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CaliforniaSB 5952025-2026 Regular SessionSenateWALLET

Local government: financial reports: failure to timely submit.

Sponsored By: Steven Choi (Republican)

Signed by Governor

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Bill Overview

Analyzed Economic Effects

2 provisions identified: 0 benefits, 1 costs, 1 mixed.

Fines for late local financial reports

Local agency officers must file the annual financial report within 10 months after the fiscal year ends, or by the Controller’s deadline. If they fail or refuse, they must forfeit a penalty to the state: $1,000 if prior‑year revenue was under $100,000; $2,500 if it was $100,000 to under $250,000; $5,000 if it was $250,000 or more. The Attorney General can sue to collect the penalty at the Controller’s request. The State Controller may waive the penalty for good cause.

Local fund investment options and deadlines

The law sets dates for local agency investment rules. One version of the rules remains in effect only until January 1, 2031, and is repealed that day. A revised set of rules becomes operative on January 1, 2031, and on that date local agencies may invest in commercial paper, debt, or other obligations of a public bank (as defined in Section 57600). During any period of negative market interest rates, and only until January 1, 2031, agencies may buy U.S.‑issued or U.S.‑backed securities that could earn zero or negative interest and hold them to maturity.

Sponsors & Cosponsors

Sponsor

  • Steven Choi

    Republican • Senate

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 200 • No: 0

Senate vote • 9/11/2025

Item 31 — Senate SFLOOR

Yes: 40 • No: 0

House vote • 9/8/2025

Item 83 — Assembly AFLOOR

Yes: 78 • No: 0

legislature vote • 7/16/2025

Vote in CX25

Yes: 13 • No: 0

legislature vote • 7/2/2025

Vote in CX15

Yes: 10 • No: 0

Senate vote • 6/4/2025

Item 106 — Senate SFLOOR

Yes: 39 • No: 0

legislature vote • 5/23/2025

Vote in CS61

Yes: 6 • No: 0

legislature vote • 5/12/2025

Vote in CS61

Yes: 7 • No: 0

legislature vote • 4/30/2025

Vote in CS82

Yes: 7 • No: 0

Actions Timeline

  1. Chaptered by Secretary of State. Chapter 323, Statutes of 2025.

    10/3/2025Senate

  2. Approved by the Governor.

    10/3/2025legislature

  3. Enrolled and presented to the Governor at 2 p.m.

    9/22/2025legislature

  4. Assembly amendments concurred in. (Ayes 40. Noes 0. Page 2871.) Ordered to engrossing and enrolling.

    9/11/2025Senate

  5. In Senate. Concurrence in Assembly amendments pending.

    9/8/2025Senate

  6. Read third time. Passed. (Ayes 78. Noes 0. Page 2981.) Ordered to the Senate.

    9/8/2025House

  7. Ordered to third reading.

    9/3/2025House

  8. Read third time and amended.

    9/3/2025House

  9. Ordered to third reading.

    8/18/2025House

  10. From consent calendar on motion of Assembly Member Aguiar-Curry.

    8/18/2025House

  11. Read second time. Ordered to consent calendar.

    7/17/2025House

  12. From committee: Do pass. Ordered to consent calendar. (Ayes 13. Noes 0.) (July 16).

    7/16/2025House

  13. From committee: Do pass and re-refer to Com. on APPR. with recommendation: To consent calendar. (Ayes 10. Noes 0.) (July 2). Re-referred to Com. on APPR.

    7/3/2025House

  14. Referred to Com. on L. GOV.

    6/16/2025House

  15. In Assembly. Read first time. Held at Desk.

    6/5/2025House

  16. Read third time. Passed. (Ayes 39. Noes 0. Page 1522.) Ordered to the Assembly.

    6/4/2025Senate

  17. Ordered to special consent calendar.

    6/2/2025Senate

  18. Read second time. Ordered to third reading.

    5/27/2025Senate

  19. Read second time and amended. Ordered to second reading.

    5/23/2025Senate

  20. From committee: Do pass as amended. (Ayes 6. Noes 0. Page 1205.) (May 23).

    5/23/2025Senate

  21. Set for hearing May 23.

    5/16/2025Senate

  22. May 12 hearing: Placed on APPR. suspense file.

    5/12/2025Senate

  23. Set for hearing May 12.

    5/2/2025Senate

  24. From committee: Do pass and re-refer to Com. on APPR. with recommendation: To consent calendar. (Ayes 7. Noes 0. Page 968.) (April 30). Re-referred to Com. on APPR.

    4/30/2025Senate

  25. From committee with author's amendments. Read second time and amended. Re-referred to Com. on L. GOV.

    4/9/2025Senate

Bill Text

  • Chaptered

    10/3/2025

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  • Enrolled

    9/16/2025

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  • Amended Assembly

    9/3/2025

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  • Amended Senate

    5/23/2025

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  • Amended Senate

    4/9/2025

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  • Introduced

    2/20/2025

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