This bill proposes the elimination of the Office of Financial Management (OFM) in Washington State, aiming to recover approximately $27.8 million of the $30 million that was misallocated during the 2023-2025 budget cycle. The bill outlines that the responsibilities of the OFM will be transferred to the Department of Revenue, the State Auditor's Office, and the State Treasurer's Office. These entities will take over all functions related to budget preparation, fiscal analysis, and financial management, with all existing resources, including reports and property, being reassigned accordingly.

Additionally, the bill includes the repeal of numerous sections of the Revised Code of Washington (RCW) that pertain to the OFM, effectively dissolving its legal framework. The new provisions will ensure that all powers and duties previously held by the OFM are now under the jurisdiction of the aforementioned departments. The act is set to take effect on July 1, 2026, marking a significant restructuring of financial management within the state government.