43%
57%
Summary
SUPPORT
Local governments in California routinely miss state financial reporting deadlines by months and even years, leaving elected officials and voters without a current accounting of city, county and school district budgets. This bill would address this problem by changing the deadline to submit financial reports to the Controller from 20 days after receiving a notice of failure to 10 months after the end of the agency’s fiscal year, with penalties applying if they miss this new deadline.
Additionally, it requires the Controller to evaluate whether certain financial reports can be replaced by machine-readable audited financial statements, which would modernize reporting and improve transparency, and to submit a report on these findings to the Legislature by December 31, 2026.
Last Action
From printer. May be acted upon on or after March 23.
