Council briefed on new state conflict-of-interest disclosure requirements; questions about privacy and implementation

City staff briefed Orem’s mayor and council on state-required annual conflict-of-interest disclosures during the Jan. 14 meeting, outlining items officials must report and the January deadline.

An updated state law requires elected officials to file annual disclosure forms in January detailing, among other items, current and recent employment, ownership interests, investment holdings above set thresholds, leadership positions and certain payments received in the past 365 days. City staff said the forms will be posted to the city’s website and linked to the lieutenant governor’s office. The city plans to provide an electronic fillable version and staff assistance; Teresa Monks in the lieutenant governor’s office will also maintain links to the filings.

Council members raised concerns about the expanded disclosure scope, including privacy, identity-theft and the possibility of scammers using publicly posted financial information. Staff said the rules and the city form are taken from the statute and that city staff will try to simplify the process, limit required public detail to statutory minimums and make the digital process as secure as possible. Staff also said failure to file is a class B misdemeanor under the statute and that the city recorder will report violations to the attorney general’s office.

Council members asked for additional guidance on how to report retirement accounts, mutual funds and third-party managed investments; staff advised that accounts managed by third parties (for example, mutual funds or some retirement plans) are generally exempt from specific line-item reporting, while direct stock holdings above thresholds must be disclosed. Staff said they will circulate an electronic form for council review and asked members to return completed disclosures to the recorder by the Jan. 31 statutory deadline.