By Janet Mueller, Managing Shareholder for Dannis Woliver Kelley
On January 1, 2017, Senate Bill No. 1029 (Hertzberg) became effective, requiring all public agencies (including K-12 school districts and community college districts) to adopt debt management policies and to report annually on authorized and outstanding debt, and expenditure of proceeds of the debt. The annual reports are received, implemented and managed by the California Debt and Investment Advisory Commission (CDIAC), which acts as a statistical clearinghouse for the State of California. SB 1029 propelled many districts to immediately develop and adopt debt management policies. Now that CDIAC is rolling out the second part of the legislation, called the “Annual Debt Transparency Report” (ADTR) Program, districts should start preparing to submit their annual report(s).
