AB 1621 Summary

• Repeals and revises provisions governing FISCal (Financial Information System for California), a single integrated financial management system for the state encompassing budgeting, accounting, procurement, cash management, financial reporting, cost accounting, asset accounting, project accounting, and grant accounting.

• Permits FISCal implementation across all state departments and agencies without requiring express legislative authorization, whereas previous law limited implementation to specified departments.

• Authorizes the State Public Works Board to issue up to $1,362,000,000 in bonds, notes, or certificates to finance FISCal costs, with a restriction that no more than $38,000,000 may be issued until the Joint Legislative Budget Committee approves the Department of Finance report on the prime vendor contract.

• Requires the Department of Finance to submit a written report to the Legislature at least 90 days before executing a prime vendor contract, detailing vendor assessments, proposals, costs, timeframes, and the rationale for vendor selection.

• Establishes a State Budget transparency component requiring public access to General Fund and federal fund expenditure data via internet, including recipient identity, amount, transaction type, department, budget source, purpose, and description of items purchased.