Bill Text: IA HF2126 | 2021-2022 | 89th General Assembly | Enrolled
Bill Title: A bill for an act relating to the comprehensive financial report of the state and including effective date provisions. (Formerly HSB 568.) Contingent effective date.
Spectrum: Committee Bill
Status: (Passed) 2022-05-02 - Signed by Governor. H.J. 868. [HF2126 Detail]
Download: Iowa-2021-HF2126-Enrolled.html
House
File
2126
-
Enrolled
House
File
2126
AN
ACT
RELATING
TO
THE
COMPREHENSIVE
FINANCIAL
REPORT
OF
THE
STATE
AND
INCLUDING
EFFECTIVE
DATE
PROVISIONS.
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
Section
1.
Section
8.53,
Code
2022,
is
amended
to
read
as
follows:
8.53
GAAP
deficit
——
GAAP
implementation.
For
the
fiscal
year
beginning
July
1,
1996,
and
each
succeeding
fiscal
year,
the
governor
shall
recommend
in
the
governor’s
budget
and
the
general
assembly
shall
provide
funds
to
eliminate
the
GAAP
deficit
of
the
general
fund
of
the
state,
as
reported
in
the
state’s
comprehensive
annual
comprehensive
financial
report
issued
during
the
prior
fiscal
year,
either
through
the
appropriation
of
specific
funds
to
correct
a
GAAP
adjustment
or
by
setting
funds
aside
in
a
special
account
in
an
amount
equal
to
the
GAAP
deficit.
Sec.
2.
Section
8A.111,
subsection
5,
Code
2022,
is
amended
to
read
as
follows:
5.
A
comprehensive
An
annual
comprehensive
financial
report
as
required
under
section
8A.502,
subsection
8
.
Sec.
3.
Section
8A.502,
subsection
8,
Code
2022,
is
amended
to
read
as
follows:
8.
Accounts.
To
keep
the
central
budget
and
proprietary
control
accounts
of
the
general
fund
of
the
state
and
special
funds,
as
defined
in
section
8.2
,
of
the
state
government.
Upon
elimination
of
the
state
deficit
under
generally
accepted
House
File
2126,
p.
2
accounting
principles,
including
the
payment
of
items
budgeted
in
a
subsequent
fiscal
year
which
under
generally
accepted
accounting
principles
should
be
budgeted
in
the
current
fiscal
year,
the
recognition
of
revenues
received
and
expenditures
paid
and
transfers
received
and
paid
within
the
time
period
required
pursuant
to
section
8.33
shall
be
in
accordance
with
generally
accepted
accounting
principles.
Budget
accounts
are
those
accounts
maintained
to
control
the
receipt
and
disposition
of
all
funds,
appropriations,
and
allotments.
Proprietary
accounts
are
those
accounts
relating
to
assets,
liabilities,
income,
and
expense.
For
each
fiscal
year,
the
financial
position
and
results
of
operations
of
the
state
shall
be
reported
in
a
comprehensive
an
annual
comprehensive
financial
report
prepared
in
accordance
with
generally
accepted
accounting
principles,
as
established
by
the
governmental
accounting
standards
board.
Sec.
4.
Section
8A.504,
subsection
1,
paragraph
c,
Code
2022,
is
amended
to
read
as
follows:
c.
“Public
agency”
means
a
board,
commission,
department,
including
the
department
of
administrative
services,
or
other
administrative
office
or
unit
of
the
state
of
Iowa
or
any
other
state
entity
reported
in
the
Iowa
comprehensive
annual
comprehensive
financial
report,
or
a
political
subdivision
of
the
state,
or
an
office
or
unit
of
a
political
subdivision.
“Public
agency”
does
include
the
clerk
of
the
district
court
as
it
relates
to
the
collection
of
a
qualifying
debt.
“Public
agency”
does
not
include
the
general
assembly
or
the
governor.
Sec.
5.
Section
421.17,
subsection
27,
paragraph
a,
Code
2022,
is
amended
to
read
as
follows:
a.
To
establish,
administer,
and
make
available
a
centralized
debt
collection
capability
and
procedure
for
the
use
by
any
state
agency
or
local
government
entity
including,
but
not
limited
to,
the
department
of
revenue,
along
with
other
boards,
commissions,
departments,
and
any
other
entity
reported
in
the
Iowa
comprehensive
annual
comprehensive
financial
report,
to
collect
delinquent
accounts,
charges,
fees,
loans,
taxes,
or
other
indebtedness
owed
to
or
being
collected
by
the
state.
The
department’s
collection
facilities
shall
only
be
available
for
use
by
other
state
agencies
or
local
House
File
2126,
p.
3
government
entities
for
their
discretionary
use
when
resources
are
available
to
the
director
and
subject
to
the
director’s
determination
that
use
of
the
procedure
is
feasible.
The
director
shall
prescribe
the
appropriate
form
and
manner
in
which
this
information
is
to
be
submitted
to
the
office
of
the
department.
The
obligations
or
indebtedness
must
be
delinquent
and
not
subject
to
litigation,
claim,
appeal,
or
review
pursuant
to
the
appropriate
remedies
of
each
state
agency
or
local
government
entity.
Sec.
6.
Section
423.1,
subsection
57,
Code
2022,
is
amended
to
read
as
follows:
57.
“State
agency”
means
an
authority,
board,
commission,
department,
instrumentality,
or
other
administrative
office
or
unit
of
this
state,
or
any
other
state
entity
reported
in
the
Iowa
comprehensive
annual
comprehensive
financial
report,
including
public
institutions
of
higher
education.
Sec.
7.
2020
Iowa
Acts,
chapter
1064,
section
16,
subsection
1,
paragraph
b,
is
amended
to
read
as
follows:
b.
“Public
agency”
means
a
board,
commission,
department,
including
the
department
of
revenue,
or
other
administrative
office
or
unit
of
the
state
of
Iowa
or
any
other
state
entity
reported
in
the
Iowa
comprehensive
annual
comprehensive
financial
report,
or
a
political
subdivision
of
the
state,
or
an
office
or
unit
of
a
political
subdivision.
“Public
agency”
does
include
the
clerk
of
the
district
court
as
it
relates
to
the
collection
of
a
qualifying
debt.
“Public
agency”
does
not
include
the
general
assembly
or
office
of
the
governor.
Sec.
8.
CONTINGENT
EFFECTIVE
DATE.
The
following
takes
effect
on
the
effective
date
of
the
rules
adopted
by
the
department
of
revenue
pursuant
to
chapter
17A
implementing
2020
Iowa
Acts,
chapter
1064,
other
than
transitional
rules:
House
File
2126,
p.
4
The
section
of
this
Act
amending
2020
Iowa
Acts,
chapter
1064.
______________________________
PAT
GRASSLEY
Speaker
of
the
House
______________________________
JAKE
CHAPMAN
President
of
the
Senate
I
hereby
certify
that
this
bill
originated
in
the
House
and
is
known
as
House
File
2126,
Eighty-ninth
General
Assembly.
______________________________
MEGHAN
NELSON
Chief
Clerk
of
the
House
Approved
_______________,
2022
______________________________
KIM
REYNOLDS
Governor
