Federal COVID funds accounted for, but billions remained unspent

RALEIGH, NC (WWAY) — A new audit from the North Carolina Office of the State Auditor shows that federal COVID-19 public emergency funds provided to North Carolina have been managed in accordance with state fiscal recovery fund legislation. 

However, they say billions of dollars were not distributed for years. 

State law requires the auditor’s office to conduct biennial financial audits of the state fiscal recovery fund which was equipped with $5.4 billion from the American Rescue Plan Act of 2021 to respond to the COVID-19 impact in North Carolina.  

As of June 30th, 2024, $2.5 billion or 46% of that money had been disbursed.  

Auditor Dave Boliek says the law requires money not used by the end of 2026 to go back to the U.S. Treasury so state agencies should be proactive in making sure taxpayers realize a return on the investment of these funds.