Kansas 2025-2026 Regular Session

Kansas Senate Bill SB435

Introduced

2/2/26

Refer

2/3/26

Report Pass

2/9/26

Engrossed

2/12/26

Refer

2/12/26

Report Pass

3/10/26

Enrolled

4/9/26

Passed

4/9/26

Caption

Providing procedures, standards and requirements for the deposit and investment of public moneys, creating the public moneys fee fund and authorizing the state treasurer to assess a fee to operate the public moneys pooled method, making and concerning appropriations for fiscal year 2027 for the office of the state treasurer, authorizing a certain transfer from the state general fund to the public moneys fee fund, modifying investment standards for the board of trustees of the Kansas public employees retirement system of moneys certified by the state treasurer as equivalent to the aggregate net amount received for unclaimed property and authorizing investments in certain foreign governments and the KPERS board of trustees to elect the vice chairperson of the board, requiring newly affiliated KP&F employers to contribute at the actuarial required rate for past and future service and repealing certain working after retirement statutes for state and local elected officials.

Impact

The bill significantly updates the existing laws surrounding public fund deposits and broadens the treasurer's authority. By mandating that depository institutions engage in written agreements to clearly delineate their obligations concerning security for public moneys, it promotes a more rigorous standard for protecting state assets. This reform is expected to enhance the fiscal responsibility of state-managed investments, thereby providing greater assurance for taxpayers and public officials alike. Additionally, the adjustments in required contributions from newly affiliated Kansas police and firemen's employers will ensure that their retirement benefits are maintained at a sustainable level.

Summary

Senate Bill 435 aims to strengthen state protocols regarding public deposits and the management of state funds. The bill outlines the responsibilities of the state treasurer about how public funds should be deposited, including the requirement that banks and other financial institutions secure these deposits adequately with market-valued securities. Moreover, it introduces a set of procedural amendments to enhance the control and transparency of public money management, with a particular focus on the Kansas Public Employees Retirement System (KPERS) and its board of trustees.

Sentiment

The response to SB 435 within legislative discourse has generally been supportive, particularly among fiscal conservativism advocates who emphasize the necessity of safeguarding public funds. The clarity and rigor brought by this bill are seen as essential in preventing mismanagement and ensuring that public deposits are handled with high standards of financial security. However, there are concerns about the practical implications of imposing strict security measures, with some legislators questioning if these could inadvertently burden smaller banks that may struggle to meet these new requirements.

Contention

Among the more controversial aspects of SB 435 are the potential implications for smaller financial institutions and the complexity it introduces into public deposit procedures. Some stakeholders fear that these measures might concentrate public deposits within larger banks capable of meeting stricter security requirements, potentially limiting competition in the banking sector. Another point of contention involves the repeal of certain existing statutes concerning working after retirement for state and local elected officials, which has raised discussions around the appropriateness of such retiree policies.

Latest KS SB435 Activity

View All Events: KS 2025-2026 Regular Session SB435

Companion Bills

No companion bills found.

Previously Filed As

KS SB7

Authorizing federally licensed firearm dealers, in addition to county sheriffs, to receive applications for concealed carry licenses and forward such applications to the attorney general, prohibiting sheriffs from assessing any fee related to application services and allowing dealers to assess a fee related to application services not to exceed $20.

KS HB2001

Authorizing the secretary of commerce to enter into agreements with major professional sports franchises to establish STAR bond projects for a major professional sports complex, providing for additional revenue sources, expanding the powers and discretion of the secretary and making other changes to the STAR bonds financing act to facilitate such projects, limiting the secretary’s authority to approve such projects to one year unless extended by the legislative coordinating council, authorizing the Kansas development finance authority to issue STAR bonds for such projects, transferring funds under certain circumstances from the state gaming revenues fund to the attracting professional sports to Kansas fund for the fiscal year ending June 30, 2025, and, if approved by the legislative coordinating council, for the fiscal year ending June 30, 2026.

KS SB1

Modifying income tax rates for individuals, exempting all social security benefits from Kansas income tax, increasing the Kansas standard deduction and the Kansas personal exemption, increasing the income tax credit amount for household and dependent care expenses, decreasing the privilege tax normal tax, excluding internal revenue code section 1031 exchange transactions as indicators of fair market value for property tax valuation purposes, increasing the extent of property tax exemption for residential property from the statewide school levy, providing for certain transfers to the state school district finance fund and abolishing the local ad valorem tax reduction fund and the county and city revenue sharing fund.

KS SB2

Eliminating the income limit to qualify for the subtraction modification exempting social security benefits, increasing the income tax credit amount for household and dependent care expenses, establishing the veterans' valor property tax relief act providing for an income tax credit or refund for eligible individuals, citing the increased property tax homestead refund claim section as the homeowners' property tax freeze program, decreasing the normal privilege tax rate, increasing the extent of property tax exemption for residential property from the statewide school levy, decreasing the rate of ad valorem tax imposed by a school district; providing for certain transfers to the state school district finance fund, reducing the state rate of tax on sales of food and food ingredients and modifying the percent credited to the state highway fund from revenue collected.

KS HB2003

Establishing the veterans' valor property tax relief act providing for an income tax credit or refund for eligible individuals, modifying the definition of household income and increasing the appraised value threshold for eligibility of seniors and disabled veterans related to increased property tax claims and citing the section as the homeowners' property tax freeze program, providing property tax exemptions for certain personal property including watercraft, marine equipment, off-road vehicles, motorized bicycles and certain trailers, excluding internal revenue code section 1031 exchange transactions as indicators of fair market value, providing for certain exclusions from the prohibition of paying taxes under protest after a valuation notice appeal and providing four prior years' values on the annual valuation notice.

Similar Bills

No similar bills found.