Connecticut House Bill HB06564

Connecticut 2013 Regular Session

• Introduced: 3/4/13
• Refer: 3/4/13
• Report Pass: 4/4/13
• Refer: 4/15/13
• Report Pass: 4/22/13

Caption

An Act Requiring The State Treasurer To Include Interfund Transfers In The Monthly Report.

Impact

The implementation of HB 06564 is expected to impact state financial reporting practices significantly. By incorporating interfund transfers into monthly reports, the bill aims to ensure that policymakers have access to critical data regarding the movement of funds between different state accounts. This adds a layer of scrutiny to state financial transactions, which proponents argue may improve fiscal responsibility and help legislators make more informed decisions regarding state finances. It is a step toward fostering better communication between the Treasurer's office and legislative committees.

Summary

House Bill 06564 mandates that the State Treasurer include details of interfund transfers in the monthly financial reports submitted to the legislative committees overseeing finance and state budgets. The act seeks to improve transparency and accountability in state financial operations by requiring a comprehensive account of all interfund activities, alongside traditional metrics such as cash balance and debt instruments issued. This enhanced reporting aims to provide a clearer picture of the state's financial health and improve oversight from relevant committees.

Sentiment

The sentiment surrounding HB 06564 appears to be generally positive among legislators, particularly those focused on financial accountability and transparency. Supporters view the bill as a necessary reform that enhances the integrity of the state's financial reporting process. However, there could be concerns expressed by some members regarding the additional administrative burden that increased reporting requirements may impose on the Treasurer's office.

Contention

While HB 06564 aims to strengthen financial reporting, some debate might arise regarding the exact definitions and processes for reporting interfund transfers. Critics may worry about potential complexities in tracking transfers consistently, leading to challenges in reporting accuracy. The bill's provisions require careful implementation to ensure that they do not inadvertently create complications that could obscure understanding rather than clarify financial situations.