Bill > SB595

This bill modifies several provisions related to local government investments and financial reporting. It extends the current rules for commercial paper investments, which allow local agencies with over $100 million in investment assets to invest up to 40% of their funds in commercial paper, until January 1, 2031, instead of the previously set date of January 1, 2026. The bill increases the maximum maturity period for eligible commercial paper from 270 days to 397 days and adjusts the investment percentage limits, ultimately standardizing the commercial paper investment limit to 25% for all local agencies regardless of their total investment assets. Additionally, the bill changes the financial reporting requirements by extending the deadline for local agency officers to file their financial reports, now allowing 10 months after the end of the fiscal year (or within the time prescribed by the Controller) before incurring financial penalties. The penalties for late filing remain tiered based on the local agency's total revenue, ranging from $1,000 to $5,000. The bill also maintains an existing provision that allows the Controller to waive late filing penalties upon demonstrating good cause.

Budget and Finance, Government Affairs

https://leginfo.legislature.ca.gov/faces/billStatusClient.xhtml?bill_id=202520260SB595