BILL ANALYSIS Ó ----------------------------------------------------------------- |SENATE RULES COMMITTEE | AB 341| |Office of Senate Floor Analyses | | |(916) 651-1520 Fax: (916) | | |327-4478 | | ----------------------------------------------------------------- CONSENT Bill No: AB 341 Author: Achadjian (R) Amended: 5/5/15 in Assembly Vote: 21 SENATE GOVERNANCE & FIN. COMMITTEE: 7-0, 6/10/15 AYES: Hertzberg, Nguyen, Beall, Hernandez, Lara, Moorlach, Pavley ASSEMBLY FLOOR: 74-0, 5/22/15 (Consent) - See last page for vote SUBJECT: Financial affairs: reports SOURCE: Author DIGEST: This bill makes several changes to the statutes requiring local governments to report annual financial information to the State Controller's Office. ANALYSIS: Existing law: 1)Requires the State Controller to compile and publish reports of the financial transactions of local governments, including counties, cities, special districts, and joint powers authorities. AB 341 Page 2 2)Requires local governments, within 90 to 110 days of the end of their respective fiscal years, to furnish the State Controller with annual reports of their financial transactions. This bill: 1)Extends, to seven months after the end of a local agency's fiscal year, the deadline for submitting to the Controller an annual report of a local agency's financial transactions. 2)Requires the report submitted to the Controller to contain underlying data from audited financial statements prepared in accordance with generally accepted accounting principles, if the data is available. 3)Allows a legislative body to post the report that is submitted to the Controller's Office in a conspicuous location on its Internet Website, as an alternative to furnishing paper copies of the report to the public upon request. 4)Requires that a local agency must submit to the Controller specified annual compensation information for the previous calendar year no later than April 30th. 5)Requires the Controller to compile and publish reports, of the financial transactions of each county, city, and special district, on or before November 1st of each year following the end of the annual reporting period. 6)Repeals a provision of law which establishes a separate reporting deadline for a local agency that reports specified information to the Office of Statewide Health Planning and Development. AB 341 Page 3 7)Repeals an obsolete deadline for a community redevelopment agency to submit annual financial transactions information to the Controller. Background Because the deadlines by which local governments must submit annual financial transactions data to the State Controller often fall before the date on which audited financial information for the prior fiscal year is available, the data submitted to the Controller is often imprecise and requires revisions before it is published by the Controller. Local officials want the Legislature to change the timelines for submitting some local financial information to the Controller and make additional changes to state law to ensure that local government financial transactions information is more accurate and accessible when it is made available to the public. FISCAL EFFECT: Appropriation: No Fiscal Com.:NoLocal: No SUPPORT: (Verified6/11/15) California Special Districts Association California State Association of Counties League of California Cities OPPOSITION: (Verified6/11/15) None received ASSEMBLY FLOOR: 74-0, 5/22/15 AYES: Achadjian, Travis Allen, Baker, Bigelow, Bloom, Bonilla, Bonta, Brough, Brown, Burke, Calderon, Campos, Chang, Chau, AB 341 Page 4 Chávez, Chiu, Chu, Cooley, Cooper, Dababneh, Dahle, Daly, Dodd, Eggman, Frazier, Beth Gaines, Gallagher, Cristina Garcia, Eduardo Garcia, Gatto, Gipson, Gomez, Gonzalez, Gordon, Gray, Grove, Hadley, Harper, Roger Hernández, Holden, Irwin, Jones-Sawyer, Kim, Lackey, Levine, Linder, Lopez, Low, Maienschein, Mathis, Mayes, McCarty, Medina, Melendez, Mullin, Nazarian, Obernolte, Patterson, Perea, Quirk, Rendon, Ridley-Thomas, Rodriguez, Salas, Santiago, Steinorth, Mark Stone, Thurmond, Ting, Wagner, Wilk, Williams, Wood, Atkins NO VOTE RECORDED: Alejo, Jones, O'Donnell, Olsen, Waldron, Weber Prepared by:Brian Weinberger / GOV. & F. / (916) 651-4119 6/12/15 15:42:43 **** END ****