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S.F. No. 2343 - State Government Investment Reporting Modification
 
Author: Senator Sandra L. Pappas
 
Prepared By: Stephanie James, Senate Counsel (651/296-0103)
 
Date: March 19, 2014



 

S.F. No. 2343 modifies certain reporting provisions for the trust accounts of political subdivisions or other public entities to report to the state auditor.  This bill delays the start of the requirement to report to the state auditor until October 25, 2015, for the fiscal year ending June 30, 2015.

Section 1 [Account Maintenance] modifies the content required in a report that is submitted by a trust administrator to the state auditor regarding a trust account of a political subdivision or other public entity.  Sets October 25 as the annual due date for the report.  Requires the trust administrator to certify that the information provided in the report is true and correct and that the procedures used to compute rates of return are consistent with the measurement and presentation standards set by the CFA Institute. 

This section is effective August 1, 2014. Initial reports are due October 25, 2015, for a fiscal year ending June 30.  (Current law requires reporting to the state auditor for fiscal years beginning after December 31, 2013.)

SJJ/rdr

 
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