S.B. No. 380 Summary

• Reclassifies five trust accounts of the Department of Accounting and General Services as trust funds to align with statutory definitions based on Auditor's Report No. 23-17.

• Reclassifies the refundable deposits--public works--leasing branch trust account (established 2019) and refundable deposits--public works--other than leasing trust account (established 2019) as trust funds.

• Reclassifies the state foundation on culture and the arts trust account (established 1984), temporary deposits--automotive management trust account (established 1996), and temporary deposits--public works trust account (established 1988) as trust funds.

• Aims to ensure statutory compliance, enhance financial transparency, and improve management oversight of state resources by correcting fund classification inconsistencies.

• Takes effect on July 1, 2025.