California AB2640 amends state mandates to adjust reimbursements for local agencies and school districts.

California AB2640 amends Section 17558.5 of the Government Code to adjust reimbursements for local agencies and school districts. It allows the Controller to offset reduced reimbursements from unpaid claims for state-mandated local costs. If no unpaid claims exist, the Controller adjusts the payment of claims. The interest rate on reduced claims is set at the Pooled Money Investment Account rate. The Controller must notify claimants within 30 days of any adjustment resulting from an audit or review.

California AB2640 amends state mandates to adjust reimbursements for local agencies and school districts.

California AB2640 amends Section 17558.5 of the Government Code to adjust reimbursements for local agencies and school districts. It allows the Controller to offset reduced reimbursements from unpaid claims for state-mandated local costs. If no unpaid claims exist, the Controller adjusts the payment of claims. The interest rate on reduced claims is set at the Pooled Money Investment Account rate. The Controller must notify claimants within 30 days of any adjustment resulting from an audit or review.