CaLBOC SB 423 Passes Senate
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SB 423, a bill sponsored by the California League of Bond Oversight Committees (CaLBOC) to require audits of Proposition 39 bonds be submitted by March 31 each year, passed the Senate Floor unanimously. The bill is a follow up to prior legislation requiring the audits follow federal GAGAS Yellow Book standards. Setting a submission date prevents school districts from timing audit releases to coincide with terms ending for bond oversight committee members, ensuring proper oversight. SB 423 will now be heard in the State Assembly Education Committee in June.
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