DATE: March 11, 2003
TO: Board of Supervisors
SUBJECT: Support for AB 1368 (Kehoe): Bond Accountability Measures
Currently, State law requires prescribed accountability measures for local bonds, however this obligation does not extend to State bonds. AB 1368 would require all bonds passed by the State to contain specified accountability measures, requiring each project to be fully funded and to provide an annual report to the Legislature and the Department of Finance.
Additionally, each bond measure would be required to submit a statement of purpose, apply funding only to meet its purpose and only for projects initially authorized to receive funding.
Chairman Greg Cox:
- Direct the Chief Administrative Officer to draft letters for the Chairman’s signature to the Governor and the San Diego delegation in support of AB 1368.
- Direct the CAO to communicate this Board of Supervisors’ support for AB 1368 to San Diego County’s Legislative Representative.
Currently, State law requires prescribed measures for local bonds, however this obligation does not extend to the State, encouraging fiscal irresponsibility. Increasing fiscal discipline at the State level is critical to improving the economy of the State and to the economic well being of San Diego County.
AB 1368 would require all bonds passed by the State to contain specified accountability measures that require each project to be funded and provide an annual report to the
Legislature and the Department of Finance. AB 1368 requires that every bond measure include a statement indicating the specific purpose of the bond measure and that any funding provided solely meets that stated purpose.
This Board of Supervisors has adopted very responsible and appropriate fiscal policies and procedures to ensure fiscal stability and accountability. This same discipline and leadership must also begin at the State level and the State must be held accountable for each and every dollar included in bond measures.
Approval of this measure will add the County’s support to that of Senators Alpert, Morrow, Hollingsworth, Poochigian, Battin and McPherson as well as Assemblymembers Kehoe, Wyland, Bates, Plescia, Horton and Vargas.
I urge your support!