gWorks’ Post

⏰ Deadlines are approaching for local governments that received ARPA funding. Learn how to manage your SLFRF expenditures and reporting to stay compliant. Read more in the full article, written by Jaclyn R. Davidson, CPA:

ARPA Obligation Readiness is a hot topic right now. With the release of the ARPA IFR in November 2023, recipients gained more flexibility and clarity on ARPA obligations. We know "what" we have to do be compliant with the IFR. "How" to be compliant and accurate is a whole other story. This article will aid state and local governments with tools to help your entity achieve the optimum level of obligation readiness! Make sure to share with your peers who are dealing with the upcoming ARPA deadlines. Need a checklist for the April 30th 2024 justification for legal and admin obligations deadline? I will have that posted soon or reach out to me for a copy of this checklist. #grants #grantsmanagement #ARPA #stategovernment #localgovernment

Today, I reviewed my FY24 business plan with a senior colleague to prepare for FY25. The conversation began with, “What grant programs are you focusing on? I guess most of this will remain the same?” My response? Not quite. The Government Grant landscape has significantly changed from August 2023 to August 2024, influenced by economic conditions and political cycles. If you’re updating your FY25 government grants strategy, check out my latest article.

At the end of last year, the Treasury Department issued an interim final rule regarding how to obligate ARPA funds. The interim final rule did not change deadlines or eligibility requirements but clarified what it means to obligate unspent funds. Abdo government advisor Bonnie Schwieger explains a few of the highlights: 1️⃣ To obligate ARPA Funds, your organization must obligate those funds by entering into a contract, placing an order for services or property or entering into a transaction which requires payment. 2️⃣ Simply approving a plan or reporting how you plan to use the funds is not enough to be in compliance with obligation requirements. 3️⃣ ARPA funds must be spent or obligated by December 31, 2024. 4️⃣ All funds must be completely spent by December 31, 2026. Reach out to Bonnie and her team to discuss your funds and find additional guidance from the Treasury Department here: https://lnkd.in/gVcdFwRn #ARPA #LocalGovernment #COVIDFunds

Is your support payment from ATO an assessable income or non assessable income? Click link below to find out more or reach out to us for more insightful advice!

Wondering if a business support payment will impact your tax return? Most business support payments are considered to be assessable income. But some grants (such as certain natural disaster payments) are non-assessable non-exempt (NANE) income. That means these payments don’t need to be included as income in your tax return.

Unlocking 13 Million: VADR Resources Breakdown Discover how a 9-cent increase in our maintenance and operations tax rate can unlock $13 million for vital projects. We explore the strategic areas this funding will impact and how it can benefit our community. #VADRResources #TaxRateChange #CommunityFunding #FinancialStrategy #PublicServices #BudgetBreakdown #LocalGovernment #OperationalFunding #SmartInvestments #CommunityGrowth

Here's how the Smith government can make good on its pre-budget promises.

[#OBS2023 #FAQs] Why are open budgets a winning proposition? Open budgets can improve governance and development outcomes, increase revenue, and lower borrowing rates through increased creditworthiness. Transparency and participation in the budget process is consistently associated with improvements in the quality of the budget, including a lower deficit, more targeted budget priorities and increased operational efficiency. They can also contribute to better governance and development outcomes, such as reduced corruption and lower infant mortality rates. Bringing budget decision-making into the public sphere can help strengthen the social contract and ensure that budgets are a tool to deliver essential public services and programs to build the resilience of society, particularly people who have been marginalized, rather than further the interests of the elite. Open budgets can strengthen tax morale and increase revenue. This is especially true when governments implement participatory budgeting, as evidence from Brazil shows. There, municipalities raised an additional 16 percent when they adopted participatory budgeting. Budget transparency can create a virtuous cycle in public debt management—greater transparency can lead to lower borrowing costs, which in turn can lead to a lower level of debt and an increase in investment. Other studies similarly point to the connection between creditworthiness and budget transparency.

Reserves, program delays and cuts: read more on how Gov. Newsom proposes to meet a $38 billion shortfall in the 2024-25 #CABudget and other key issues #CALeg will consider this session. https://lnkd.in/gkNRKT-p