Requires state agencies to expend funds no later than ninety days after receipt of a certificate of approval from the director of the budget; reduces the budget of an agency that violates such requirement for the upcoming fiscal year by 1% of the amount of the late award.
Summary
Bill S01884 amends the state finance law to mandate that state agencies must expend funds within ninety days after receiving a certificate of approval from the director of the budget. If an agency fails to comply with this requirement, it faces a budget reduction of one percent of the amount authorized under the certificate of approval for the following fiscal year. This legislation aims to ensure timely disbursement of funds to approved organizations, thereby enhancing the efficiency of state financial operations.
Impact
The bill directly impacts the financial management practices of state agencies by enforcing a stricter timeline for fund expenditure. It introduces a penalty mechanism that reduces the agency's budget for the subsequent fiscal year if they do not adhere to the ninety-day requirement. This could lead to more disciplined financial planning and accountability within state agencies, potentially affecting their operational capabilities and relationships with funded organizations.
Sentiment
The sentiment surrounding Bill S01884 appears to be generally supportive, as it seeks to improve the efficiency of fund allocation within state agencies. However, there may be concerns regarding the feasibility of compliance within the stipulated timeframe and the implications of budget cuts for agencies that struggle to meet the new requirements.
Contention
Notable points of contention may arise from state agencies that fear the financial repercussions of the new mandate, particularly those that may face challenges in expending funds within the ninety-day limit. There may also be discussions regarding the adequacy of resources and support provided to agencies to ensure compliance with the new law.
Same As
Requires state agencies to expend funds no later than ninety days after receipt of a certificate of approval from the director of the budget; reduces the budget of an agency that violates such requirement for the upcoming fiscal year by 1% of the amount of the late award.
Requires state agencies to expend funds no later than ninety days after receipt of a certificate of approval from the director of the budget; reduces the budget of an agency that violates such requirement for the upcoming fiscal year by 1% of the amount of the late award.
Transferring $1,000,000,000 from the budget stabilization fund to the liability reduction fund of KPERS, using a portion of the interest earnings of the liability reduction fund to provide a 2% COLA for retirants who have been retired for more than 5 years, transferring annually certain amounts from the state general fund to the budget stabilization fund and establishing requirements for the expenditure or transfer of moneys from the budget stabilization fund.
Enacting the returning to nonaccountability of the executive branch agencies that report to the governor act and eliminating the budget process requirements of a performance-based budgeting system.
Relates to criteria for certification by the division of minority and women's business development of MWBE status; replaces the personal net worth limitation with a requirement that a business have been awarded contracts by one or more agencies within the past three years where the total state funding received by the enterprise from the expense and capital budgets for such contracts was equal to or greater than sixty million dollars.
Requires that the state's share to public libraries be fixed at twenty-five percent (25%) of the amount appropriated by the city or town in their budgets for fiscal year 2027.
Requires that the state's share to public libraries be fixed at twenty-five percent (25%) of the amount appropriated by the city or town in their budgets for fiscal year 2026.
Requires that the state's share to public libraries be fixed at twenty-five percent (25%) of the amount appropriated by the city or town in their budgets for fiscal year 2026.