The Florida Senate

The amount of $1 million of any funds appropriated from the General Revenue Fund for the purpose of funding the Innovation Investment Program shall be available on a payback basis. Innovative project proposals funded on a payback basis shall include the requirements of s. 216.235(5) and, if applicable, s. 216.235(6), and shall be submitted to the department no later than May 15. The State Innovation Committee or its designee shall review and evaluate such proposal as to its technical feasibility. Funds for the innovative project shall be available to the agency on July 1. Any of such funds which are not awarded by July 1 shall be used for funding innovative projects submitted for funding pursuant to s. 216.237. Loans made under this section shall be repaid, without interest, from savings realized by the agency as a result of implementing the innovative project by no later than July 30 of the following fiscal year in which the funds were received by the agency. Any agency awarded funds pursuant to this section shall maintain detailed accounting records showing all expenses, loan transfers, savings, or other financial actions concerning the project. Any savings realized as a result of implementing the innovative project shall be quantified, validated, and verified by the agency. By July 1 of the following fiscal year in which the funds were received, a final report of the results of the implementation of each innovative project shall be submitted by each participating agency to the Governor’s Office of Planning and Budgeting and the legislative appropriations committees, along with a budget amendment to reimburse the General Revenue Fund.