BILL ANALYSIS Ó
SENATE COMMITTEE ON APPROPRIATIONS
Senator Ricardo Lara, Chair
2015 - 2016 Regular Session
SB 1029 (Hertzberg) - California Debt and Investment Advisory
Commission: accountability reports
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|Version: April 27, 2016 |Policy Vote: GOV. & F. 7 - 0 |
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|Urgency: No |Mandate: Yes |
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|Hearing Date: May 27, 2016 |Consultant: Mark McKenzie |
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Bill
Summary: SB 1029 would require state and local agencies to
submit an annual report to the California Debt and Investment
Advisory Committee (CDIAC) that includes debt issuances,
outstanding debt, and use of proceeds over the reporting period,
as specified. The bill would also require CDIAC to track and
report on all state and local outstanding debt until it is fully
repaid or redeemed.
*********** ANALYSIS ADDENDUM - SUSPENSE FILE ***********
The following information is revised to reflect amendments
adopted by the committee on May 27, 2016
Fiscal
Impact:
CDIAC administrative costs of approximately $132,000 in the
first two years (1 PY), $261,000 in years three and four (2
PY), and $393,000 annually thereafter (3 PY) for new
SB 1029 (Hertzberg) Page 1 of
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positions to receive, review, process, and include reported
data on new debt issuances in its database. (California Debt
and Investment Advisory Commission Fund)
CDIAC indicates that any one-time costs for systems upgrades
would be minor and absorbable. Staff notes that there could
be future cost pressures to the extent the bill authorizes
CDIAC to develop alternative reporting methods for data
collection. CDIAC indicates it would absorb any future costs
for these upgrades. (California Debt and Investment Advisory
Commission Fund)
Author
Amendments: Limit the bill to only require state and local
agencies to report annually on debt issued on or after January
21, 2017, rather than reporting on all outstanding and
prospective debt issuances.
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