CA SB963

Repeals the $10,000,000 annual reserve fund authorization for water replenishment districts, including the requirement that 80% of reserves be used for water purchases beginning in the 2019-20 fiscal year.

Extends the deadline for districts to complete and file independent audited financial statements from 60 days to 180 days after the conclusion of the fiscal year.

Changes the auditing standard requirement from Standards for Audit of Governmental Organizations to Generally Accepted Government Auditing Standards prepared by the United States Government Accountability Office.

Requires financial statements be submitted to the Governor, California State Auditor, Senate Committee on Governance and Finance, and Assembly Committee on Local Government on or before December 31 of each year instead of November 1.

Requires districts to provide information on expenditures relating to capital improvement projects planned to be undertaken by the district in addition to the audited financial statement.