HB 5043

1
A bill to be entitled
2An act relating to financial services; creating s.
317.0315, F.S.; establishing a task force to develop a
4business plan for a successor financial and cash
5management system; requiring the Chief Financial Officer
6to appoint members to and head the task force; requiring
7that the directors of the Agency for Enterprise
8Information Technology and the Office of Policy and Budget
9in the Executive Office of the Governor participate as
10members of the task force; specifying requirements for a
11strategic business plan; requiring that administrative
12services directors, finance and accounting officers, and
13budget directors of all branches of state government
14cooperate with the task force; requiring the task force to
15submit the business plan to the Governor and the
16Legislature; requiring that certain information be
17included in the plan; requiring the Chief Financial
18Officer to submit an initial report and recommended
19legislation by a specified date; amending s. 20.121, F.S.;
20establishing the Strategic Markets Research and Assessment
21Unit within the Department of Financial Services;
22requiring that the unit periodically report to the Cabinet
23and the Legislature; specifying the information be
24included in the report; requiring that the Chief Financial
25Officer submit to the Cabinet and the Legislature findings
26and recommendations concerning regulatory and policy
27changes; amending s. 517.315, F.S.; requiring the Office
28of Financial Regulation of the Financial Services
29Commission to transfer the entire registration assessment
30fee paid by associated persons and a certain percentage of
31the assessment fee paid by dealers and investment advisors
32to the Regulatory Trust Fund; amending ss. 626.932 and
33626.938, F.S.; revising the required percentages of funds
34collected pursuant to certain taxes on surplus lines
35premiums and related interest which are deposited into the
36Insurance Regulatory Trust Fund and the General Revenue
37Fund; providing an effective date.
38
39Be It Enacted by the Legislature of the State of Florida:
40
41     Section 1.  Section 17.0315, Florida Statutes, is created
42to read:
43     17.0315  Financial and cash management system; task
44force.--
45     (1)  The Chief Financial Officer, as the constitutional
46officer responsible for settling and approving accounts against
47the state and keeping all state funds pursuant to s. 4, Art. IV
48of the State Constitution, shall be the head of and appoint
49members to a task force established to develop a strategic
50business plan for a successor financial and cash management
51system. The task force shall include the executive director of
52the Agency for Enterprise Information Technology and the
53director of the Office of Policy and Budget in the Executive
54Office of the Governor. Any member of the task force may appoint
55a designee.
56     (2)  The strategic business plan for a successor financial
57and cash management system must:
58     (a)  Permit proper disbursement and auditing controls
59consistent with the respective constitutional duties of the
60Chief Financial Officer and the Legislature;
61     (b)  Promote transparency in the accounting of public
62funds;
63     (c)  Provide timely and accurate recording of financial
64transactions by agencies and their professional staffs;
65     (d)  Support executive reporting and data analysis
66requirements;
67     (e)  Be capable of interfacing with other systems providing
68human resource services, procuring goods and services, and
69providing other enterprise functions;
70     (f)  Be capable of interfacing with the existing
71legislative appropriations, planning, and budgeting systems;
72     (g)  Be coordinated with the information technology
73strategy development efforts of the Agency for Enterprise
74Information Technology;
75     (h)  Be coordinated with the revenue estimating conference
76process as supported by the Office of Economic and Demographic
77Research; and
78     (i)  Address other such issues as the Chief Financial
79Officer identifies.
80     (3)  State agency administrative services directors,
81finance and accounting officers, and budget directors within all
82branches of state government shall fully cooperate with the task
83force in its development of the strategic plan. The task force
84shall submit to the Governor, the President of the Senate, and
85the Speaker of the House of Representatives a strategic business
86plan that includes, but is not limited to:
87     (a)  Identifying problems and opportunities imposed by
88current law and the current administration with respect to
89existing state accounting and cash management systems;
90     (b)  Providing developmental solutions to known failures,
91including, but not limited to, those identified by external
92review and audit reports;
93     (c)  Recommending business processes, requirements, and
94governance structure to support a standardized statewide
95accounting and cash management system;
96     (d)  Evaluating alternative funding approaches to equitably
97distribute common accounting infrastructure costs across all
98participating users; and
99     (e)  Providing an enterprise-wide work product that can be
100used as the basis for a revised competitive procurement process
101for the implementation of a successor system.
102
103The Chief Financial Officer shall submit the initial report,
104along with draft legislation recommended to implement a
105standardized statewide financial and cash management system, by
106February 1, 2009.
107     Section 2.  Subsection (6) is added to section 20.121,
108Florida Statutes, to read:
109     20.121  Department of Financial Services.--There is created
110a Department of Financial Services.
111     (6)  STRATEGIC MARKETS RESEARCH AND ASSESSMENT UNIT.--The
112Strategic Markets Research and Assessment Unit is established
113within the Department of Financial Services. The Chief Financial
114Officer or his or her designee shall report on September 1,
1152008, and quarterly thereafter, to the Cabinet, the President of
116the Senate, and the Speaker of the House of Representatives on
117the status of the state's financial services markets. At a
118minimum, the report must include a summary of issues, trends,
119and threats that broadly impact the condition of the financial
120services industries, along with the effect of such conditions on
121financial institutions, the securities industries, other
122financial entities, and the credit market. The Chief Financial
123Officer shall also provide findings and recommendations
124regarding regulatory and policy changes to the Cabinet, the
125President of the Senate, and the Speaker of the House of
126Representatives.
127     Section 3.  Section 517.315, Florida Statutes, is amended
128to read:
129     517.315  Fees.--All fees of any nature collected by the
130office pursuant to this chapter shall be disbursed as follows:
131     (1)  The office shall transfer the amount of fees required
132to be deposited into the Securities Guaranty Fund pursuant to s.
133517.131;
134     (2)  After the transfer required in subsection (1), the
135office shall transfer $20 of the $50 assessment fee collected
136from each associated person under s. 517.12(10) and (11) and
13730.44 percent of the $100 assessment fee paid by dealers and
138investment advisors for each office in the state under s.
139517.12(10) and (11) to the Regulatory Trust Fund; and
140     (3)  All remaining fees shall be deposited into the General
141Revenue Fund.
142     Section 4.  Subsection (5) of section 626.932, Florida
143Statutes, is amended to read:
144     626.932  Surplus lines tax.--
145     (5)  The department shall deposit 15.74 24.3 percent of all
146taxes collected under this section to the credit of the
147Insurance Regulatory Trust Fund. Eighty-four and twenty-six
148hundredths Seventy-five and seven-tenths percent of all taxes
149collected under this section shall be deposited into the General
150Revenue Fund.
151     Section 5.  Subsection (7) of section 626.938, Florida
152Statutes, is amended to read:
153     626.938  Report and tax of independently procured
154coverages.--
155     (7)  The department shall deposit 15.74 24.3 percent of all
156taxes and interest collected under this section to the credit of
157the Insurance Regulatory Trust Fund. Eighty-four and twenty-six
158hundredths Seventy-five and seven-tenths percent of all taxes
159and interest collected under this section shall be deposited
160into the General Revenue Fund.
161     Section 6.  This act shall take effect July 1, 2008.


CODING: Words stricken are deletions; words underlined are additions.