Substitute Senate Bill 4 Summary

• Requires the Auditor of State to conduct a minimum of four performance audits per biennium, with at least two audits of administrative departments and education, and at least two audits of other state agencies, excluding the Attorney General, Auditor, Governor, Secretary of State, Treasurer, and legislative/judicial agencies.

• Establishes the Leverage for Efficiency, Accountability, and Performance (LEAP) Fund to provide loans to state agencies and local public offices to pay for performance audits, with interest charged at the state treasury asset reserve fund rate and repayment due one year after audit completion.

• Requires audited agencies to accept public comments for 14 days after audit release and implement audit recommendations within three months or provide written explanations to state leadership; agencies failing to fully implement recommendations within one year must justify non-compliance.

• Mandates the Auditor of State submit an annual report by March 30th to state leadership documenting whether audited agencies implemented recommendations and the money saved from implementation.

• Appropriates $1,500,000 from the Uniform Accounting Network Fund to the LEAP Fund for fiscal year 2011, with initial audits of the Department of Education, Department of Job and Family Services, Department of Transportation, and one additional agency to commence within 90 days.