diff --git a/R/spending.R b/R/spending.R
index 6132224..8830fe9 100644
--- a/R/spending.R
+++ b/R/spending.R
@@ -185,10 +185,28 @@ cog_spending <- function(govid, years, category = NULL,
 
 #' @noRd
 .notes_column <- function(result) {
-  if (nrow(result) == 0L) return(character(0))
-  ifelse(
-    isTRUE(result$aggregate_fallback) | result$aggregate_fallback %in% TRUE,
+  n <- nrow(result)
+  if (n == 0L) return(character(0))
+  parts <- vector("list", 2L)
+  agg <- result[["aggregate_fallback"]]
+  parts[[1]] <- ifelse(
+    !is.null(agg) & isTRUE(any(agg, na.rm = TRUE)) & agg %in% TRUE,
     "Aggregate fallback applied; see cog_explain()",
-    ""
+    NA_character_
   )
+  ps <- result[["pop_source"]]
+  parts[[2]] <- if (!is.null(ps)) {
+    ifelse(ps == "unavailable",
+           "No population denominator available for this gov type",
+           NA_character_)
+  } else {
+    rep(NA_character_, n)
+  }
+  out <- character(n)
+  for (i in seq_len(n)) {
+    pieces <- vapply(parts, `[[`, character(1), i)
+    pieces <- pieces[!is.na(pieces)]
+    out[i] <- if (length(pieces) == 0L) "" else paste(pieces, collapse = "; ")
+  }
+  out
 }
diff --git a/tests/testthat/test-spending.R b/tests/testthat/test-spending.R
index d904b92..8c70a33 100644
--- a/tests/testthat/test-spending.R
+++ b/tests/testthat/test-spending.R
@@ -148,3 +148,28 @@ test_that("per_capita denominator is the per-year F-33 population", {
     expect_false(all(abs(implied_pop - 1940907) < 1))
   })
 })
+
+test_that("pop_source = 'census_f33' does not produce unavailable-pop note", {
+  skip_if_no_corpus()
+  with_fixture_corpus({
+    r <- cog_spending("101006006", years = 2019L,
+                      category = "Police", per_capita = TRUE)
+    expect_true(all(r$pop_source == "census_f33"))
+    expect_true(all(is.na(r$notes) | r$notes == "" |
+                    !grepl("No population denominator", r$notes)))
+  })
+})
+
+test_that("aggregate fallback + unavailable pop produce concatenated notes", {
+  # Unit-level test of .notes_column with a synthetic data frame so we don't
+  # depend on having a type-4/5 gov in the fixture.
+  result <- tibble::tibble(
+    aggregate_fallback = c(FALSE, TRUE,  TRUE),
+    pop_source         = c("census_f33", "census_f33", "unavailable")
+  )
+  notes <- uscogdata:::.notes_column(result)
+  expect_equal(notes[1], "")
+  expect_equal(notes[2], "Aggregate fallback applied; see cog_explain()")
+  expect_equal(notes[3],
+               "Aggregate fallback applied; see cog_explain(); No population denominator available for this gov type")
+})