Louisiana Senate Bill SB460

Louisiana 2016 Regular Session

• Introduced: 4/5/16
• Refer: 4/6/16
• Report Pass: 5/12/16
• Engrossed: 5/18/16
• Refer: 5/19/16
• Report Pass: 5/31/16
• Enrolled: 6/5/16
• Chaptered: 6/17/16
• Passed: 6/17/16

Caption

Provides for the disposition and reporting on fees and self-generated revenues by state agencies and the state treasurer. (gov sig) (EN NO IMPACT SG RV See Note)

Impact

The bill is set to significantly impact state laws concerning financial transparency and accountability. By requiring regular reporting of banking accounts and funding sources, SB460 compels state entities to maintain clearer records of funds and financial operations. This increased oversight is intended to prevent mismanagement of state funds and enhance public trust in governmental financial practices. Additionally, the Joint Legislative Committee on the Budget will benefit from comprehensive reports that inform budgeting processes and revenue estimations.

Summary

Senate Bill No. 460, introduced by Senator Lafleur, aims to amend laws regarding the handling and reporting of state funds, particularly focusing on unexpended fees and self-generated revenue. The bill mandates state agencies to report their banking and checking accounts and balances quarterly to ensure increased financial oversight and management. By establishing clear reporting mechanisms, the legislation seeks to enhance accountability in how state funds are handled and utilized, contributing to more effective cash management practices across state departments and agencies.

Sentiment

The general sentiment surrounding SB460 appears to be supportive, with key stakeholders recognizing the necessity for improved transparency and accountability in state financial management. Legislators expressing support argue that the bill strengthens the financial integrity of state government operations. However, some minor concerns regarding the administrative burden on agencies to comply with the new reporting requirements have been noted, though these criticisms seem outweighed by the perceived benefits of enhanced oversight.

Contention

Notable points of contention regarding SB460 center on the practicality of the reporting requirements for state agencies. While proponents argue that clear guidelines for financial reporting are essential, detractors highlight potential challenges in implementation. These concerns include the workload associated with regular reporting and possible delays in financial management processes. The discussions reflect ongoing tensions between ensuring oversight and maintaining operational efficiency within state agencies.