Proposed State legislation would require elected officials to take financial management training

Finance (Photo credit: Tax Credits)

Now here's an idea. Elected local officials are required by state law to take ethics training every two years, so why not require them to take financial management training as well?

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
 policies.
 (2) Laws relating to financial reporting requirements for local
 agencies at the local, state, and federal levels, including auditing
 requirements.
 (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