The bill amends various sections of the Revised Code to enhance the management and investment of public funds by the Treasurer of State and local treasurers. Key provisions include the introduction of new definitions for "active deposit" and "interim deposit," aligning them with existing definitions, and clarifying the Treasurer's responsibilities regarding custodial funds, including liability protections for prudent investments. The bill also establishes that state treasury assets must not be commingled with custodial funds and outlines procedures for investing public moneys. Additionally, it repeals sections 113.10 and 113.43, enacting a new section, 113.052, which provides liability protections for the Treasurer and their employees while detailing the investment authority of subdivisions and state entities.

Furthermore, the bill introduces provisions for the creation of financial planning and supervision commissions for municipalities and counties in fiscal emergencies, mandates training for local officials in government accounting, and updates audit procedures for the state treasury. It also clarifies the responsibilities of county investing authorities, including the requirement for written investment policies and the prohibition of investments in derivatives. The bill aims to streamline processes, enhance accountability, and ensure proper management of public funds while providing clear guidelines for the investment of these funds.

Statutes affected:
As Introduced: 113.05, 113.051, 113.09, 113.16, 113.53, 117.44, 118.05, 120.52, 135.01, 135.032, 135.14, 135.143, 135.22, 135.35, 135.45, 135.451, 151.01, 164.09, 183.51, 317.36, 319.63, 321.46, 321.47, 1557.03, 3307.12, 3334.08, 3334.11, 3705.242, 3737.945, 3953.231, 4511.19, 4705.09, 4705.10, 5528.54, 5725.22, 5725.23, 5729.05, 5729.10, 5739.17, 5747.51, 6101.51, 113.07, 113.10, 113.43