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Senate advances SB 117 after debate over accounting change and 60% borrowing cap
Summary
Senate discussion of SB 117 focused on reclassifying internal service funds under governmental accounting standards; sponsor said the change is an accounting recognition (not new cash) and limits future borrowing to 60% of equipment net book value.
Senate Bill 117, which would require governmental accounting changes for internal service funds and cap future borrowing by those funds, was discussed on the floor and advanced to the third‑reading calendar.
Sponsor Senator McAllister told senators the bill implements governmental accounting principles to recognize revenues when earned and expenditures when incurred. He said switching methods will adjust the state balance sheet, estimating an adjustment in the…
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