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Home > News > News Articles > 2015 > May > League-Sponsored Legislation Moving to Improve Financial Reporting Process for Local Governments
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League-Sponsored Legislation Moving to Improve Financial Reporting Process for Local Governments

May 13, 2015
The Assembly Local Government Committee on Wednesday afternoon unanimously approved legislation that would improve the accuracy of local data by adjusting the reporting deadlines for local agencies.
Sponsored by the League, AB 341 by Assembly Member Katcho Achadjian (R-San Luis Obispo) reduces local administrative burdens while ensuring the public has access to improved information by adjusting timelines to allow local agencies to complete applicable audits of financial data and provide compensation information in a timelier manner. 
The measure is the result of several months of stakeholder meetings involving representatives of local governments, and the offices of Assembly Member Achadjian and Controller Betty Yee.
Problems are created for local agencies when the statutory timelines to submit annual financial transaction reports do not allow agencies sufficient time to complete audits on the data, creating the need to correct information later. The bill resolves this issue by adjusting the timelines so that local audits can be completed before data submittal. 
The bill also improves the timing for submission of employee compensation data.  While the publishing of compensation data by the Controller’s Office has been a great contribution for public transparency, challenges were created when agencies had to submit data for the prior calendar year in October, causing information to be out of date. The bill addresses this problem by requiring this information to be submitted annually by April 30 shortly after employee W-2 information is released.
Next Steps
AB 341 will next be heard on the Assembly Floor prior to moving to the Senate. Cities are encouraged to send in letters of support. A sample letter, along with the League’s support letter, is available on the League’s website.

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