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CFO Alex Sink’s Priority Legislation to Increase Accountability Now in Effect

7/1/2010

TALLAHASSEE – Florida CFO Alex Sink today issued the following statement regarding her priority legislative reforms that went into effect today, July 1:

“I’ve led the charge to reform Florida's contracting process, leading by example in my Department of Financial Services,” said CFO Sink.  “The new Contracting Reforms legislation provides for greater accountability and transparency in state contracting, saving taxpayer dollars and reducing waste in state government.”

CFO Sink also noted reforms taking effect today at the State Board of Administration, including required quarterly board meetings, but expressed disappointment that the Legislature did not pass reforms that would expand the Board of Trustees to include people with financial experience and expertise.

“The buck stops with the Trustees,” said CFO Sink. “We do a disservice to our police officers, firefighters, teachers and other state employees who entrust their retirement to our pension fund if we do not ensure the strongest oversight possible.” 

CFO Sink’s recommendations included in SB 2386 (Contracting Reforms) now:

  • Authorize state agencies to increase the use of electronic payments and receipts to reduce costs and increase efficiency.  
  • Require all contract managers to attend accountability in state contracting training conducted by the CFO's Department of Financial Services.
  • Require that contracts include clear statements of work and deliverables to ensure the state is getting what’s being paid for.
  • Authorize the CFO to establish procedures for state agencies to ensure contract services are rendered in accordance with contract provisions prior to invoicing for payment.
  • Require an analysis to ensure that non-competitive procurements are reflective of fair market value.
  • Require that agreements with grantees of state and federally funded grants include clear statements of work and deliverables.

The SBA Reform Bill (HB 1307) includes many of CFO Sink’s suggested reforms, including:

  • Ethics reforms for investment advisors, managers and members of the Investment Advisory Council.
  • The creation of an audit committee to ensure annual independent audits of FRS financial statements.
  • Enhanced reporting at quarterly SBA Board meetings.
  • Strengthening qualifications and performance measures for the SBA executive director.

CFO Sink’s Safeguard Our Seniors Legislation goes into effect January 1, 2011.

As a statewide elected officer of the Florida Cabinet, CFO Alex Sink oversees the Department of Financial Services and serves as the State Fire Marshal.  A successful businesswoman with nearly three decades of experience in the private sector, Sink is serving her first term as Florida's CFO.  As CFO, Sink's priorities include using her business experience to cut wasteful government spending, cracking down on financial and insurance fraud and reforming the state government's contracting practices.