Transcript Highlights:

• The district also implemented improved internal tracking procedures to document the receipt and distribution
• don't know, whether it was advertising, I don't know if it's advertising dollars on their side of the ledger
• don't know, whether it was advertising, I don't know if it's advertising dollars on their side of the ledger
• don't know, whether it was advertising, I don't know if it's advertising dollars on their side of the ledger

Summary: The committee met to review education audit reports and heard responses from several school districts with findings. Camden Fairview School District was cited for using operating funds for an end-of-year employee awards banquet and for unauthorized credit card charges that caused a small loss; district officials said the current administration had strengthened controls, stopped the banquet practice, and improved monthly credit card reconciliation. Members questioned whether the prior officials were still employed, whether the credit card issue was an outside hack, and how teacher appreciation could continue without using district funds. Forest City School District was cited for spending about $33,000 on an off-campus staff celebration and entertainment event; district representatives said the money came from long-standing Pepsi-related donation funds, that the event was intended to recognize staff and growth, and that they would change practices and receive training going forward. Members discussed whether those funds were private donations or operational funds, and staff said the district’s accounting treatment made them subject to the constitutional restriction at issue. The committee also reviewed several other findings. Conway School District was referred for an ongoing investigative report involving misuse of district funds and resources by former maintenance employees. Magnolia School District had undeposited activity funds totaling more than $21,000, tied to a resigned high school secretary and sponsor receipts not deposited. Westside School District had about $30,000 in credit card charges lacking documentation or business purpose, including charges by the superintendent, personal purchases, and items shipped to personal addresses; the matter was referred to the prosecuting attorney. Boonville School District was cited for paying a board member’s son more than the statutory limit for seasonal groundskeeping without the required exemption, and DESE later denied the exemption request. After discussing those cases, the committee filed the remaining eight findings en masse and then filed the 89 reports with no findings. Members noted that most school districts audited had clean reports and encouraged districts to continue good practices while learning from the findings discussed.

Transcript Highlights:

• We distribute that daily, but the accrual is actually down to the 2-second block.
• We distribute that daily.
• So, it's not just internal ledgering and transfer between exchanges.
• <01:05:33.080> and it's not just internal ledgering and it's not just internal ledgering and
• I mean, it's just a different way of ledgering that asset, that liability for the bank.

Keywords: 1189, house, all

Summary: The meeting opened with roll call, confirmation of a quorum, and approval of the April 6 and May 4 minutes, with minor corrections noted to the May minutes. The main presentation came from JD of Link Network, introduced by Dan Cohen, who described Link’s work with crypto.com and other market participants on tokenized money market funds and real-time settlement for institutional clients. JD gave a detailed history of his earlier work developing the Arca U.S. Treasury Fund and ArCoin, emphasizing that the project was built within existing SEC and 1940 Act frameworks and was intended to use blockchain technology for a traditional asset rather than create a crypto product. He said the effort involved years of discussions with the SEC, multiple custodians, and partners such as U.S. Bank, T-Zero Securities, and Tassat, and that the model eventually led to Link’s settlement system. He highlighted concerns that shaped the design, including regulatory compliance, privacy for institutional users, and the need to bridge traditional banking hours with 24/7 digital asset markets. The presentation also described Link’s features, including segregated and bankruptcy-remote fund structures, tokenized deposit and treasury fund settlement, and “yield in transit,” which allows interest to accrue and be distributed daily down to a two-second block. JD said the platform is being expanded for use cases such as exchange liquidity, cross-border capital movement, off-exchange collateral, stablecoin bridging, treasury management, and peer-to-peer settlement. He closed by posing policy questions for the commission about the use cases for stablecoins versus tokenized money market funds in New Hampshire and whether the state could issue or administer a security-based program with appropriate compliance controls.

Transcript Highlights:

• DUNAs are governed by their members using blockchain and distributed ledger technologies.
• What is the reason why this is through the use of a distributed ledger?
• One of the things that's prohibited inside the DUNA is distributions of value to the members.
• Distributions of value would be similar to stock options, and that would represent a share of value.
• that the members of the community can't vote that value to themselves in the way that a stock distribution

Bills: HB2226, HB2269, HB2343, HB2760, HB3621, HB4079, HB4204, HB4518, HB4531, HB4555, HB4850, HB4876, HB4903, HB4996, HB5122

Keywords: construction trust funds, Property Code, Chapter 162, construction payments, mechanics lien, contractors, subcontractors, laborers, material suppliers, materialmen, real property improvement, assignment of payment rights, unpaid trust funds, trust fund beneficiaries, construction industry, payment protection, Texas construction law, property owners association, landscaping, grass maintenance

Transcript Highlights:

• We should rephrase this to say 75% of total adequacy funding to be distributed to the applying school
• <00:37:48.480> to<00:37:48.800> the funding to be distributed to the funding to be
• distributed to the applying<00:37:50.000> school<00:37:50.320> district.
• situation if they're unable to, you know, handle proper accounting and keep track of an accurate ledger
• <00:51:29.760> and keep track of accurate ledger and keep track of accurate ledger and failure

Keywords: 1191, senate, all

Transcript Highlights:

• We reconcile back to the general ledger account.
• Ledger reconciliation.
• Year-end balances are verified as they must agree with the SCEIS general ledger.
• Should it Year-end balances are verified as they must agree with the SCEIS general ledger.
• This information is verified and reconciled against the SCEIS general ledger.

Keywords: 977, all

Summary: The committee met to receive a detailed financial operations presentation from the South Carolina Vocational Rehabilitation (VR) agency, with staff walking members through funding sources, budgeting, accounts receivable, accounts payable, and grants management. Sabrina Walker explained VR’s blended funding structure, including federal grants, state appropriations, program income, and interagency contracts, and emphasized that state funds are essential to meeting the federal match and maintenance-of-effort requirements. Members asked repeatedly about transparency, audit controls, and the risk that state cuts could reduce federal drawdowns; staff responded that all reports reconcile back to the SCEIS accounting system, are subject to state audits and internal reviews, and that even modest state reductions could significantly reduce total available funding. The committee also discussed pre-employment transition services for students with disabilities, with staff confirming services are offered through school districts, charters, and private schools, and that contracts are monitored for performance and compliance. The presentation then shifted to budgeting and internal controls. Walker described a zero-based departmental budgeting process, monthly monitoring reports, contingency reserves for unexpected expenses, and a formal annual cycle that culminates in board approval. Members asked about facilities tracking, culture, and how the agency maintains accountability; staff said facilities staff inspect buildings and equipment, supervisors justify line-item requests, and the process has become smoother over time as departments learned the system. Cynthia Johnson followed with an accounts receivable overview, describing invoicing, receipting, aging, customer verification, year-end reporting, and the use of cross-training, shared email inboxes, and spreadsheets as checks and balances. She also explained work training center billing, interdepartmental transfers, and the revolving fund used to issue consumer checks more quickly than standard vendor payments. Olivia Perez presented accounts payable operations, including invoice processing through SCEIS and OnBase, the three-way match, travel reimbursements, revolving fund checks, State Treasury Office interactions, and handling of reversals, rejections, and levy notices. She reported that AP processed 67,723 SCEIS payments, 13,670 case management system invoices, 3,379 travel reimbursements, and 15,693 revolving fund checks in fiscal year 2025, with only 70 payment rejections. The final portion of the meeting covered Grants and Funds Management, where Walker explained federal reporting, drawdowns, payroll allocation, asset tracking, lease and IT contract reviews, cost allocation, and closing packages. She noted upcoming system changes such as S/4HANA, Workiva, and SC Pro, but said the agency is receiving training and feedback opportunities. No formal votes or legislative actions were taken during the presentation portion beyond approval of the prior minutes and a brief recess.

Transcript Highlights:

• > September<00:19:09.440> 1st, broadly distributed by September 1st, broadly distributed
• Ledger Charter School in Lebanon.
• statement and an immutable ledger?
• provide an immutable ledger. provide an immutable ledger. >> Yes<02:55:36.399> sir.
• distributor, uh, distribution distributor, uh, distribution or<03:07:05.920> ex<03:07:06.399

Keywords: 1189, house, all

Transcript Highlights:

• Observation number five on page 12 recommends the commission maintain subsidiary ledgers or other detailed
• Observation number five on page 12 recommends the commission maintain subsidiary ledgers or other detailed
• Observation number five on page 12 recommends the commission maintain subsidiary ledgers or other detailed
• to<00:36:50.079> the<00:36:50.240> state's<00:36:50.560> abandoned and distribute
• to the state's abandoned and distribute to the state's abandoned property<00:36:51.599> program.

Keywords: 1189, house, all

Summary: The committee first approved the June 20, 2025 minutes, with several members abstaining, and then adopted the consent calendar after removing items 223 and 224 under tab five, item 222 under tab six, and item 231 under tab seven. The committee also noted that an old business item related to YDC claims administration would be removed at a future meeting because the fiscal year had closed and no further committee action was needed. The main substantive discussion centered on Department of Health and Human Services requests. Item FIS-223 would fund a shared database between the Department of Education and HHS to identify children eligible for the summer EBT program; members asked whether it could also help with Medicaid or school reimbursement tracking, but the witness said the item was specifically for summer EBT and that broader integration questions would need follow-up with Education and Medicaid staff. The committee then adopted the item, with Representative Mooney voting no. Item FIS-224 concerned the phrase "high quality services" in child care-related funding; HHS said the standards come from the federal Office of Child Care, and the committee adopted the item. Item FIS-222 related to Money Follows the Person; HHS explained it is a 100% federally funded program that supports transitions from institutions to community living with services such as housing navigation, furnishings, and case management. Members questioned the scale and cost of the program, and HHS said the initial federal award was $5 million, with additional federal IT funding later approved; the committee adopted the item, again with Representative Mooney voting no. Under tab seven, the committee discussed item 231 involving ARPA funds and the YDC project. The Department of Administrative Services explained that recent Treasury guidance allows leftover ARPA dollars from approved projects to be repurposed only for additional work on already approved projects, not new projects. Members asked about whether the project was over budget and whether some items had been in the original plan; officials said the work reflected add alternates from the original bid and that the project was on track to meet the deadline. The committee adopted the item. The meeting then moved to the audit presentation on the New Hampshire Liquor Commission’s fiscal year 2024 management letter, which identified 13 internal control comments, including two material weaknesses, largely tied to the new NextG system. Recommendations included strengthening controls, formal risk assessment, reconciliations to New Hampshire First, cash receipt controls, subsidiary ledgers, SOC reports for vendors, internal audit functions, lease accounting, gift card breakage reporting, and IT security and access controls. The Liquor Commission said it concurred with most findings, described the system transition as successful overall, and said remediation would continue; committee members asked for estimated completion dates for audit findings and discussed the need for more regular follow-up on audit issues and budget monitoring.

Transcript Highlights:

• So if it was a straight pass-through, they wouldn't apply that if it's just a ledger matter.
• So if it was a straight pass-through, they wouldn't apply that if it's just a ledger matter.
• Is that how this food is distributed?
• So there is money going to our farmers and ranchers in all 33 counties, and there are food distributions
• at their regular distribution, but there is no application process to receive these foods specifically

Bills: SB66, SB79, SB108

Keywords: environment, cleanup, contamination, uranium mining, abandoned sites, state funding, mosquito control, public health, surveillance, prevention funds, local government grants, food security, agriculture, food bank, regional program, appropriation, 996, all

Transcript Highlights:

• So how are we distributing that fund, and is it being distributed equitably across the board?
• So how are we distributing that fund, and is it being distributed equitably across the board?
• What can we do to figure out that side of the ledger?
• What can we do to figure out that side of the ledger?
• What can we do to figure out that side of the ledger?

Summary: The Assembly Select Committee on Housing Finance and Affordability held its first hearing of 2025 to examine California’s housing finance system, with opening remarks emphasizing the state’s severe housing shortage, high costs, and the need for practical recommendations to the Legislature and Governor. Co-chairs described the committee as an educational and problem-solving forum focused on financing housing production, first-time homeownership, mixed-income developments, and affordability across the income spectrum. Witnesses from state agencies and the development sector were invited to explain how housing is financed and where the system is breaking down. Panelists from the California Housing Partnership, the Business, Consumer Services and Housing Agency, the Tax Credit Allocation Committee/State Treasurer’s Office, CalHFA, and Related outlined the “capital stack” used to finance affordable housing, stressing that projects typically rely on multiple public and private sources, including federal and state low-income housing tax credits, tax-exempt bonds, state subsidies, local funds, and rental income. Speakers noted that affordable housing rents generally cannot support full project costs without public subsidy, and that recent federal changes—especially the expansion of the 4% and 9% tax credit programs and the reduction of the bond financing threshold for 4% credits—should allow California to finance substantially more units. CalHFA also described its homeownership programs, including My Home, Dream For All, and disaster-related mortgage assistance, as well as its multifamily lending and bond issuance programs. Several witnesses and committee members emphasized that the system remains too complex, too slow, and underfunded. They pointed to the need for more state funding, a housing bond, a permanent funding source, and better coordination among agencies, while also citing recent streamlining efforts such as AB 434’s SuperNOFA, AB 519’s one-stop-shop working group, and the planned California Housing and Homeless Agency reorganization. Members raised concerns about equity, access, missing-middle housing, gender and racial disparities, and whether current programs adequately serve extremely low-income households and those at risk of homelessness. No formal votes or actions were taken during the hearing; the discussion ended with committee members and witnesses agreeing that both funding and administrative reform are needed to increase production and improve affordability.

Transcript Highlights:

• them to go and to efficiently distribute them to go and to efficiently distribute payments<00:36
• They are immutable, and they are agreed upon on a globally distributed ledger. usage, whether that's
• So as you look to manage how distributions are made, we can track them for you.
• made, we can track them distributions made, we can track them for<01:30:28.960> you.
• We're going to put the ledger for fund.

Keywords: 1189, house, all

Summary: The commission met to review stable tokens, real-world asset tokenization, and blockchain-based trust, approved the agenda and December 12 minutes, and heard a presentation from Anchorage Digital after postponing a planned Bitco presentation because of its IPO quiet period. Anchorage’s Melinda Delos, Joe Mioli, and Kevin Wasaki introduced the firm, describing it as a global digital assets platform and the first crypto-native institution in the U.S. to receive a federal banking charter. They said their approach emphasizes security, regulated custody and trading services, and responsible innovation for institutional clients, banks, states, and sovereigns. The presentation focused on post-Genius Act momentum in the stablecoin market. Anchorage said the law provided regulatory clarity and helped spur activity with major clients, including Athena, Tether, and Western Union. The speakers highlighted Western Union’s planned stablecoin as especially significant because it reflects adoption by a long-established traditional payments company, and they said the project illustrates how stablecoins can support programmable, real-time, interoperable payments. They also noted that Anchorage is providing issuance infrastructure for the Western Union project. The commission and presenters also discussed government uses of tokenized assets, including reserve legislation, digital assets for tax collection and fees, and a Marshall Islands initiative to use a tokenized sovereign bond for direct citizen payments. In response to a question, Anchorage said it would follow up on which states are using digital assets for revenue collection, mentioning Louisiana and Pennsylvania as examples. The banking discussion centered on remittances, instant payments, and interbank settlement, with Anchorage arguing that stablecoins can reduce settlement time, fees, and foreign exchange risk while improving traceability and auditability.

Transcript Highlights:

• The district also implemented improved internal tracking procedures to document the receipt and distribution
• don't know whether it was advertising; I don't know if it's advertising dollars on their side of the ledger
• don't know, whether it was advertising, I don't know if it's advertising dollars on their side of the ledger

Summary: The committee met to review education audit reports and adopted the minutes. Legislative Audit reported 103 education audits total, with 89 having no findings and 14 containing findings. The committee first heard from Camden Fairview School District, which had findings for spending operating funds on an end-of-year employee banquet and for unauthorized credit card charges. District officials said they had implemented stronger internal controls, stopped using the affected card, and would limit future events to comply with state law and constitutional requirements. Members questioned the district about prior practices, donated funds, and how teacher appreciation could continue without using operating funds; the report was filed as reviewed. The committee then reviewed Forest City School District, which had a finding for spending $33,000 in operating funds on an off-campus end-of-year celebration and entertainment event. District representatives said the money came from a long-standing Pepsi-related donation fund, but acknowledged confusion over whether it should be treated as operational funds and said they would stop using it that way and provide training to staff and the board. Members discussed whether the funds were private donations or operating funds, the lack of a formal board vote, and whether the event was intended to recognize staff and growth; the report was filed as reviewed. The committee also received notice of more serious findings that were referred to the prosecuting attorney and attorney general, including Conway School District for misuse of district funds and resources by former maintenance employees, Magnolia School District for undeposited activity funds, Westside School District for undocumented and personal credit card charges, and Boonville School District for paying a board member’s son in excess of the statutory limit without an approved exemption. The remaining eight reports with findings were filed en masse as reviewed, and the 89 reports with no findings were also filed en masse. The committee adjourned after noting that most districts reviewed had no findings.

Transcript Highlights:

• The district also implemented improved internal tracking procedures to document the receipt and distribution
• don't know whether it was advertising; I don't know if it's advertising dollars on their side of the ledger
• don't know, whether it was advertising, I don't know if it's advertising dollars on their side of the ledger

Keywords: 1204, all

Summary: The committee met to review education audit reports, beginning with approval of the minutes and then hearing several school districts with findings. Camden Fairview School District addressed two findings: use of operating funds for an end-of-year employee banquet and unauthorized credit card charges that resulted in a small loss. District officials said they had changed credit cards, increased monthly review and reconciliation, stopped using operating funds for off-campus celebrations, and would limit future meals and events to district business. Members questioned whether the prior administration was still involved, whether the charges were from an outside hacker, and how the district would continue teacher appreciation without violating state law. Forest City School District then discussed a $33,000 off-campus staff celebration funded through what the district described as long-standing Pepsi-related funds. The district said it believed the money was discretionary private donation revenue, but audit staff said the funds were treated as operating funds because they were in a general fund account and subject to constitutional limits. The district said it would stop using the fund that way, provide staff and board training, and ensure future expenditures comply with the law. Members also asked about the lack of a formal board vote, the amount remaining in the account, and whether the event was meant to recognize staff growth and service. The committee next reviewed additional findings: Conway School District’s former maintenance employees allegedly misused district funds and resources, with a separate investigative report still pending; Magnolia School District had undeposited activity funds totaling more than $21,000; Westside School District had about $9,500 in credit card charges that could not be substantiated, along with weak internal controls and some personal charges; and Boonville School District paid a board member’s son more than $5,000 for groundskeeping without the required exemption, which DESE later denied. The committee filed the reports as reviewed, including eight other findings not referred for prosecution and 89 audits with no findings, and then adjourned.

Transcript Highlights:

• I don't believe it actually does interface, because crypto is based on a shared ledger on the blockchain
• I don't believe it actually does interface because crypto is based on a shared ledger on the blockchain
• safe, and we had to pull them out, and we had to declare them, and then we liquidated them and distributed
• safe, and we had to pull them out, and we had to declare them, and then we liquidated them and distributed
• And then we liquidated them and distributed them to the heirs.

Summary: The committee first took up SB 794, as amended by a late-filed strike-all, which would require a human being to make insurance claim denial decisions and prohibit artificial intelligence from being the sole basis for a denial. The sponsor said the bill was intended to preserve human oversight while allowing innovation in claims processing. Public testimony included support from the Florida Insurance Consumer Advocate and the Florida Medical Association, along with one speaker urging additional protections for homeowners. The committee adopted the strike-all and reported SB 794 favorably with committee substitutes. Members then heard SB 134, which removes the $500 threshold on the sales tax exemption for bullion, making sales of gold, silver, and platinum bullion fully exempt and eliminating certain dealer documentation requirements. Supporters argued the change would reduce a regressive tax and help consumers preserve savings; the sponsor estimated a revenue impact of about $300,000. The bill was reported favorably. The committee also adopted a strike-all on SB 888, which directs the Office of Insurance Regulation to create a more consumer-friendly homeowners insurance website with premium comparison information, market data, rate filing access, and educational resources. The sponsor and Leader Boyd said the goal was to improve transparency and help consumers navigate a stabilizing market. SB 888 was reported favorably with committee substitutes. The final bill heard was SB 1578, covering mammograms and supplemental breast cancer screenings. The sponsor said it would expand coverage requirements in ACA plans and private insurance policies, including annual mammograms for women ages 40 to 50 and supplemental screening coverage, while noting Medicaid already provides these services. The Florida Insurance Consumer Advocate waived in support, and the bill was reported favorably. After the bills, the committee held a lengthy panel discussion on gold and silver as legal tender and transactional money, with testimony from officials from Utah and Florida, industry representatives, and advocacy groups. Panelists discussed constitutional authority, consumer protections, depository oversight, taxation issues, and possible transactional platforms for precious metals. No further action was taken after the discussion, and the committee adjourned.

Transcript Highlights:

• It's on ledger-sized uh paper, four pages long.
• It's on ledger-sized uh paper, four pages long.
• That was specifying that appropriation for procurement and distribution of metal ear tags as livestock
• That appropriation was for procurement and distribution of metal ear tags as livestock identification
• The House position was to reinsert those funds with a distribution for county consensus funding.

Bills: SF0032, SF0010, SF0001, HB0001

Keywords: 911 services, emergency response, grant funding, next generation technology, government accountability, public safety, mental health, detention, competency evaluation, treatment, contractual agreements, Wyoming, budget, funding, education, wildfire prevention, healthcare, community colleges, grants, economic development

Transcript Highlights:

• The finance director shall direct the controller to withhold the distribution of revenue described under
• 01:52:47.840> to<01:52:48.080> withhold<01:52:48.639> the<01:52:48.880> distribution
• controller to withhold the distribution controller to withhold the distribution of<01:52:49.599>

Keywords: 920, all

Summary: The meeting included a Senate recognition ceremony honoring the Winona High School boys basketball team for winning the 2026 Alabama High School Athletic Association 5A state championship. A resolution was read commending the team for its 101-40 victory over Silicag, noting the team’s record-setting performance, Brendan Davis’s MVP honor, the contributions of other players, and Coach Cedric Lane’s leadership. Senators and the lieutenant governor praised the players’ sportsmanship, the school community, and the team’s historic season, and copies of the resolution were presented to the team, coaches, and administrators. Several guests and school representatives also spoke briefly, including the coach and principal, who thanked the Senate and noted the team’s success and the principal’s retirement after 35 years. After the recognition, the Senate returned to session and adopted the Committee on Rules report setting the special order calendar. The calendar included Senate Bill 99 on the Ten Commandments, Senate Bill 298 on Class 3 municipalities, House Bill 381 on camp safety, Senate Bill 370 on tax increment districts, Senate Bill 363 on the Department of Economic and Community Affairs, House Bill 466 on firefighters, House Bill 95 on elections, House Bill 259 on stablecoin, and Senate Bill 342 on education. The chamber then took up SB 99, sponsored by Senators Kelly and Sessions. Senator Kelly described the bill as requiring local school boards to display the Ten Commandments, together with founding documents such as the Declaration of Independence, Constitution, Bill of Rights, and Alabama Constitution preamble, in certain history classrooms and common areas for grades five through 12, using donated displays and funds when available. He said the bill was intended as a historical and educational measure, not religious instruction, and emphasized the inclusion of a disclaimer stating Alabama is not establishing a religion. After extended debate and a petition to close debate from the Rules Committee, the Senate voted on the bill by long roll and passed SB 99, with the recorded vote announced as 30 yeas and 4 nays.

Transcript Highlights:

• technologies, providing updated rules for commercial transactions involving virtual currencies distributed
• ledger technologies, including blockchain, artificial intelligence and other technological developments
• technology transactions involving cryptocurrencies smart contracts but change non-fungible tokens and distributed
• ledger technologies.
• Video and audio material produced and distributed without the consent of the subject and has been altered

Keywords: 999, senate, all

Transcript Highlights:

• prosecutors from my office who come up to me, not just to say thank you for the money that we've distributed
• as what we believe are the best and most representative of workload and how it would be best to distribute
• Florida Planning, Accounting, and Ledger Management. We heard POM.
• Florida planning, accounting, and ledger management. We heard POM.

Summary: The committee met for an interim appropriations presentation hearing focused on justice administration agencies. Members heard budget requests from the State Attorney’s Office, Public Defenders, the Justice Administrative Commission, Regional Conflict Counsel, Capital Collateral Regional Counsel, and the Guardian ad Litem Office, followed by a presentation from the Department of Juvenile Justice and a brief public comment from a nonprofit advocate. The chair noted that presentations from the Department of Law Enforcement and the Commission on Offender Review would be moved to a later meeting. The state attorney requested funding to true up underfunded circuits under the existing formula, staff 14 new criminal judgeships, replace declining VOCA victim-services funding with general revenue, and cover a projected due process shortfall. The public defender asked for a higher starting salary for assistant public defenders, funding to restore balance in circuits where public defenders lag behind state attorneys, and staffing for new criminal judgeships. Regional conflict counsel and capital collateral regional counsel also sought salary adjustments, additional attorneys and case costs, and competitive area differential funding to address recruitment and retention issues. The Justice Administrative Commission requested funding for Florida PALM readiness and implementation and for IT hardware and software replacement; it also relayed a clerks’ request for reimbursement related to injunctions for protection, Baker Act, Marchman Act, and sexually violent predator cases. The Guardian ad Litem Office said it now has a guardian ad litem for every child in Florida and requested salary increases for senior and managing attorneys to reduce turnover. The Department of Juvenile Justice presented a much larger budget request to expand residential and detention capacity, increase per diem rates, renovate and replace aging facilities, fund the Broward detention center rebuild, improve cybersecurity and the juvenile information system, and cover rising lease costs. Members asked questions about staffing, compensation, detention and residential treatment needs, mental health and substance-use services, and the Broward project timeline. A nonprofit advocate then asked for better data collection on protection orders and related court actions to support funding for domestic violence and recovery services. The committee adjourned without taking any formal votes on the budget requests.

Transcript Highlights:

• All departments will be required to transact in Fiscal General Ledger.
• We will no longer be utilizing SCO's legacy general ledger system as the book of record.
• And would your distribution formula also apply for year two?
• That HAP is distributed expeditiously. Thank you so much for your time. Good afternoon.
• Thank you so much for your time. that half is distributed expeditiously.

Summary: The committee opened with the State Controller’s Office May Revision requests, including funding for Fiscal book-of-record stabilization, a Broadcom IDMS licensing adjustment, the California State Payroll System, ACFR reporting automation, and $3 million for unclaimed property outreach. Testimony emphasized progress on Fiscal becoming the state’s accounting book of record in July, faster ACFR publication, and the move to electronic unclaimed property claims. Members asked about the size of the unclaimed property fund and how quickly money is transferred to the General Fund; the Controller’s office said about $15 billion is held, with most excess transferred regularly, and the LAO noted the fund is the General Fund’s fourth-largest revenue source. No concerns were raised by Finance or the LAO, and the item was closed after no public comment. The committee then heard the administration’s proposal to tax prewritten digital software and software-as-a-service, with Finance saying it would modernize sales tax treatment and raise an estimated $450 million General Fund and $560 million local revenue in 2026-27. The LAO supported modernizing the tax but suggested broader digital goods coverage and a business-use exemption; industry and taxpayer groups opposed the proposal, warning of higher costs for consumers and businesses. Members also heard CDTFA’s administrative request tied to the proposal, plus a separate CDTFA budget reduction reflecting lower operational needs; that reduction was presented as a savings item and drew positive reactions. Next, the committee considered federal conformity for “Trump accounts,” which would align California tax treatment with federal rules for tax-deferred children’s accounts and avoid tracking burdens for families. The LAO recommended approval, and the item drew no opposition. The committee also heard a proposal to cut the first-year $800 annual business tax to $400 for LLCs, LPs, and LLPs; Finance argued it would lower startup costs and encourage new business formation, while the LAO said the benefit was not well targeted and could subsidize entities that would form anyway. Members discussed the policy tradeoff, and public commenters split between support for small business relief and concern about revenue loss. The final major revenue item was a permanent business tax credit limitation, capping credits at the greater of $5 million per corporation or 50% of pre-credit liability, while excluding the low-income housing tax credit and personal income tax credits. Finance said it would raise significant revenue from large profitable corporations, and the LAO said it was a reasonable option but noted it would mainly affect the R&D credit and could have future implications for programs like California Competes. Public testimony was sharply divided, with business groups opposing the cap and anti-poverty advocates supporting it as a way to recapture revenue. The committee also heard FTB’s CalFile realignment request, which would return most of the direct-file-related resources to the General Fund while retaining a smaller staff to improve CalFile, and the California Arts Council’s request to reauthorize the Keep Arts in Schools voluntary contribution fund, which members and advocates supported despite relatively modest annual donations. The hearing continued with GoBiz proposals on civic media funding, CA RISE reappropriation, and a semiconductor facility reversion, with the LAO supporting the latter two and members raising questions about the civic media program’s scope, outreach, and inclusion of broadcast and ethnic media.

Transcript Highlights:

• All departments will be required to transact in Fiscal General Ledger.
• We will no longer be utilizing SCO's legacy general ledger system as the book of record.
• Bandwidth of what they can collect and distribute.
• And would your distribution formula also apply for year two?”
• Thank you so much for your time. that half is distributed expeditiously.

Keywords: 988, house, all

Summary: The committee heard a series of May Revision budget items, beginning with the State Controller’s Office. SCO described requests for Fiscal Book of Record stabilization, payroll system implementation, ACFR reporting support, and unclaimed property outreach funding. Members focused on the Fiscal system’s July go-live, the improved timeliness of the ACFR, and the unclaimed property program’s roughly $15 billion balance and outreach efforts. The Department of Finance and LAO raised no major concerns, and the item was closed after discussion of how the new outreach funding would be used. The committee then considered several revenue proposals. Finance presented a proposal to tax pre-written digital software and SaaS, with estimated General Fund gains of $450 million in 2026-27 and $900 million ongoing; LAO suggested broader digital tax changes and a business-use exemption, while industry groups opposed the measure as a tax on essential digital tools. CDTFA also presented an administrative request tied to the software tax, and later a $10 million budget reduction reflecting lower operational needs. The committee then heard a federal conformity proposal for new children’s tax-deferred accounts, which LAO supported, and a proposal to cut the first-year LLC/LP minimum tax from $800 to $400, which Finance said would aid small business formation but LAO argued was poorly targeted and would reduce revenue. Another major item was a permanent business tax credit limitation beginning in 2027, capping credits at the greater of $5 million per corporation or 50% of pre-credit liability. Finance said it would raise about $850 million in 2026-27 and more in later years, while LAO noted it would mainly affect large firms using the R&D credit and could also touch California Competes and other programs. Public testimony split sharply between business groups opposing the cap and advocates supporting it as a progressive revenue measure. The committee also heard FTB’s CalFile realignment proposal, which would retain a smaller staff to continue improving the free filing system and return most of the prior funding to the General Fund. The hearing concluded with the California Arts Council’s request to reauthorize the Keep Arts in Schools voluntary contribution fund, which brings in about $221,000 to $266,000 annually for arts grants and teacher stipends. Members and advocates supported the item but also urged larger arts funding, including the Performing Arts Equitable Payroll Fund. The Governor’s Office of Business and Economic Development then presented proposals for the California Civic Media Program, CA RISE reappropriation, and a reversion of unused Chips for America facility funds; LAO supported the latter two but was cautious about new civic media spending. Members raised concerns about the civic media program’s scope, including the exclusion of broadcast and the lack of a specific ethnic media set-aside, while GoBiz said funds would begin going out in the fall if approved.

Transcript Highlights:

• We also are distributing money back to the state each year.
• We will not make another distribution to the.
• And then plus additional distributions we might make. Distributions we might make. Okay. Thank you.
• It is a decentralized ledger.
• That's the current distribution of the Bitcoin network.