Department of Financial Services (Watch)

Department of Financial Services (Watch)

CS/CS/CS/HB 1073 (Hager) and CS/CS/CS/SB 1292 (Stargel) make various changes to statutes relating to the Department of Financial Services. Of note to municipalities, the bills outline the intent of the Legislature to create the Florida Open Financial Statement System, an interactive repository for governmental financial statements. The bills allow the Chief Financial Officer (CFO), working with stakeholders, to design and implement the Florida Open Financial Statement System. The CFO may choose contractors to build one or more extensible Business Reporting Language (XBRL) taxonomies suitable for state, county, municipal, and special district financial filings and to create a software tool that enables financial statement filers to easily create XBRL documents. If the Chief Financial Officer deems the work products adequate, all local governmental financial statements pertaining to fiscal years ending on or after January 1, 2023, must be filed in XBRL format and must meet the validation requirements of the relevant taxonomy. (Hughes)