Senate Bill No. 376, identified as File No. 550, is a legislative proposal that mandates the Office of Fiscal Analysis (OFA) to review appropriations from funds other than the General Fund in the state budget for the biennium ending June 30, 2025. The OFA is tasked with identifying areas of spending where appropriations have increased by ten percent or more compared to the previous biennium. The results of this review are to be submitted to the joint standing committee of the General Assembly that oversees appropriations and state agency budgets by February 1, 2025. The bill is set to be effective from July 1, 2024.

The bill does not have any fiscal impact on the state or municipal levels, as the OFA is expected to have the necessary expertise and staff to conduct the review without additional resources. The bill analysis clarifies that the state budget includes appropriations for the General Fund and eleven other funds, such as the Municipal Revenue Sharing Fund, the Banking Fund, the Insurance Fund, and various funds related to cannabis regulation and compensation. The Appropriations Committee has given a Joint Favorable recommendation to the bill with a vote of 36 in favor and 15 against on April 4, 2024.