CaLBOC SB 423 Passes Senate

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CaLBOC SB 423 Passes Senate

  1. 1. FOR DETAILS CONTACT:David Wolfe916-475-8417May 21, 2011 CaLBOC sponsored legislation passes Senate FloorSacramento --- Today, the California League of Bond Oversight Committees (CaLBOC) announced thatits sponsored bill SB 423 (Wyland) unanimously cleared the Senate Floor in a vote taken earlier thisweek.SB 423 is a necessary follow-up to last year’s SB 1473 (Wyland) also sponsored by CaLBOC. SB 1473stipulated that performance audits for Proposition 39 bonds must be done according to the federal andwell-known GAGAS Yellow Book standard. Prior to this, the only requirement was that the audit beconducted and submitted to the school district annually. SB 423 simply requires the audit to be submittedby March 31 of each year, also conforming to federal standards.“The situation we were running into is that school districts would often time the release of performanceand financial audits to coincide with the conclusion of the terms of existing BOC members,” saidCaLBOC Legislative Analyst David Wolfe. “By setting a defined date in statute, we ensure that schooland community college districts cannot manipulate this process in a way that leads to less oversight.”SB 423 now moves to the State Assembly, where it will likely be heard in the Education Committeesometime in June. ###

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