SB 861 Summary

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

• Authorizes the State Public Works Board to issue bonds, notes, or certificates up to $1,362,000,000 to finance FISCal system costs, with a $38,000,000 cap until the Joint Legislative Budget Committee approves the Department of Finance's vendor contract report.

• Increases the Department of Finance's required pre-contract report to the Legislature from 30 days to 90 days prior to executing the prime vendor contract, allowing the Joint Legislative Budget Committee to waive the review period.

• Permits FISCal implementation across all state departments and agencies without requiring express legislative authorization, and requires the Bureau of State Audits to independently monitor FISCal development and report annually.

• Creates the FISCal Internal Services Fund, FISCal Support Fund, FISCal System Development Fund, and FISCal Debt Service Fund to manage system financing and operations, with continuous appropriations for development and maintenance costs.