On Wednesday, the House passed Senate Bill 1 creating the Legislative Office of Fiscal Transparency (LOFT) to give the Legislature a greater insight into agency budgets and spending. Governor Stitt will decide the fate of the measure supported by House Speaker Charles McCall and Senate President Pro Tempore Greg Treat.
LOFT will operate within the Legislative Service Bureau (LSB) and would function similar to the Government Accountability Office within Congress.
“The Legislature has an obligation to ensure that taxpayer dollars are being spent by the agencies appropriately and without waste, and we need the resources to do that effectively,” said McCall. “LOFT will be a legislative-level office, not an executive branch office, that ensures lawmakers are getting accurate and timely information from the agencies so we can make better informed decisions for citizens. This office has been a shared priority between House and Senate leadership this session, and I am very pleased that we accomplished this goal before the end of session.”
LOFT would add staff members to audit agency budgets and evaluate the effectiveness of their programs and services. A committee made up of an equal number of bipartisan House and Senate members would provide oversight of LOFT.
“The Legislative Office of Fiscal Transparency will increase transparency and accountability by providing the public and lawmakers with in-depth information on agency budgets and program performance,” said Treat. “Rather than depending on agencies or third parties that receive state funding, lawmakers will have independent data as they make budgetary decisions and evaluate the effectiveness of individual programs. I appreciate Speaker McCall’s commitment and collaboration on the idea of a legislative budget office and thank him for his work in seeing Senate Bill 1 passed.”
If signed into law, SB 1 would require state agencies, boards and commissions to turn over any requested records and documents to LOFT.
