School bonds: bond accountability.

The California Constitution limits the maximum amount of any ad valorem tax on real property to 1% of the full cash value of the property except for ad valorem taxes or assessments that pay the interest and redemption charges on bonded indebtedness incurred by a school district, community college district, or county office of education for the construction, rehabilitation, or replacement of school facilities approved by 55% of the voters if the proposition includes specified accountability requirements. These accountability requirements include a requirement that the governing board of either the school district or community college district or county office of education conduct annual independent performance and financial audits. Existing law requires, by March 31 of each year, the annual, independent financial and performance audits for the preceding fiscal year to be submitted to a citizens' oversight committee that is required to be established if a proposition is approved by the voters, as described above. Existing law requires, without expending bond funds, the governing board of the district to provide the citizens' oversight committee with any necessary technical assistance and administrative assistance and sufficient resources to publicize the conclusions of the citizens' oversight committee. This bill would require the annual, independent financial and performance audits to be submitted to the citizens' oversight committee at the same time they are submitted to the school district or community college district. The bill would also require the governing board of the district to provide the citizens' oversight committee with responses to any and all findings, recommendations, and concerns addressed in the annual, independent financial and performance audits within 3 months of receiving the audits.