Oklahoma Senate Bill SB713

Oklahoma 2022 Regular Session

• Introduced: 2/1/21
• Refer: 2/2/21

Caption

Public finance; requiring certain agency budgets to include federal funds information. Effective date.

Impact

The impact of SB713 on state laws revolves around its requirement for increased financial disclosure. These changes signify a shift towards greater transparency in how federal funds are reported and utilized within state agencies. The bill requires political subdivisions to maintain public records of federal funds through annual disclosures, ultimately making it easier for the public and lawmakers to track the flow of federal money and ensure that it is used appropriately and effectively for public programs.

Summary

Senate Bill 713 introduces amendments to existing legislation related to state finance, specifically aiming to enhance the transparency and disclosure of federal funds managed by state agencies and political subdivisions. The bill mandates that annual agency budgets include comprehensive descriptions of all funds available for expenditure, with specific emphasis on federal funds. This includes detailed reporting on the actions required or prohibited by entities involved in the administration of these funds, bolstering the accountability of state financial practices.

Contention

Notable points of contention regarding SB713 may emerge from concerns about the administrative burden it could place on smaller agencies or political subdivisions, particularly those with limited resources. Critics might argue that while transparency is essential, the requirements for detailed disclosures could strain already stretched administrative capabilities, potentially leading to a disparity in compliance between larger and smaller entities. Proponents, however, likely emphasize the necessity of thorough reporting to prevent misuse and to enhance public trust in government spending.