The bill provides a status report on the transfers from line item 1599-2051, which was established under Chapter 102 of the Acts of 2021 to support oversight functions related to the expenditure of federal COVID-19 pandemic funding. This oversight includes audits, investigations, reviews, prevention, education, enforcement, and prosecution. The bill outlines that the Secretary of Administration and Finance has the authority to transfer funds from this reserve to various state agencies, with the timing of these transfers determined in consultation with the relevant agency based on anticipated oversight costs.

Additionally, the bill mandates that any transfers must adhere to executed interagency service agreements and requires the Secretary to submit quarterly reports to the House and Senate Committees on Ways and Means detailing these transfers. This framework aims to ensure transparency and accountability in the management of federal funds allocated for COVID-19 recovery efforts.