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Last night, the California State Senate gave unanimous consent to Senate Bill 595, authored by Senator Steven Choi, Ph.D. (R-Irvine), establishing personal monetary penalties for local finance officers who fail to file mandatory city and county audit reports on time.
“Transparency isn’t a partisan talking point, it’s a shared duty,” stated Senator Choi. “Democrats and Republicans stood together today because every taxpayer deserves timely, accurate financial information.”
SB 595 tackles late reporting on three fronts: it levies personal fines ranging from $1,000 to $5,000 on finance officers who fail to release audited financial statements within 10 months of a fiscal year’s close, instructs the State Controller to examine replacing obsolete transaction reports with machine-readable audits, and extends two soon-to-expire provisions that allow cities and counties to manage investments and cash flow responsibly.
“Taxpayers deserve timely, accurate financial information from every level of government,” said former State Senator and Orange County Treasurer John Moorlach. “SB 595 brings overdue encouragement to local agencies that ignore basic reporting deadlines and keeps faith with residents who expect fiscal transparency. Investors in publicly traded companies receive timely financial statement reporting and taxpayers should expect the same."
With Senate passage secured, SB 595 heads to the Assembly, where Senator Choi looks forward to maintain the same bipartisan momentum: “Let’s move swiftly and deliver this accountability measure to the Governor’s desk,” said Senator Choi.
Senator Choi thanks his colleagues across the aisle for constructive input throughout the process.