Public finance; federal funds; Federal Funds Holding Account; effective date; emergency.
Impact
The introduction of HB 2207 will have significant implications for the state’s financial procedures, particularly in how federal funds are allocated and appropriated. The creation of the Federal Funds Holding Account means that all federal monies will be funneled into a centralized account, ensuring that funds are available for legislative appropriations. This shift may provide greater transparency and control over public finances, enabling better tracking and management of federal resources. However, it also centralizes power with the state legislature regarding federal funds allocation.
Summary
House Bill 2207 introduces a mechanism for the management and appropriation of federal funds received by the State of Oklahoma. The bill mandates that any federal funds received will be deposited into a newly established Federal Funds Holding Account, unless restricted by federal law. This approach aims to streamline the funding process, ensuring that these funds are properly accounted for and subjected to legislative appropriation. By creating this holding account, the bill establishes clear protocols for fund management within the state finance system.
Contention
One potential point of contention surrounding HB 2207 is the degree of legislative control over federal funds. Opponents may argue that this increased centralization undermines the ability for quick responses to funding needs or emergencies that require immediate action without waiting for legislative approval. Additionally, by designating a specific account for federal funds, there may be concerns about the implications for budgetary flexibility and the ability of state agencies to utilize those funds promptly when necessary.
Public finance; creating the State Accounts for Federal Expenditures Act (SAFE Act); creating State Accounts; approval; hearings; agency requirements; effective date; emergency.
Rural hazard mitigation funding; enacting the Disaster Mitigation and Recovery Matching Fund Act; appropriation to Fund; federal funds; effective date; emergency.