Connecticut Senate Bill SB00362

Connecticut 2020 Regular Session

• Introduced: 2/28/20
• Refer: 2/28/20

Caption

An Act Concerning Operations Of The State Treasurer.

Impact

The proposed changes are designed to strengthen the oversight of state financial commitments, potentially reducing the risk of overextending the state's finances. By requiring the State Treasurer's acknowledgment on significant financial actions, the bill enhances transparency and could deter imprudent fiscal practices. This adjustment may lead to more prudent financial management across state agencies and departments, ensuring that larger commitments align with the state’s fiscal capabilities.

Summary

SB00362 aims to streamline the operations of the Connecticut State Treasurer by amending various sections related to financial obligations and bond issuance. The bill stipulates that any state officer, employee, or agency must notify the State Treasurer prior to incurring any financial obligation exceeding one million dollars or entering into significant agreements related to such obligations. This requirement aims to enhance fiscal responsibility and compliance with federal securities laws.

Contention

Some stakeholders may view this bill as an essential step toward fiscal accountability, while opponents might argue that the additional bureaucratic requirement could slow down the processes needed for timely financial decisions. The tension lies in balancing the need for oversight with the desire for streamlined operations within state agencies. Moreover, concerns could arise over the transparency of the Treasurer’s processes and how they may affect urgent financial decisions.