The State of New Hampshire has budgeted almost all (99.8 percent) of the flexible federal funds, named Coronavirus State Fiscal Recovery Funds, provided by the American Rescue Plan Act. While the State has budgeted these funds, data from the U.S. Treasury Department show only $253.8 million (26 percent) had been spent since they first started being received in May 2021, a lower percentage than the average for all states, and another $318.1 million (32 percent) have been obligated; “obligated” indicates these funds are under contract, have been awarded to another entity, or are otherwise in a situation that requires payment. All funds must be obligated by December 31, 2024 to avoid being returned to the federal government, and must be spent by December 31, 2026. Funding for New Hampshire’s budgeted projects, particularly those funded by the $422.5 million (42 percent) that are not yet obligated or spent, may have to be reallocated during 2024 to avoid the State needing to return these flexible funds to the federal government. While these funds can be used relatively flexibly, the U.S. Treasury Department has encouraged states and local governments to use these funds to benefit long-term health and economic outcomes and support people disproportionately impacted by the pandemic.