County Debt Issuance Under Microscope in New Bill
Request for Comments
March 11, 2016
Newly introduced legislation would require counties to submit detailed information regarding their bond activity to the State Treasurer’s Office, in addition to existing reporting requirements already established to report debt issuance. While well intended, Senate Bill 1029 (Hertzberg) is cause for concern. California State Treasurer John Chiang is the sponsor.
First, SB 1029 creates duplication in reporting rules under the annual Finance Transaction Report provided to the State Controller’s Office. It confuses reporting deadlines that were just enacted by Assembly Bill 341 (Achadjian; 2015). Second, and more troubling, it grants the State Treasurer with statutory authority to require local agencies to produce any requested information regardless of a connection to bond activity.
CSAC is requesting comments to learn what other concerns SB 1029 may raise and how we can resolve those issue through possible amendments. For instance, streamlining bond activity reports with the existing Finance Transaction Report (with minor adjustments to content) and associated deadlines may alleviate significant county administrative burdens.
CSAC is also eager to learn what practices your county may already undertake to inform local constituents of bond and debt issuance activity, be it through website postings or other reporting mechanisms. Please contact Dorothy Holzem, CSAC Legislative Representative, at firstname.lastname@example.org or 916-327-7500, x515 with your comments or questions.