FINANCIAL MANAGEMENT: The Company Has Proactively Taken Steps to Comply with the Infrastructure Investment and Jobs Act

Our objective was to assess the company’s early efforts to comply with all Infrastructure Investment and Jobs Act requirements, with a focus on its ability to use, account for, and report on the $22 billion in direct IIJA funding it will receive.

As of July 2023, the company has received about $731 million in direct IIJA funding and has spent about $638 million. We found that the company is actively positioning itself to comply with IIJA’s operations, policy, and funding requirements, including its use, accounting, and reporting of the $22 billion in direct funding. For example, it established an IIJA implementation committee, developed an IIJA compliance tracker, provided training on IIJA grant compliance and reporting requirements, and began periodically communicating management’s expectations for the responsible use of IIJA funds. The company also developed a spending plan for IIJA funds and a plan for meeting accounting and reporting requirements.

These are positive early steps, but because the company is still implementing them it is too soon to assess their effectiveness. Accordingly, we are not making recommendations in this report but will continue to monitor the company’s progress.