CT HB06763

Repeals and replaces Section 4-68aa of general statutes effective July 1, 2015 to expand social innovation contracting beyond the original Second Chance Act offender reentry program.

Establishes six key definitions including "savings" (reduction in state expenditures), "social innovation investment enterprise," "social investment vehicle," "outcome-based performance contract," and "preventive social program" covering poverty, homelessness, unemployment, poor academic achievement, recidivism, child abuse, and poor health.

Authorizes the Secretary of the Office of Policy and Management or designated agencies to enter outcome-based performance contracts with social innovation enterprises for delivering preventive social programs, conditioned on achieving measurable performance benchmarks and generating state savings.

Requires contracts to include independent evaluation of benchmark achievement, payment calculations tied to performance, annual reporting to joint standing committees on benchmark achievement and investment returns, and fiscal analyses of projected savings.

Establishes a nonlapsing "social innovation account" within the General Fund to pay social innovation enterprises, investors, and administrative costs according to contract terms, with authority to accept gifts and grants from public or private sources.