The Florida Senate

Any remaining funds from the General Revenue Fund and trust fund spending authority not awarded to agencies pursuant to s. 216.236 shall be available to agencies for innovative projects which generate a cost savings, increase revenue, or improve service delivery. Innovative projects which generate a cost savings shall receive greater consideration when awarding innovation investment funds. Any trust fund authority granted under this program shall be utilized in a manner consistent with the statutory authority for the use of said trust fund. Any savings realized as a result of implementing the innovative project shall be used by the agency to establish an internal innovations fund. State agencies which are awarded funds for innovative projects shall utilize the chart of accounts used by the Florida Accounting Information Resource Subsystem in the manner described in s. 215.93(3). Such chart of accounts shall be developed and amended in consultation with the Department of Financial Services and the Executive Office of the Governor to separate and account for the savings that result from the implementation of the innovative projects and to keep track of how the innovative funds are reinvested by the state agency to fund additional innovative projects, which may include, but not be limited to, expenditures for training and information technology resources. Guidelines for the establishment of such internal innovations fund shall be provided by the Department of Management Services. Any agency awarded funds under this section shall maintain detailed accounting records showing all expenses, loan transfers, savings, or other financial actions concerning the project. Any savings realized as a result of implementing the innovative project shall be quantified, validated, and verified by the agency. A final report of the results of the implementation of each innovative project shall be submitted by each participating agency to the Governor’s Office of Planning and Budgeting and the legislative appropriations committees by June 30 of the fiscal year in which the funds were received and ensuing fiscal years for the life of the project.