BILL ANALYSIS ------------------------------------------------------------ |SENATE RULES COMMITTEE | AB 1621| |Office of Senate Floor Analyses | | |1020 N Street, Suite 524 | | |(916) 651-1520 Fax: (916) | | |327-4478 | | ------------------------------------------------------------ THIRD READING Bill No: AB 1621 Author: Assembly Budget Committee Amended: 10/6/10 in Senate Vote: 27 - Urgency PRIOR VOTES NOT RELEVANT SUBJECT : Budget Act of 2010: Financial Information System SOURCE : Author DIGEST : Senate Floor Amendments of 10/6/10 delete the prior version of the bill which expressed the intent of the Legislature to enact statutory changes relating to the Budget Act of 2010, and add the current content relating to the Financial Information System. This bill now is the Financial Information System for California (FI$Cal) Trailer Bill for the Budget Act of 2010, and contains necessary changes to implement the Budget Act of 2010. ANALYSIS : This bill provides the following: Legislative Oversight . Establishes various requirements the FI$Cal project must meet before proceeding with award of a prime vendor contract (anticipated in Fall 2011), including the following: CONTINUED AB 1621 Page 2 ? Requires the Department of Finance to submit a report summarizing each vendor's proposal for the development of FI$Cal, including a "scaled-back" version of the project (i.e., a lower-cost option), the vendor's assessment of the state's current financial system, and the Administration's rationale for selecting the winning vendor. ? Provides for a 90-day legislative review, subject to waiver by the Chairperson of the Joint Legislative Budget Committee (JLBC), of the aforementioned report. ? Authorizes the project to bond for no more than $38 million (the estimated project costs that will have been incurred to-date on the eve of the prime contract award) until after JLBC concurrence in the aforementioned report. Repeal and Recast Existing Statute . Repeals and recasts, with technical amendments, existing FI$Cal provisions, which include authorization to finance up to $1.4 billion in project costs. The Governor requested FI$Cal be re-authorized in its own stand-alone bill. FISCAL EFFECT : Appropriation: Yes Fiscal Com.: Yes Local: No DLW:nl 10/6/10 Senate Floor Analyses SUPPORT/OPPOSITION: NONE RECEIVED **** END ****