The Office of Management and Budget (OMB) issued a stimulus guidance document to the Federal agencies on February 18. The memo will serve to provide information on how to administer stimulus funds and provide information and requirements on financial reporting, risk management and contracting.
The guidance addresses Federal agency requirements to provide spending and performance data to the "Recovery.gov" website. The Web site is designed to provide greater transparency and accountability for stimulus dollars to be accurately tracked and monitored. The guidance also establishes requirements for various aspects planning and implementation of the Act, including the following objectives:
- Funds are awarded and distributed in a prompt, fair, and reasonable manner;
- The recipients and uses of all funds are transparent to the public, and the public benefits of these funds are reported clearly, accurately, and in a timely manner;
- Funds are used for authorized purposes and instances of fraud, waste, error and abuse are mitigated;
- Projects funded under this Act avoid unnecessary delays and cost overruns; and
- Program goals are achieved, including specific program outcomes and improved results on broader economic indicators.