HB 1286 Summary

• Each state agency subject to the Oklahoma State Finance Act must develop a contingency plan and budget for a potential 25% reduction in federal monies within 30 days of the act's effective date.

• Agencies must submit the contingency plan to the Director of the Office of Management and Enterprise Services, the Governor, the Speaker of the House, and the President Pro Tempore of the Senate.

• Every affected entity must make annual disclosures of all federal funds under its control, organized by expenditure category and ranked by dependency, including required or prohibited actions as conditions for receiving federal funds.

• Agencies must disclose annually the federal funds that require implementation costs, listed in descending order from most costly to least costly.

• The act becomes effective November 1, 2015.