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This afternoon, the California State Senate passed Senate Bill 595, authored by Senator Steven Choi, Ph.D. (R-Irvine), with unanimous support. This bill establishes personal monetary penalties for local finance officers who fail to file mandatory city and county financial reports on time.
“Today’s unanimous vote is a win for California taxpayers,” stated Senator Choi. “SB 595 ensures that financial transparency is not an option, but a requirement for every local government.”
SB 595 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 and extends two soon-to-expire provisions that allow cities and counties to manage investments and cash flow responsibly.
With passage secured, SB 595 heads to the Governor, and Senator Choi looks forward to seeing the bill signed into law. “We are encouraged by delivering this accountability measure to the Governor’s desk,” said Senator Choi.