Bill > A04301

This bill creates the Legislative Office of Fiscal Transparency (LOFT), a new legislative body designed to enhance government accountability and financial oversight. The office will be led by two directors appointed jointly by legislative leaders and will have the power to conduct independent comprehensive performance audits (ICPAs) of state agencies' rulemaking and fiscal operations. The bill requires state agencies and the governor to attach fiscal notes to proposed rules and executive orders that would affect political subdivisions, detailing potential costs and funding sources. Additionally, proposed rules with a fiscal impact exceeding $5 million must be reviewed and approved by the LOFT and then submitted to the Senate Finance Committee and Assembly Ways and Means Committee for a two-thirds majority vote. The bill also mandates that the state comptroller provide monthly financial reports to the new office, certified by independent accountants. An oversight committee composed of eight legislative members will supervise LOFT's operations, with the goal of promoting transparency, identifying potential unknown fiscal impacts, and ensuring that government funds are spent responsibly. The legislation is set to take effect on January 1, 2027, and is part of an effort to restore public trust in government financial processes.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/A4301