The Legislative Office of Fiscal Transparency (LOFT), created by SB 1 in 2019, is a division within the Legislative Service Bureau intended to provide greater legislative oversight of state agency budgets. Duties of the Office include gathering information related to proposed agency budgets; evaluating the extent to which each agency fulfills its statutory responsibilities; determining the amount of revenue available to the agency from various sources; comparing current budget information to prior agency requests; and conducting an investigation of any agency as needed to fulfill its responsibilities. The Office is also authorized to conduct performance evaluations and independent comprehensive performance audits.
A 14-member bipartisan legislative committee appointed by the Speaker and the President Pro Tempore was established to oversee the LOFT’s operations. The Legislative Service Bureau was appropriated $1.7 million to fund LOFT in FY 2020.