San Francisco Bay Restoration Authority ActFinancial Provisions

Section § 66705

Explanation

This law section requires the board to conduct regular audits of its accounts and records, ensuring that all accounting follows standard government accounting rules. These rules are set by the Government Accounting Standards Board. The board must also prepare annual financial reports and make them publicly accessible.

(a)CA Government Code § 66705(a) The board shall provide for regular audits of the authority’s accounts and records and shall maintain accounting records and shall report accounting transactions in accordance with generally accepted accounting principles adopted by the Government Accounting Standards Board of the Financial Accounting Foundation for both public reporting purposes and for reporting of activities to the Controller.
(b)CA Government Code § 66705(b) The board shall provide for annual financial reports. The board shall make copies of the annual financial reports available to the public.
regular audits accounting records generally accepted accounting principles ...

Section § 66705.5

Explanation

This section explains that the authority’s funding can come from various sources including gifts, donations, grants, state or local bonds, assessments, and financial assistance from both public and private entities.

The authority shall be funded through gifts, donations, grants, state or local bonds, assessments, other appropriate funding sources, and other types of financial assistance from public and private sources.
funding sources gifts donations ...