NEWS RELEASE

FOR IMMEDIATE RELEASE
Release No. COC-02.02.17-BondAudit
February 2, 2017

Audit Finds Measure M Bond Measure in Full Financial Compliance

The Santa Clarita Community College District’s independent citizens’ bond oversight committee has accepted the results of an independent audit confirming that, for the tenth year in a row, the district has properly accounted for all bond expenditures and issued the District an unmodified opinion – the best rating possible – noting no adjustments, audit findings, questioned costs or instances of bond noncompliance.

Vavrinek, Trine, Day & Co. LLP conducted both the financial and performance audit, covering the fiscal year that ended on June 30, 2016.

The firm presented its report to the district’s independent citizens’ bond oversight committee at a meeting on January 24, 2017. 

“This displays the efficiency and continuous stability of the combined efforts of finance staff, the facilities team, and the Chancellor,” said Nicholas Lentini, chair of the bond oversight committee, at the meeting. “Thank you for being so efficient and clearly explaining the audits in detail to our committee.” 

The 2015-16 audit confirms approximately $152.2 million in resources from the first four bond issuances, which also includes earned interest and net premium in the bonds. Of that amount, more than $130.8 million has been expended on authorized bond projects, leaving the District with a Measure M bond project fund balance of $21.4 million as of June 30, 2016. 

“We are pleased to learn that College of the Canyons has once again achieved another clean Measure M audit,” said Sharlene Coleal, assistant superintendent, vice president of business services at the college. “We are thankful to the bond oversight committee volunteers for their efforts in ensuring that the District remains in full compliance.”  

Measure M was approved by Santa Clarita Valley voters on November 7, 2006. 

Since its passage, the $160 million bond measure has helped fund a wide variety of major facilities and campus expansions at the college, such as the construction of the Mentry Hall Expansion, The Learning Center (TLC)/Library Expansion, Dr. Dianne G. Van Hook University Center, the Canyon Country Campus, the College of the Canyons Institute for Culinary Education (iCUE), and the Canyons Hall student services/administration building. 

The bond also helped secure $36.7 million in state matching funds that otherwise would have been lost and gone to other districts. 

“College of the Canyons has diligently used Measure M bonds to continue meeting the short-term and long-term needs of our ever-growing student population,” said Dr. Dianne G. Van Hook. “With the support and trust of the community, we are committed to continue building for the future.”  

Measure M will begin the funding of the construction of the Science Center at the Canyon Country campus and a 1,000 space parking structure at the Valencia campus. 

“We look forward to using the remaining Measure M bond funds to the maximum value possible to continue reaching our goals and redefining what a community college can do for the communities it serves,” said Van Hook.