The bill amends several sections of the General Laws in Chapter 35-3, which pertains to the State Budget, to enhance oversight and reporting measures related to audits and capital projects. It designates the budget officer as a capital development officer, who will be appointed by the governor and shall meet no less than quarterly. The bill also introduces a requirement for state departments, agencies, and instrumentalities to submit detailed financial statements, including surplus or deficiency projections, the party responsible for implementing corrective action plans, and the status of capital projects funded by general obligation bond proceeds, Rhode Island Capital Plan funds, or other pay-as-you-go sources.

Additionally, the bill establishes a program performance measurement requirement, which mandates that beginning with the fiscal year 2028 budget submission, the capital budget must identify the source of cost estimates and any capital projects that have experienced material changes in scope or cost exceeding five percent from approved amounts. It also creates an information technology restricted receipt account (ITRR account) to manage funds for IT improvements and establishes a large systems initiatives fund (LSI fund) for enterprise-wide software projects. The bill includes provisions for reporting unexpended sums from completed projects and requires the state controller to report these transfers to the chairpersons of the house finance committee and the senate finance committee. The amendments aim to improve transparency and accountability in state financial operations and capital project management.

Statutes affected:
8146: 42-11-2.5