SB 581, as introduced, Wyland. School bonds: bond accountability.
The California Constitution limits the maximum amount of any ad valorem tax on real property to 1% of the full cash value of the property except for ad valorem taxes or assessments that pay the interest and redemption charges on bonded indebtedness incurred by a school district, community college district, or county office of education for the construction, rehabilitation, or replacement of school facilities approved by 55% of the voters if the proposition includes specified accountability requirements, including, but not limited to, a requirement that the governing board of either the school district or community college district or county office of education conduct annual independent performance and financial audits. Existing law requires, by March 31 of each year, the annual, independent financial and performance audits for the preceding fiscal year to be submitted to a citizens’ oversight committee that is required to be established if a proposition is approved by the voters, as described above.
This bill would require the annual, independent financial and performance audits for the preceding fiscal year to be electronically filed by the auditor with the State Allocation Board and submitted to the citizens’ oversight committee at the same time they are submitted to the school district or community college district. The bill would also require the annual, independent financial and performance audits to be conducted by an auditor independent of the auditor who conducts specified annual audits, except as regards a school district or community college district with an average daily attendance of 2,500 or less.
Vote: majority. Appropriation: no. Fiscal committee: yes. State-mandated local program: no.
The people of the State of California do enact as follows:
Section 15286 of the Education Code is amended
2to read:
begin deleteConsistent end deletebegin insert(a)end insertbegin insert end insertbegin insertConsistent end insertwith the provisions contained
4in subparagraphs (C) and (D) of paragraph (3) of subdivision (b)
5of Section 1 of Article XIII A of the California Constitution, the
6required annual, independent financial and performance audits for
7the preceding fiscal year shall be submitted to the citizens’
8oversight committee established pursuant to Section 15278 by
9March 31 of each year. These audits shall be conducted in
10accordance with the Government Auditing Standards issued by
11the Comptroller General of the United States for financial and
12performance audits.
13(b) A copy of the required annual, independent financial and
14performance audits for the preceding fiscal year shall be
15electronically filed by the auditor with the State Allocation Board.
16(c) A copy of the required annual, independent financial and
17performance audits for the preceding fiscal year shall be submitted
18to the citizens’ oversight committee at the same time they are
19submitted to the school district or community college district.
20(d) (1) The auditor who conducts the required annual,
21independent financial and performance audits shall be independent
22of the auditor who conducts the annual audits for a school district,
23as required by Section 41020, or a community college district, as
24required by Section 84040.
25(2) Paragraph (1) shall not apply to a school district or
26community college district with an average daily attendance of
272,500 or less.
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