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Boards, Commissions, and Committees' Handbook City of Reds 6.1. F. - Page 28 ➢ Your Form 700 Obligation and Conflict of Interest (Government Code Section 87103 Financial Interest) When is it due? • Annual filing date is April 1 • Most filers must file within 30 days of assuming or leaving office, or within 30 -days of a newly adopted or amended conflict -of- interest code. If you have any questions about your Form 700 duty to file, please contact the City Clerk. As specified in state law, it is illegal for a BCC member to have an interest in any contract, sale, purchase, finding or transaction in which the member is involved in an official capacity. Action taken where a conflict of interest exists may disqualify the commission member and invalidate that BCC action. Any interest, whether personal, private, general or sentimental that would tempt a commissioner to act in any manner other than the best public interest should be examined and official action accordingly restricted. An interest that is common to all similarly situated persons is not disqualifying to an action. • The State of California enacted the Political Reform Act in 1974. One of the Act's main purposes is to prevent financial conflicts of interest on the part of public officials. Every public official is required to disclose all financial interests, such as investments, interests in real estate or sources of income, which may be affected in the exercise of the official's duties. The Political Reform Act may require an official to disqualify him /herself from making or participating in a governmental decision or using his /her official position to influence a governmental decision if the public official has a conflict of interest. A conflict of interest occurs where an official makes, participates in, or uses his or her official position to influence a governmental decision and: • It is foreseeable that the governmental decision will affect the official's financial interest; • The effect of the governmental decision on the official's financial interest will be material; and, • The effect of the governmental decision on the official's financial interest will be distinguishable from its effect on the public generally. • Government Code Section 87103. Financial Interest: • A public official has a financial interest in a decision within the meaning of Section 87100 if it is reasonably foreseeable that the decision will have a material financial effect, distinguishable from its effect on the public generally, on the official, a member of his or her immediate family, or on any of the following: • Any business entity in which the public official has a direct or indirect investment worth two thousand dollars ($2,000) or more. • Any real property in which the public official has a direct or indirect interest worth two thousand dollars ($2,000) or more. • Any source of income, except gifts or loans by a commercial lending institution made in the regular course of business on terms available to the public without regard to official status, aggregating five hundred dollars ($500) or more in value provided or 25