1. FOR DETAILS CONTACT:
David Wolfe
916-475-8417
May 21, 2011
CaLBOC sponsored legislation passes Senate Floor
Sacramento --- Today, the California League of Bond Oversight Committees (CaLBOC) announced that
its sponsored bill SB 423 (Wyland) unanimously cleared the Senate Floor in a vote taken earlier this
week.
SB 423 is a necessary follow-up to last year’s SB 1473 (Wyland) also sponsored by CaLBOC. SB 1473
stipulated that performance audits for Proposition 39 bonds must be done according to the federal and
well-known GAGAS Yellow Book standard. Prior to this, the only requirement was that the audit be
conducted and submitted to the school district annually. SB 423 simply requires the audit to be submitted
by 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 performance
and financial audits to coincide with the conclusion of the terms of existing BOC members,” said
CaLBOC Legislative Analyst David Wolfe. “By setting a defined date in statute, we ensure that school
and 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 Committee
sometime in June.
###