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Senate committee advances House Bill 2 with new guardrails for capital outlay; requires ICIP for projects over $100,000
Summary
A Senate committee adopted an amendment requested by the Board of Finance to add administrative guardrails and reporting for stalled capital outlay projects and voted 90–0 to give House Bill 2 a due pass as amended. The measure requires projects of $100,000 or more to appear on an ICIP and sets encumbrance and reauthorization limits.
The Senate committee advanced House Bill 2 on a unanimous voice and roll-call showing, approving an amendment that adds administrative requirements for stalled capital outlay projects and sending the bill to the floor with a recommendation for passage.
The committee adopted an amendment requested by the State Board of Finance that requires additional documentation and due diligence around projects funded with severance tax bonds and creates an administrative framework to identify inactive projects and why funds were not spent. "This is being proposed by Board of Finance to just protect against, tax liability," Ashley H, director of the State Board of Finance, told the committee.
The amendment and the bill as amended would also limit reauthorizations of capital outlay appropriations to no more than once in two years, allow only technical…
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