| 1 | A bill to be entitled |
| 2 | An act relating to financial services; creating s. |
| 3 | 17.0315, F.S.; establishing a task force to develop a |
| 4 | business plan for a successor financial and cash |
| 5 | management system; requiring the Chief Financial Officer |
| 6 | to appoint members to and head the task force; requiring |
| 7 | that the directors of the Agency for Enterprise |
| 8 | Information Technology and the Office of Policy and Budget |
| 9 | in the Executive Office of the Governor participate as |
| 10 | members of the task force; specifying requirements for a |
| 11 | strategic business plan; requiring that administrative |
| 12 | services directors, finance and accounting officers, and |
| 13 | budget directors of all branches of state government |
| 14 | cooperate with the task force; requiring the task force to |
| 15 | submit the business plan to the Governor and the |
| 16 | Legislature; requiring that certain information be |
| 17 | included in the plan; requiring the Chief Financial |
| 18 | Officer to submit an initial report and recommended |
| 19 | legislation by a specified date; amending s. 20.121, F.S.; |
| 20 | establishing the Strategic Markets Research and Assessment |
| 21 | Unit within the Department of Financial Services; |
| 22 | requiring that the unit periodically report to the Cabinet |
| 23 | and the Legislature; specifying the information be |
| 24 | included in the report; requiring that the Chief Financial |
| 25 | Officer submit to the Cabinet and the Legislature findings |
| 26 | and recommendations concerning regulatory and policy |
| 27 | changes; amending s. 517.315, F.S.; requiring the Office |
| 28 | of Financial Regulation of the Financial Services |
| 29 | Commission to transfer the entire registration assessment |
| 30 | fee paid by associated persons and a certain percentage of |
| 31 | the assessment fee paid by dealers and investment advisors |
| 32 | to the Regulatory Trust Fund; amending ss. 626.932 and |
| 33 | 626.938, F.S.; revising the required percentages of funds |
| 34 | collected pursuant to certain taxes on surplus lines |
| 35 | premiums and related interest which are deposited into the |
| 36 | Insurance Regulatory Trust Fund and the General Revenue |
| 37 | Fund; providing an effective date. |
| 38 |
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| 39 | Be It Enacted by the Legislature of the State of Florida: |
| 40 |
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| 41 | Section 1. Section 17.0315, Florida Statutes, is created |
| 42 | to read: |
| 43 | 17.0315 Financial and cash management system; task |
| 44 | force.-- |
| 45 | (1) The Chief Financial Officer, as the constitutional |
| 46 | officer responsible for settling and approving accounts against |
| 47 | the state and keeping all state funds pursuant to s. 4, Art. IV |
| 48 | of the State Constitution, shall be the head of and appoint |
| 49 | members to a task force established to develop a strategic |
| 50 | business plan for a successor financial and cash management |
| 51 | system. The task force shall include the executive director of |
| 52 | the Agency for Enterprise Information Technology and the |
| 53 | director of the Office of Policy and Budget in the Executive |
| 54 | Office of the Governor. Any member of the task force may appoint |
| 55 | a designee. |
| 56 | (2) The strategic business plan for a successor financial |
| 57 | and cash management system must: |
| 58 | (a) Permit proper disbursement and auditing controls |
| 59 | consistent with the respective constitutional duties of the |
| 60 | Chief Financial Officer and the Legislature; |
| 61 | (b) Promote transparency in the accounting of public |
| 62 | funds; |
| 63 | (c) Provide timely and accurate recording of financial |
| 64 | transactions by agencies and their professional staffs; |
| 65 | (d) Support executive reporting and data analysis |
| 66 | requirements; |
| 67 | (e) Be capable of interfacing with other systems providing |
| 68 | human resource services, procuring goods and services, and |
| 69 | providing other enterprise functions; |
| 70 | (f) Be capable of interfacing with the existing |
| 71 | legislative appropriations, planning, and budgeting systems; |
| 72 | (g) Be coordinated with the information technology |
| 73 | strategy development efforts of the Agency for Enterprise |
| 74 | Information Technology; |
| 75 | (h) Be coordinated with the revenue estimating conference |
| 76 | process as supported by the Office of Economic and Demographic |
| 77 | Research; and |
| 78 | (i) Address other such issues as the Chief Financial |
| 79 | Officer identifies. |
| 80 | (3) State agency administrative services directors, |
| 81 | finance and accounting officers, and budget directors within all |
| 82 | branches of state government shall fully cooperate with the task |
| 83 | force in its development of the strategic plan. The task force |
| 84 | shall submit to the Governor, the President of the Senate, and |
| 85 | the Speaker of the House of Representatives a strategic business |
| 86 | plan that includes, but is not limited to: |
| 87 | (a) Identifying problems and opportunities imposed by |
| 88 | current law and the current administration with respect to |
| 89 | existing state accounting and cash management systems; |
| 90 | (b) Providing developmental solutions to known failures, |
| 91 | including, but not limited to, those identified by external |
| 92 | review and audit reports; |
| 93 | (c) Recommending business processes, requirements, and |
| 94 | governance structure to support a standardized statewide |
| 95 | accounting and cash management system; |
| 96 | (d) Evaluating alternative funding approaches to equitably |
| 97 | distribute common accounting infrastructure costs across all |
| 98 | participating users; and |
| 99 | (e) Providing an enterprise-wide work product that can be |
| 100 | used as the basis for a revised competitive procurement process |
| 101 | for the implementation of a successor system. |
| 102 | |
| 103 | The Chief Financial Officer shall submit the initial report, |
| 104 | along with draft legislation recommended to implement a |
| 105 | standardized statewide financial and cash management system, by |
| 106 | February 1, 2009. |
| 107 | Section 2. Subsection (6) is added to section 20.121, |
| 108 | Florida Statutes, to read: |
| 109 | 20.121 Department of Financial Services.--There is created |
| 110 | a Department of Financial Services. |
| 111 | (6) STRATEGIC MARKETS RESEARCH AND ASSESSMENT UNIT.--The |
| 112 | Strategic Markets Research and Assessment Unit is established |
| 113 | within the Department of Financial Services. The Chief Financial |
| 114 | Officer or his or her designee shall report on September 1, |
| 115 | 2008, and quarterly thereafter, to the Cabinet, the President of |
| 116 | the Senate, and the Speaker of the House of Representatives on |
| 117 | the status of the state's financial services markets. At a |
| 118 | minimum, the report must include a summary of issues, trends, |
| 119 | and threats that broadly impact the condition of the financial |
| 120 | services industries, along with the effect of such conditions on |
| 121 | financial institutions, the securities industries, other |
| 122 | financial entities, and the credit market. The Chief Financial |
| 123 | Officer shall also provide findings and recommendations |
| 124 | regarding regulatory and policy changes to the Cabinet, the |
| 125 | President of the Senate, and the Speaker of the House of |
| 126 | Representatives. |
| 127 | Section 3. Section 517.315, Florida Statutes, is amended |
| 128 | to read: |
| 129 | 517.315 Fees.--All fees of any nature collected by the |
| 130 | office pursuant to this chapter shall be disbursed as follows: |
| 131 | (1) The office shall transfer the amount of fees required |
| 132 | to be deposited into the Securities Guaranty Fund pursuant to s. |
| 133 | 517.131; |
| 134 | (2) After the transfer required in subsection (1), the |
| 135 | office shall transfer $20 of the $50 assessment fee collected |
| 136 | from each associated person under s. 517.12(10) and (11) and |
| 137 | 30.44 percent of the $100 assessment fee paid by dealers and |
| 138 | investment advisors for each office in the state under s. |
| 139 | 517.12(10) and (11) to the Regulatory Trust Fund; and |
| 140 | (3) All remaining fees shall be deposited into the General |
| 141 | Revenue Fund. |
| 142 | Section 4. Subsection (5) of section 626.932, Florida |
| 143 | Statutes, is amended to read: |
| 144 | 626.932 Surplus lines tax.-- |
| 145 | (5) The department shall deposit 15.74 24.3 percent of all |
| 146 | taxes collected under this section to the credit of the |
| 147 | Insurance Regulatory Trust Fund. Eighty-four and twenty-six |
| 148 | hundredths Seventy-five and seven-tenths percent of all taxes |
| 149 | collected under this section shall be deposited into the General |
| 150 | Revenue Fund. |
| 151 | Section 5. Subsection (7) of section 626.938, Florida |
| 152 | Statutes, is amended to read: |
| 153 | 626.938 Report and tax of independently procured |
| 154 | coverages.-- |
| 155 | (7) The department shall deposit 15.74 24.3 percent of all |
| 156 | taxes and interest collected under this section to the credit of |
| 157 | the Insurance Regulatory Trust Fund. Eighty-four and twenty-six |
| 158 | hundredths Seventy-five and seven-tenths percent of all taxes |
| 159 | and interest collected under this section shall be deposited |
| 160 | into the General Revenue Fund. |
| 161 | Section 6. This act shall take effect July 1, 2008. |