In this section the following words have the meanings indicated. “Departments” means: the Office of the Comptroller; the Office of the State Treasurer; the Department of Budget and Management; the Department of Information Technology; and the Department of General Services. “Financial management infrastructure” means the information technology infrastructure that is used to maintain the general ledger and accountancy for the State, including subledger functions that enable the management of all payments and fund transfers throughout the State. “21st Century Financial Systems Enterprise” means a modern cloud–based information technology infrastructure. In consultation with a designated representative from the Modernize Maryland Oversight Commission, the departments shall: set policies, objectives, and priorities for the transformation of the State’s financial management information systems infrastructure into the 21st Century Financial Systems Enterprise; learn the needs and priorities of all users of the financial management information systems and future known users of the 21st Century Financial Systems Enterprise; collaborate with consultants to create a project proposal for, and oversee implementation of, the 21st Century Financial Systems Enterprise; oversee, coordinate, and authorize the assignment of resources for the development of the 21st Century Financial Systems Enterprise; establish working groups as needed; and recommend any legislative changes considered necessary by the departments to address financial management information systems issues. In consultation with a designated representative from the Modernize Maryland Oversight Commission, the departments shall set priorities to: standardize financial management for all State agencies by requiring all State agencies to participate in the 21st Century Financial Systems Enterprise; provide support to participating units in accordance with the policies and objectives established by the departments; conform to modernized business and technology standards; host and manage modernized applications and shared data for the delivery of all accounting services in the State; use and manage the 21st Century Financial Systems Enterprise to achieve the goals and objectives set by the departments; facilitate and coordinate the delivery of portfolio products and services; ensure the faithful execution of all agreements entered into on behalf of the departments; and oversee and be responsible for the oversight, implementation, and management of the 21st Century Financial Systems Enterprise. The Office of the Comptroller, in accordance with § 2–1257 of this article, shall report to the General Assembly on the status of the development of the 21st Century Financial Systems Enterprise beginning on or before December 31, 2023, and every 6 months thereafter, ending with the final report due on or before January 1, 2027.