The deal would create a new agency under Gov. Nikki Haley’s direction. (Grace Beahm/Post and Courier)

South Carolina could soon undergo its biggest government restructuring in 20 years, according to local reports.

The deal, struck Thursday, would create a cabinet-level agency and close the Budget and Control Board, whose thousand employees would be shuffled elsewhere, the Associated Press reports. A committee approved the deal and its prospects are good. Leaders in both houses say they have the votes to pass it, while Gov. Nikki Haley’s administration and even a Democratic challenger approve it, too. Check out The State’s exclusive for details on the bill:

The deal means Haley will control the state’s human resources and information technology operations, its fleet of vehicles and state-owned buildings, according to state Rep. Greg Delleney, R-York, a member of the House-Senate conference committee that brokered the compromise.

However, Haley would not have the authority to approve state purchases or issue bonds. Those powers would belong to a newly created State Fiscal Accountability Authority. That authority would be made up of the governor, state treasurer, comptroller general and chairmen of the House and Senate budget committees. Those five officials now make up the Budget and Control Board.