|Finance (Photo credit: Tax Credits)|
That's why Assembly member Gordon who thinks that with recent budget problems in several cities, that it might not be a bad idea to require all elected officials to undergo financial management training, which according to his bill is:
“Financial management training” includes, but is not limited
to, the following:
(1) Laws and commonly excepted accepted best practices
relating to local budgeting, including, but not limited to, revenue
sources, debt instruments, budget monitoring, and financial
(2) Laws relating to financial reporting requirements for local
agencies at the local, state, and federal levels, including auditing
(3) Laws and commonly accepted best practices relating to
long-term financial planning, cash management, and investments,
for local agencies.
(4) Laws and commonly accepted best practices relating to
capital financing and debt management.
(5) Laws relating to purchasing and contracting practices.
It would also help to require training in pension financing and setting performance measures for local budgets.
What do you think about this idea? You can read his bill at http://leginfo.ca.gov/pub/13-14/bill/asm/ab_1201-1250/ab_1235_bill_20130701_amended_sen_v97.pdf