The proposed bill aims to eliminate the Office of Financial Management (OFM) in Washington State and recover approximately $27.8 million of the $30 million that was misallocated during the 2023-2025 budget cycle. The bill introduces a new section that transfers all powers, duties, and functions of the OFM to the Department of Revenue, the State Auditor's Office, and the State Treasurer's Office. This transfer includes responsibilities for budget preparation, fiscal analysis, and financial management, with all references to the OFM being redefined to refer to the aforementioned departments and offices. Additionally, all assets, records, and appropriations currently held by the OFM will be reassigned to these departments.

Furthermore, the bill includes a comprehensive repeal of numerous existing statutes related to the OFM, effectively dissolving its legal framework. The act is set to take effect on July 1, 2026, marking a significant restructuring of financial management within the state government. The intent behind these changes is to streamline operations and ensure that the misallocated funds are redirected appropriately to maintain essential functions within the state’s financial oversight.