Substitute Bill No. 473 Summary

• Expands State Contracting Standards Board authority to quasi-public agencies beginning July 1, 2022, requiring them to comply with state procurement statutes and regulations

• Requires five new employees to be hired by the State Contracting Standards Board by September 22, 2022, with $467,055 appropriated from the General Fund for fiscal year 2023

• Protects board budget by prohibiting the Governor from reducing allotment requisitions or allotments for the State Contracting Standards Board

• Extends procurement standards to quasi-public agency contracts entered into on or after July 1, 2022, including requirements for accountability, transparency, and results-based outcomes

• Applies privatization contract requirements to quasi-public agencies, requiring cost-benefit analyses and board approval before entering into or renewing privatization contracts