The bill amends the existing law regarding the Oversight Reserve (line item 1599-2051) created under Chapter 102 of the Acts of 2021, which was established to cover oversight functions related to the expenditure of federal COVID-19 pandemic funding. The amendment extends the availability of funds in this reserve from June 30, 2023, to June 30, 2027. It also mandates that the offices of the state auditor, attorney general, inspector general, and comptroller, as well as any entities drawing funds from this line item, must submit quarterly reports on their expenditures, activities, and findings to the House and Senate committees on ways and means, which will then post these reports on the General Court's website.

Additionally, the bill includes a provision that ensures not less than $500,000 is allocated for the federal funds equity and accountability review panel established in section 74. The total amount allocated for transfers from line item 1599-2051 is $6,500,000, with specific amounts designated for various oversight agencies, including the Attorney General's Office (AGO), the Comptroller's Office (CTR), the Inspector General's Office (IGO), and the State Auditor's Office (SAO). The bill emphasizes the importance of interagency service agreements (ISA) for the transfer of funds, with some agencies already having completed these agreements.