BILL SUMMARY DETAILS

Florida League of Cities

Evidence of Vendor Financial Stability (Watch)

CS/HB 1057 (Andrade) and CS/CS/SB 1952 (Albritton) state that agencies who require vendors to demonstrate financial stability during the competitive solicitation process must accept any of the following as evidence of such stability: audited financial statements, documentation of an investment-grade rating from a credit rating agency, or for vendors with annual revenues exceeding $1 billion, a letter issued by the chief financial officer or controller of that vendor. CS/CS/SB 1952 was amended to lower the revenue threshold to $10 million. (Taggart)