(

a) To serve the best interest of the state by optimizing the financial business management of the state, the partner agencies shall collaboratively develop enhancements to the system, utilize the system, and assist the department to maintain the system. This effort shall ensure best business practices by embracing opportunities to reengineer the state’s business processes and shall encompass the management of resources and funds in the areas of budgeting, accounting, procurement, cash management, financial management, financial reporting, cost accounting, asset accounting, project accounting, and grant accounting. (

b) State departments and agencies shall use the system, or, upon approval from the department, a department or agency may interface its departmental system with the system. The system is intended to replace any existing central or departmental systems duplicative of the functionality of the system. (

c) To facilitate the integration of the state’s accounting book of record by July 1, 2026, to the extent feasible pursuant to the objectives stated in

Section 11854, the Controller shall do both of the following:

(1) On or before December 31, 2023, provide the necessary system and interface requirements to the department to perform the accounting functions and produce the financial reports identified in

Article 4 (commencing with

Section 12460) of

Chapter of Part of Division of Title 2.

(2) On or before December 31, 2023, with FISCal, evaluate and develop a timeline to complete the original scope for the Controller’s accounting book of record functionality. The timeline shall be based on an analysis of the ability to onboard, complete workload, and consider resource constraints. The Controller shall report the findings of this evaluation and updated timeline to the fiscal committees of both houses at the time of budget hearings.