(AP) — State and local governments reported more than $117 billion of revenue losses in the first year of the coronavirus pandemic. That's according to an Associated Press analysis of newly available data.

But those shortfalls proved less severe than originally feared. Many of those same governments are now awash in record amounts of money.

In response to the dramatic turnaround, governors, lawmakers, and local officials have proposed a surge in spending as well as a new wave of tax cuts.

The AP calculated the estimated revenue loss figures for 2020 by reviewing thousands of reports filed with the Treasury Department by states, counties and larger cities.