Monday, September 04, 2006

Prop. 71 Text on the CFAOC

Here is entire text of what Prop. 71 has to say about the the Citizens Financial Accountability Oversight Committee:

"There shall be a Citizen’s Financial Accountability Oversight Committee chaired by the State Controller. This committee shall review the annual financial audit, the State Controller’s report and evaluation of that audit, and the financial practices of the institute. The State Controller, the State Treasurer, the President pro Tempore of the Senate, the Speaker of the Assembly, and the Chairperson of the ICOC shall each appoint a public member of the committee. Committee members shall have medical backgrounds and knowledge of relevant financial matters. The committee shall provide recommendations on the institute’s financial practices and performance. The State Controller shall provide staff support. The committee shall hold a public meeting, with appropriate notice, and with a formal public comment period. The committee shall evaluate public comments and include appropriate summaries in its annual report. The ICOC shall provide funds for the per diem expenses of the committee members and for publication of the annual report."

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