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SB 368 — Financial Emergencies

by Senator Gaetz

This summary is provided for information only and does not represent the opinion of any Senator, Senate Officer, or Senate Office.

Prepared by: Community Affairs Committee (CA)

This bill allows governmental entities in a state of financial emergency to consult with other governmental bodies regarding the consolidation of administrative and support services. Plans created to end a financial emergency must include provisions implementing any consolidation, sourcing, or discontinuance of administrative direction or support services. In addition, this bill provides that governing board members who fail to resolve a financial emergency may be suspended from office by executive order.

The bill also incorporates two provisions recommended in the Auditor General’s Local Government Financial Reporting System Performance Audit. The first provision requires auditors to consider a deficit fund balance or deficit net assets balance in determining whether deteriorating financial conditions exist that are required to be discussed with a governing body. The second provision stipulates a 45-day time frame within which local government entities must respond to requests for information by the Governor or the Commissioner of Education and establishes consequences for the failure to respond.

If approved by the Governor, these provisions take effect July 1, 2012.

Vote: Senate 40-0; House 81-35