State general obligation bonds: disclosure requirements.

Assembly Member Pacheco's Bond Outcomes and Reporting Act establishes new transparency requirements for California state general obligation bonds, mandating detailed disclosure of objectives and performance metrics for voter-approved measures starting in 2026.

The legislation requires bond acts to specify concrete goals and performance indicators that enable public evaluation of funded projects. Lead state agencies must publish comprehensive information on their websites, including program overviews, expenditure status updates, and accountability criteria. The bill also institutes regular reporting to the Department of Finance, Legislative Analyst, and legislative budget committees on whether bond-funded projects meet their intended purposes and comply with statutory requirements.

These provisions build upon existing annual reporting processes for state bonds approved since 2004. The new requirements aim to document how bond proceeds align with voter-approved objectives through standardized data collection and baseline measurements. State agencies must cooperate in implementing these transparency measures, with reports posted publicly online to facilitate access to information about infrastructure investments funded through general obligation bonds.