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SAN DIEGO – Sen. Christine Kehoe (D-San Diego) announced today that the Legislature passed SB 503 to improve oversight of state bond funds. The bill now heads to the Governor for his signature.
“California taxpayers have a right to know that the bond monies they have approved for housing, transportation, and other projects are being spent efficiently and appropriately,” Kehoe said. “This good government bill will ensure strict accountability of state funds and I urge the Governor to sign this measure into law.”
SB 503 requires the State Controller to select projects funded from any state bond approved after Jan. 1, 2010. These audits occur while the projects are underway and will identify inefficiencies in time to be corrected. Under current practices, projects are often audited only after they are completed. Both the Assembly and Senate unanimously passed the bill, which has the support of the California Taxpayers’ Association.
In 2006 alone, California voters passed $43 billion in bonds to be used for highway improvements, affordable housing, new schools, and flood control projects. Voters have indicated their support for bond expenditures being subject to audit.
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