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FOR IMMEDIATE RELEASE
February 6, 2009
Bond Oversight Committees: College in Full Compliance
College of the Canyons is in full compliance with legal requirements that mandate public oversight of the disbursement of bond revenues for both Measure C and Measure M, the oversight committees for the respective bond measures have determined.
The two citizens' oversight committees made their unanimous determinations after reviewing the results of independent audits covering the fiscal year ending June 30, 2008. All of the findings from those audits were favorable to the college and its handling of bond measure funds.
It was the seventh year in a row that the Measure C performance audit produced no audit findings or exceptions, meaning that all accounting procedures were in conformity with generally accepted accounting principles and the expenditure of bond funds was done in accordance with applicable laws, regulations and approved board policies. Likewise, it was the second year in a row that the Measure M audit also produced no findings or exceptions.
Both the Measure C Citizens Oversight Committee and the Measure M Citizens Oversight Committee approved formal resolutions affirming the college's compliance on Dec. 11, 2008.
The Measure C oversight committee was formed following voter approval of that $82.1 million bond measure in 2001. Measure C has provided much-needed construction of new facilities, renovation of the existing campus and creation of a second campus in Canyon Country.
The Measure M Citizens Oversight Committee was formed following the passage of the $160 million Measure M in 2006.
California law requires that citizens’ oversight committees are appointed to oversee the disbursement of bond funds, as well as ensure that they are not used for faculty or administrative salaries or operating expenses of the district.
The public is always welcome to attend meetings of either of the citizens' oversight committees. Meeting dates, agendas, approved minutes and additional information are posted on the committees' respective websites:
Measure C: http://www.canyons.edu/info/news/mcoversight.html
Measure M: http://www.canyons.edu/info/news/mmoversight.html