Establishes procedures and standards regarding public services privatization contracts.

S 1518 establishes requirements for public agencies considering contracting out services previously provided by public employees. The bill mandates competitive bidding for contracts over $500,000 (for local agencies) or $1 million (for state agencies), requiring contractors to maintain current service quality, not increase public fees, and pay wages/benefits at least equal to those of displaced public employees. Agencies must demonstrate cost savings compared to public provision, provide quarterly reports on contractor compliance, and prepare transition plans for displaced workers. The Office of the State Comptroller reviews contracts for compliance, and the State Auditor conducts annual post-audits to verify actual cost savings and service quality.