for state, local and tribal governments to be used for expenditures incurred due to COVID-19 during the period that begins March 1, 2020 and ends December 30, 2020.
There are a number of changes that could affect state government. Please provide your comments by March 11.
Of note is a provision that would amend the Single Audit Act to require single audits and audit related information to be reported in a form consistent with the data standards established by the act.
Of note is a provision that would amend the Single Audit Act to require single audits and audit-related information to be reported in a form consistent with the data standards established by the act.
The Treasury and IRS are seeking comment on complications under any section of the Code or existing regulations that may arise from the replacement of an Interbank Offered Rates with a qualified rate. NASACT member input is needed.
The results are in on the 2019 Washington Office survey, with 32 offices from 23 different states participating. The responses are an invaluable asset to NASACT’s Washington office, as they provide a snapshot of the issues of importance to members and help guide efforts for the office during the upcoming year.
NASACT has been monitoring the GREAT Act for potential impacts on state and local governments. The companion measure (S. 3484) was introduced in the Senate on September 24. On September 26, the bill moved out of committee and now awaits a vote by the full Senate.
Changes to Internal Revenue Code section 162(f) and an added section 6050x imposed by the Tax Cut and Jobs Act could result in burden for governments. The IRS is seeking comment on the paperwork burden of the 6050x transitional guidance.
Government groups are urging members of Congress to oppose the bill, which would set a dangerous precedent with regard to unfunded mandates and intrusions into the operations of state and local governments.
The Internal Revenue Service has proposed regulations that would amend the rules for determining whether information returns must be filed using magnetic media (electronically). State payroll offices may be particularly interested in the proposal.
Section of 403 of S. 2155 will reclassify municipal bonds as high-quality liquid assets to encourage banks to hold those assets, which will help ensure low-cost infrastructure financing remains available for state and local governments.
These responses are an invaluable asset to NASACT’s Washington office, as they provide an accurate snapshot of what issues are most important to the members and guide where the focus should be during the upcoming year.
The Stopping Improper Payments to Deceased People Act (S. 2374), bipartisan legislation that would help save millions of federal dollars by curbing erroneous payments to deceased individuals, was recently introduced.
Member input needed! NASACT was recently asked to comment on legislation established to create and require federal grant recipients to use data standards to report information to the federal government on grants they receive. The legislation, entitled the Grant Reporting Efficiency and Agreements Transparency Act of 2018 (GREAT Act) was introduced on January 29.
The Public Finance Network, of which NASACT is a member, recently sent a letter to House Ways and Means Committee Chairman Kevin Brady (R-TX) to express opposition to provisions in H.R. 1 that eliminate financing tools used to provide critical investments in infrastructure and save taxpayer money.
There are real and tangible benefits that the tax exemption for municipal bonds affords our governments and its citizens. NASACT members are engaged in a variety of programs to manage taxpayer dollars and finance public infrastructure in the most efficient and effective manner possible.
The Center for State and Local Government Excellence recently completed a survey that examines the employment and retirement planning and saving experiences of state and local government workers, as well as their confidence in their retirement income prospects.
The Office of Financial Research has released the 2016 Financial Stability Report, outlining and assessing potential threats to the stability of the U.S. financial system, describing key OFR findings and insights, and documenting progress in meeting OFR's mission.
The Municipal Securities Rulemaking Board has announced the areas that it will focus on in the upcoming year, as well as the names of its new 21-member board of directors which establishes regulatory policies and oversees operations.
Sens. Mark R. Warner (D-VA), Chuck Schumer (D-NY) and Mike Rounds (R-SD) have introduced legislation to allow high-quality municipal debt to be classified at a level equivalent to debt issued by corporations.
The Congressional Municipal Finance Caucus, headed by Co-Chairs Rep. Randy Hultgren (R-IL) and Rep. Dutch Ruppersberger (D-MD), has unveiled its new website.
The Board of Directors of the Municipal Securities Rulemaking Board will meet July 27-28 in Washington, D.C. to discuss current market topics and elect new members and officers.
The U.S. Treasury Department's Office of Financial Research has released a new online Money Market Fund Monitor and an explanatory brief.
The Commission on Evidence-Based Policymaking convened its first public meeting on Friday, July 22 in Washington, D.C.
H.R. 5596 would amend the U.S. Securities Exchange Act of 1934 to provide that an issuer of municipal securities is not required to retain a municipal advisor prior to issuing any such securities.
The U.S. Securities and Exchange Commission has announced the appointment of three new members to its Investor Advisory Committee, and the reappointment of five members whose terms recently expired.
The U.S. Office of Management and Budget and the Council on Financial Assistance Reform have announced the third in a series of webcasts on Uniform Guidance. The webcast, entitled "Uniform Guidance: Promising Practices,"Â provides an opportunity to hear from thought leaders...
The U.S. Treasury Department's Office of Financial Research will soon be unveiling a new wave of financial research papers...
Last Wednesday, the House Agriculture Committee held a hearing to discuss ways in which program integrity measures can be improved within the Supplemental Nutrition Assistance Program (SNAP)...
The Securities Industry and Financial Markets Association has sent a letter to the U.S. Securities and Exchange Commission urging it to amend Rule 15c2-12 governing municipal securities disclosure. SIFMA believes that...
House Financial Services Committee Chairman Jeb Hensarling (R-TX) has released a discussion draft of the 126-page Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs Act (CHOICE Act). In promoting the bill, Rep. Hensarling has declared it a â€œplan to replace the Dodd-Frank Act.â€ The legislation would...
The Municipal Securities Rulemaking Board has announced that offering documents about securities established by states under the Achieving a Better Life Experience Act of 2014 (ABLE Act) will now be available on the MSRBâ€™s Electronic Municipal Market Access, or EMMA, website. The ABLE Act allows states to establish tax-advantaged savings vehicles that support individuals with disabilities in maintaining health, independence and quality of life. ABLE offering documents will be made available on EMMA both voluntarily by states and per MSRB regulations by municipal securities dealers involved in the primary offering of ABLE programs...
The U.S. Securities and Exchange Commission has announced a settlement with Juan Rangel, the former president of UNO Charter School Network Inc. and former CEO of United Neighborhood Organization of Chicago, for his role in a misleading $37.5 million bond offering to build three charter schools.
The U.S. Government Accountability Office has released a new report examining the fiscal accountability relationship between states and the federal government related to the Supplemental Nutrition Assistance Program (SNAP). The report, â€œSupplemental Nutrition Assistance Program: Enhanced Detection Tools and Reporting to Combat Recipient Fraud Are in Development,â€ examines some of the ongoing concerns GAO has with potential SNAP eligibility fraud, including...