California 2019-2020 Regular Session Status: Enacted 1 D cosponsors

AB 945 — Local government: financial affairs: surplus funds.

Last action — Chaptered by Secretary of State - Chapter 619, Statutes of 2019.

  1. ✓
    Introduced
  2. ✓
    In Committee
  3. ✓
    Passed Assembly
  4. ✓
    Passed Senate
  5. ✓
    To Executive
  6. 6
    Enacted

This bill has been enacted into law. Introduced February 20, 2019. Enacted.

Prognosis

Likely to advance 76% · moderate confidence

Where this bill stands today.

Odds of enactment

High

How often bills like it became law.

  • Enacted

    Current position in the legislative process.

  • 3 sponsors

    1 primary, 2 co-sponsors signed on.

  • Single-party support

    Sponsorship is currently within one party (1 D).

  • Cleared a recorded vote

    Passed 7 recorded votes so far.

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

Summary

Existing law prescribes the instruments and criteria by which a local agency, as defined, may invest and deposit its funds, including its surplus funds. Existing law, until January 1, 2021, authorizes a local agency, under certain conditions, to invest up to 30% of the agency's surplus funds in deposits at specified types of financial institutions that use a private sector entity to assist in the placement of deposits, as specified. Existing law, on and after January 1, 2021, authorizes a local agency, under certain conditions, to invest up to 30% of the agency's surplus funds in certificates of deposit at specified types of financial institutions. This bill would instead, commencing January 1, 2020, authorize a local agency to invest and deposit the agency's surplus funds in deposits at specified types of financial institutions whether those investments are in certificates of deposit or another form. The bill, from January 1, 2020, until January 1, 2026, also would increase to 50% the percentage of funds that can be so invested by a city, district, or other local agency that does not pool money in deposits or investments with other local agencies with a different governing body. The bill would, on and after January 1, 2026, authorize those same cities, districts, and agencies to invest up to 30% of the agency's surplus funds in the same manner described above. The bill would make additional conforming changes.

Bill Text

Action History

  1. Chaptered by Secretary of State - Chapter 619, Statutes of 2019.

  2. Approved by the Governor.

  3. Enrolled and presented to the Governor at 3:30 p.m.

  4. Senate amendments concurred in. To Engrossing and Enrolling. (Ayes 79. Noes 0. Page 3277.).

  5. Assembly Rule 77 suspended. (Page 3252.)

  6. In Assembly. Concurrence in Senate amendments pending. May be considered on or after September 11 pursuant to Assembly Rule 77.

  7. Read third time. Passed. Ordered to the Assembly. (Ayes 39. Noes 1. Page 2679.).

  8. Read second time. Ordered to third reading.

  9. Read third time and amended. Ordered to second reading.

  10. Read second time and amended. Ordered to third reading.

  11. From committee: Amend, and do pass as amended. (Ayes 7. Noes 0.) (June 26).

  12. Joint Rule 62(a) suspended. (Page 1716.)

  13. From committee: Do pass and re-refer to Com. on B. & F.I. (Ayes 5. Noes 0.) (June 19). Re-referred to Com. on B. & F.I.

  14. In committee: Hearing postponed by committee.

  15. Referred to Coms. on GOV. & F. and B. & F.I.

  16. In Senate. Read first time. To Com. on RLS. for assignment.

  17. Read third time. Passed. Ordered to the Senate. (Ayes 75. Noes 0. Page 1396.)

  18. Read second time. Ordered to third reading.

  19. From committee: Do pass. (Ayes 12. Noes 0.) (April 22).

  20. From committee: Do pass and re-refer to Com. on B. & F. (Ayes 8. Noes 0.) (April 10). Re-referred to Com. on B. & F.

  21. Coauthors revised.

  22. Referred to Coms. on L. GOV. and B. & F.

  23. From printer. May be heard in committee March 23.

  24. Read first time. To print.

Sponsors

Sponsorship breakdown

Export CSV (upgrade) →

1 sponsors · 2 co-sponsors · 119 not signed on

Sponsors (1)

  • McCarty

Co-sponsors (2)

Not signed on (119)

119 members have not signed on to this bill.

Show all 119 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

AB 945 McCarty Concurrence in Senate Amendments

Passed 79 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 52000
Democratic 22000
Republican 5000
Total 79000
% of votes cast 100%0%0%0%
How each member voted (79)
Member Party Vote
Mathis — Yea
Cooley — Yea
Diep — Yea
Chau — Yea
Quirk — Yea
Low — Yea
Burke — Yea
Cooper — Yea
Rendon — Yea
Smith — Yea
Cunningham — Yea
Gonzalez — Yea
Bloom — Yea
Voepel — Yea
Rodriguez — Yea
Chiu — Yea
Gray — Yea
Maienschein — Yea
Mullin — Yea
Kamlager-Dove — Yea
Medina — Yea
Chu — Yea
Ting — Yea
McCarty — Yea
O'Donnell — Yea
Waldron — Yea
Salas — Yea
Brough — Yea
Gloria — Yea
Obernolte — Yea
Holden — Yea
Daly — Yea
Jones-Sawyer — Yea
Friedman — Yea
Nazarian — Yea
Weber — Yea
Fong — Yea
Kiley — Yea
Mayes — Yea
Frazier — Yea
Bigelow — Yea
Santiago — Yea
Eggman — Yea
Levine — Yea
Wood — Yea
Melendez — Yea
Cristina Garcia — Yea
Eduardo Garcia — Yea
Jim Patterson — Yea
Luz Rivas — Yea
Mark Stone — Yea
Wendy Carrillo — Yea
Aguiar-Curry, Cecilia M. Democratic Yea
Arambula, Joaquin Democratic Yea
Bauer-Kahan, Rebecca Democratic Yea
Berman, Marc Democratic Yea
Boerner, Tasha Democratic Yea
Bonta, Mia Democratic Yea
Calderon, Lisa Democratic Yea
Cervantes, Sabrina Democratic Yea
Gabriel, Jesse Democratic Yea
Gipson, Mike A. Democratic Yea
Grayson, Timothy S. Democratic Yea
Irwin, Jacqui Democratic Yea
Kalra, Ash Democratic Yea
Limón, Monique Democratic Yea
Muratsuchi, Al Democratic Yea
Petrie-Norris, Cottie Democratic Yea
Quirk-Silva, Sharon Democratic Yea
Ramos, James C. Democratic Yea
Reyes, Eloise Gómez Democratic Yea
Rivas, Robert Democratic Yea
Rubio, Blanca E. Democratic Yea
Wicks, Buffy Democratic Yea
Chen, Phillip Republican Yea
Choi, Steven S. Republican Yea
Flora, Heath Republican Yea
Gallagher, James Republican Yea
Lackey, Tom Republican Yea

Official roll call →

3rd Reading AB945 McCarty et al. By Pan

Passed 39 Yea · 1 Nay
Party YeaNayPresentNot Voting
Unaffiliated 26100
Democratic 10000
Republican 3000
Total 39100
% of votes cast 98%3%0%0%
How each member voted (40)
Member Party Vote
Rubio — Yea
Monning — Yea
Wieckowski — Yea
Mitchell — Yea
Bradford — Yea
Wilk — Yea
Beall — Yea
Atkins — Yea
Hill — Yea
Roth — Yea
Morrell — Yea
Hueso — Yea
Leyva — Yea
Dodd — Yea
Skinner — Yea
Allen — Yea
Borgeas — Yea
Galgiani — Yea
Hertzberg — Yea
Portantino — Yea
Bates — Yea
Glazer — Yea
Nielsen — Yea
Chang — Yea
Pan — Yea
Moorlach — Nay
Mark Stone — Yea
Archuleta, Bob Democratic Yea
Caballero, Anna M. Democratic Yea
Durazo, Maria Elena Democratic Yea
Gonzalez, Lena A. Democratic Yea
Hurtado, Melissa Democratic Yea
Jackson, Corey A. Democratic Yea
McGuire, Mike Democratic Yea
Stern, Henry I. Democratic Yea
Umberg, Thomas J. Democratic Yea
Wiener, Scott D. Democratic Yea
Dahle, Megan Republican Yea
Grove, Shannon Republican Yea
Jones, Brian W. Republican Yea

Official roll call →

AB 945 McCarty Assembly Third Reading

Passed 75 Yea · 0 Nay · 5 Other
Party YeaNayPresentNot Voting
Unaffiliated 45003
Democratic 24001
Republican 6001
Total 75005
% of votes cast 94%0%0%6%
How each member voted (80)
Member Party Vote
Brough — Yea
Kiley — Yea
Mayes — Yea
Salas — Yea
Mathis — Yea
Frazier — Yea
Bigelow — Yea
Cooley — Yea
Smith — Yea
Cunningham — Yea
Gonzalez — Yea
Diep — Yea
Chau — Yea
Gloria — Yea
Bloom — Yea
Rodriguez — Yea
Santiago — Yea
Obernolte — Yea
Voepel — Yea
Chiu — Yea
Gray — Yea
Holden — Yea
Daly — Yea
Eggman — Yea
Jones-Sawyer — Yea
Quirk — Yea
Mullin — Yea
Ting — Yea
Kamlager-Dove — Yea
Levine — Yea
Melendez — Yea
McCarty — Yea
Low — Yea
Nazarian — Yea
Burke — Yea
Cooper — Yea
Wood — Yea
Medina — Yea
Chu — Yea
O'Donnell — Yea
Weber — Yea
Waldron — Yea
Friedman — Not Voting
Rendon — Not Voting
Maienschein — Not Voting
Cristina Garcia — Yea
Eduardo Garcia — Yea
Mark Stone — Yea
Aguiar-Curry, Cecilia M. Democratic Yea
Arambula, Joaquin Democratic Not Voting
Bauer-Kahan, Rebecca Democratic Yea
Berman, Marc Democratic Yea
Boerner, Tasha Democratic Yea
Bonta, Mia Democratic Yea
Calderon, Lisa Democratic Yea
Carrillo, Juan Democratic Yea
Cervantes, Sabrina Democratic Yea
Fong, Mike Democratic Yea
Gabriel, Jesse Democratic Yea
Gipson, Mike A. Democratic Yea
Grayson, Timothy S. Democratic Yea
Irwin, Jacqui Democratic Yea
Kalra, Ash Democratic Yea
Limón, Monique Democratic Yea
Muratsuchi, Al Democratic Yea
Petrie-Norris, Cottie Democratic Yea
Quirk-Silva, Sharon Democratic Yea
Ramos, James C. Democratic Yea
Reyes, Eloise Gómez Democratic Yea
Rivas, Robert Democratic Yea
Rivas, Robert Democratic Yea
Rubio, Blanca E. Democratic Yea
Wicks, Buffy Democratic Yea
Chen, Phillip Republican Not Voting
Choi, Steven S. Republican Yea
Dahle, Megan Republican Yea
Flora, Heath Republican Yea
Gallagher, James Republican Yea
Lackey, Tom Republican Yea
Patterson, Joe Republican Yea

Official roll call →

Do pass.

Passed 12 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 4000
Democratic 6000
Republican 2000
Total 12000
% of votes cast 100%0%0%0%
How each member voted (12)
Member Party Vote
Burke — Yea
Melendez — Yea
Weber — Yea
Mark Stone — Yea
Bauer-Kahan, Rebecca Democratic Yea
Cervantes, Sabrina Democratic Yea
Gabriel, Jesse Democratic Yea
Grayson, Timothy S. Democratic Yea
Limón, Monique Democratic Yea
Wicks, Buffy Democratic Yea
Chen, Phillip Republican Yea
Choi, Steven S. Republican Yea

Official roll call →

Do pass and be re-referred to the Committee on [Banking and Finance]

Passed 8 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 2000
Democratic 5000
Republican 1000
Total 8000
% of votes cast 100%0%0%0%
How each member voted (8)
Member Party Vote
Bloom — Yea
Voepel — Yea
Aguiar-Curry, Cecilia M. Democratic Yea
Boerner, Tasha Democratic Yea
Ramos, James C. Democratic Yea
Rivas, Robert Democratic Yea
Rivas, Robert Democratic Yea
Lackey, Tom Republican Yea

Official roll call →

Subjects

finance
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does AB 945 do?
Existing law prescribes the instruments and criteria by which a local agency, as defined, may invest and deposit its funds, including its surplus funds. Existing law, until January 1, 2021, authorizes a local agency, under certain conditions, to invest up to 30% of the agency's surplus funds in deposits at specified types of financial institutions that use a private sector entity to assist in the placement of deposits, as specified. Existing law, on and after January 1, 2021, authorizes a local agency, under certain conditions, to invest up to 30% of the agency's surplus funds in certificates of deposit at specified types of financial institutions. This bill would instead, commencing January 1, 2020, authorize a local agency to invest and deposit the agency's surplus funds in deposits at specified types of financial institutions whether those investments are in certificates of deposit or another form. The bill, from January 1, 2020, until January 1, 2026, also would increase to 50% the percentage of funds that can be so invested by a city, district, or other local agency that does not pool money in deposits or investments with other local agencies with a different governing body. The bill would, on and after January 1, 2026, authorize those same cities, districts, and agencies to invest up to 30% of the agency's surplus funds in the same manner described above. The bill would make additional conforming changes.
Who sponsors AB 945?
AB 945 is sponsored by McCarty, Aguiar-Curry, Cecilia M. (Democratic), and Voepel.
What is the current status of AB 945?
This bill has been enacted into law. Introduced February 20, 2019. Enacted.
Where can I track AB 945?
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