The bill amends various sections of the Revised Code concerning the management and investment of public funds, particularly focusing on the responsibilities of the Treasurer of State and local treasurers. Key changes include the introduction of definitions for "active deposit" and "interim deposit," aligning them with existing definitions in section 135.01. The bill clarifies that the Treasurer is not liable for investment decisions made by custodial fund owners and establishes that state treasury assets must not be commingled with custodial funds. It also introduces new provisions requiring subdivisions and state entities to designate authorized signers for accounts managed by the Treasurer and mandates maintaining a certain credit rating for pooled accounts. Additionally, the bill relieves the Treasurer and employees from liability for losses incurred during lawful investment activities, provided they acted prudently.

Further amendments focus on the establishment of financial oversight commissions in municipalities facing fiscal emergencies, defining "public moneys of a subdivision," and clarifying "excess reserves." The bill mandates a training program for local officials on government accounting and budgeting, with a dedicated fund to support these initiatives. It outlines the structure and responsibilities of financial planning commissions, including the appointment process for members and the auditor of state assuming the role of financial supervisor in smaller municipalities. The bill also establishes a legal aid fund, modifies investment regulations for treasurers, and introduces new requirements for training and investment policies. Overall, the bill aims to enhance the management and security of public funds while ensuring compliance with legal and financial standards.

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
As Pending in Senate Committee: 113.05, 113.051, 113.09, 113.16, 117.44, 118.05, 120.52, 128.54, 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, 323.611, 956.13, 1557.03, 3307.12, 3333.374, 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