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Committee approves bill to require treasurer to report agency-level cash accounting
Summary
House Bill 3925 requires the State Treasurer to maintain agency- and fund-level accounting of cash and investments and to publish an annual report confirmed by the Comptroller General; the committee approved the measure after a technical amendment.
The Ways and Means Committee gave House Bill 3925 a favorable report following consideration of a committee amendment that incorporates technical government-accounting language.
Representative Kaskey introduced the bill, which the sponsor said builds on recommendations from the Alex Partners forensic accounting review of recent state financial problems. H.3925 requires the State Treasurer’s Office to maintain an accounting of cash and investments by agency and fund, produce an annual accounting report by Aug. 31, and have the Comptroller General confirm the accuracy of that report. The bill also directs the Office of the State Auditor and the joint bond review committee to review any rebidding of an audit if the same external auditing firm has held the contract within the previous five years. Committee members described the adopted amendment as technical language to align nomenclature with governmental accounting practice.
After adopting the committee amendment, the committee approved H.3925; the transcript records the committee vote as 20 to 0 in favor of the bill as amended.
