On September 10, 2019, California Senate Bill 598 was presented in the California Assembly and passed with a vote of 64-0. SB 598 calls for the enactment of the Open Financial Statements Act, which would establish the Open Financial Statement Commission, a 9-member commission in the Treasurer’s office. The commission will be tasked with contracting to build one or more taxonomies representing public agency financial filings, and by January 1, 2020, to report to the Legislature and make recommendations on how and whether to transition state and local agencies to reporting financials in a machine readable format.
The bill will now go back to the Senate for concurrence and then on to the Governor’s office.
Read the legislation.