SB 323: Asset and Investment Review Task Force - Utah

Enrolled → Amended Excerpts 2/26/2025 11:02:385 · 3 edits

MINOR

The bill was amended to clarify how the Asset and Investment Review Task Force identifies public funds for its study. The changes add specific criteria to ensure only funds subject to the State Money Management Act are included, while removing redundant language about government entity ownership since that is already implied. These edits refine the study's scope without altering the core purpose of reviewing public investments.

Scope change

The scope of the study was narrowed slightly by adding a requirement that identified funds must be subject to the State Money Management Act, removing a redundant clause about government entity ownership.

REQUIREMENT

Added a requirement that identified public funds must be subject to the State Money Management Act (Title 51, Chapter 7) to ensure the study focuses on funds under the state's investment management rules.

DEFINITION

Removed redundant language about funds being 'held by a government entity' since this is already implied by the context of public funds and the State Money Management Act provisions.

TECHNICAL

Adjusted formatting and punctuation to clarify the list structure for identifying public funds, including cash, cash equivalents, and investments as defined by the Governmental Accounting Standards Board.

Amended 2/26/2025 11:02:385 → Amended 2/28/2025 16:02:976 · 6 edits

MODERATE

This bill creates an Asset and Investment Review Task Force to study how Utah government entities manage their cash and investments. The task force will examine investment strategies for public funds and make recommendations to improve how state money is managed. The bill also establishes who serves on the task force and sets a deadline for submitting results.

Scope change

The bill's scope was modified to include new stakeholder representation on the task force, specifically adding credit union industry representatives and nonprofit tax policy advocates, while removing municipality and county representatives from the industry representation category.

ELIGIBILITY

Added a new member category for an individual representing the credit union industry to the task force composition.

Changed the task force membership structure to include a nonprofit organization representative advocating on state tax policy instead of the previous banking industry representative.

Modified the task force membership to include representatives for special districts instead of the previous local districts category.

REQUIREMENT

Updated the study requirements to clarify that public funds must be held by government entities and subject to the State Money Management Act.

Clarified that the task force must include all government entities holding at least $1 million in cash and cash equivalents.

TECHNICAL

Minor formatting and markup changes throughout the document related to legislative amendment tracking.

Amended Excerpts 2/28/2025 16:02:976 → Amended 2/26/2025 11:02:385 · 6 edits

MODERATE

This bill creates the Asset and Investment Review Task Force to study how Utah government entities manage their cash and investments. The task force will examine public funds held by government entities and recommend investment strategies, with results due by November 30, 2025. The bill reorganizes task force membership to better represent different sectors and clarifies which government entities must be included in the study based on asset thresholds.

Scope change

The bill establishes a new task force focused on reviewing public fund investments and creates a sunset provision repealing the existing section on January 1, 2026.

REQUIREMENT

Created the Asset and Investment Review Task Force with specific membership requirements including representatives from banking, municipalities, counties, and local districts.

Changed task force membership structure by removing credit union and nonprofit tax policy representatives, while adding representatives from municipalities, counties, and local districts.

Added authority for the state treasurer to contract with qualified persons to perform the study, expanding how the task force can conduct its work.

TIMELINE

Set a deadline of November 30, 2025 for the task force to submit study results and legislative recommendations to the Executive Appropriations Committee.

ELIGIBILITY

Modified the threshold for government entities to be included in the study, requiring a minimum of $1 million in cash and cash equivalents.

ENFORCEMENT

Added a sunset provision repealing Section 67-4-20 on January 1, 2026, limiting the task force's existence to a specific timeframe.

Amended Excerpts 2/26/2025 11:02:385 → Amended Excerpts 2/28/2025 16:02:976 · 3 edits

MINOR

The bill was amended to reorganize and expand the composition of a task force, adding representatives from credit unions, nonprofit organizations, municipalities, counties, and special districts while removing the banking industry representative. Additionally, the study requirements were expanded to include public funds held by government entities and subject to state money management laws, with a focus on identifying public funds that are cash, cash equivalents, or investments.

Scope change

The bill's scope expanded to include a broader range of public sector and nonprofit stakeholders in the task force composition and broadened the definition of public funds under study to include those subject to state money management laws.

ELIGIBILITY

Added representatives for credit unions, nonprofit organizations, municipalities, counties, and special districts to the task force, replacing the banking industry representative.

REQUIREMENT

Modified the task force's study requirements to include identification of public funds held by government entities and subject to state money management laws.

DEFINITION

Updated the definition of public funds to explicitly include cash, cash equivalents, and investments held by government entities.

Introduced → Enrolled · 3 edits · Mar 26, 2025

MINOR

The bill was amended to update the House Sponsor name and significantly revise the composition of the Asset and Investment Review Task Force. The most substantive change is the replacement of the original industry representation requirements with new categories that now include the credit union industry, a nonprofit organization advocating on state tax policy, and special districts, while removing the county representative category. The study scope was also expanded to explicitly include public funds subject to the State Money Management Act.

Scope change

The task force membership composition was modified to include new stakeholder categories (credit unions, tax policy nonprofits, special districts) and remove one category (counties), while the study scope was expanded to explicitly cover funds under the State Money Management Act.

ELIGIBILITY

Task force membership requirements changed: removed the requirement for a county representative and added representatives for the credit union industry, a nonprofit organization advocating on state tax policy, and special districts.

SCOPE

The study scope was expanded to explicitly identify public funds that are subject to the provisions of Title 51, Chapter 7, State Money Management Act.

TECHNICAL

House Sponsor name was updated from LONG TITLE to Val L. Peterson and minor formatting adjustments were made throughout the document.

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