Report 2011-118/2011-613 Recommendations and Responses in 2013-041
Report 2011-118/2011-613: Conduit Bond Issuers: Issuers Complied With Key Bond Requirements, but Two Joint Powers Authorities' Compensation Models Raise Conflict-of-Interest Concerns
| Department | Number of Years Reported As Not Fully Implemented | Total Recommendations to Department | Not Implemented After One Year | Not Implemented as of 2012-041 Response | Not Implemented as of Most Recent Response |
|---|---|---|---|---|---|
| California Statewide Communities Development Authority | 1 | 4 | 3 | n/a | 3 |
Recommendation To: Statewide Communities Development Authority, California
To be better informed about the compensation of their consultants, including any potential conflicts of interest, California Communities and Municipal Finance should require the consulting firms that staff their organizations to disclose the amount and structure of compensation provided to individual consultants, including disclosing whether any of this compensation is tied to the volume of bond sales.
Response
Please refer to our one-year response.
- California State Auditor's Assessment of Status: Will Not Implement
- Completion Date:
- Response Date: October 2013
Recommendation To: Statewide Communities Development Authority, California
In implementing its January 2012 contracting policy, California Communities should either periodically subject existing contracts to competitive bidding or perform some other price comparison analysis to ensure that the public funds it oversees are used effectively.
Response
Please refer to our one-year response.
- California State Auditor's Assessment of Status: Not Fully Implemented
- Completion Date: June 2014
- Response Date: October 2013
Recommendation To: Statewide Communities Development Authority, California
Once the Securities and Exchange Commission (SEC) finalizes its definition of
municipal advisor, California Communities should have its legal counsel review whether HB Capital should register with the Municipal Securities Rulemaking Board.
Response
Please refer to our one-year response.
- California State Auditor's Assessment of Status: Not Fully Implemented
- Completion Date: October 2013
- Response Date: October 2013