Bond funding is being used to build a Science Center (left) at the Canyon Country campus.
Bond Audit Receives Top Rating
The Santa Clarita Community College District’s independent citizens’ bond oversight committee has accepted the results of an independent audit confirming that, for the 11th year in a row, the district has properly accounted for all bond expenditures. The district received an unmodified opinion – the best rating possible – noting no adjustments, audit findings, questioned costs or instances of noncompliance.
Vavrinek, Trine, Day & Co. LLP conducted the financial and performance audits covering the fiscal year ending June 30, 2017. The firm presented the report on Jan. 16, 2018.
The independent audit “enables us to ensure the community that our tax dollars are being used responsibly and effectively,” committee chair Nicholas Lentini said.
The 2016-17 audits confirm approximately $228.5 million in resources from the first five bond issuances, including earned interest and net premium in the bonds. Of that amount, more than $152.3 million has been expended on authorized bond projects, leaving the district with a Measure M balance of $26.3 million and Measure E balance of $49.9 million as of June 30, 2017.
“I appreciate the commitment of the chair, Nick Lentini, and members of the Independent Citizens Oversight Commit- tee for their work in reviewing the expenditures on a regular basis to confirm they met the criteria of what the voters had authorized,” said Sharlene Coleal, assistant superintendent and vice president of business services.
Measure M, a $160 million bond measure approved by voters in 2006, has helped fund a variety of facilities and expansions, such as the Mentry Hall and TLC/Library expansions, Dr. Dianne G. Van Hook University Center, Canyon Country campus and its Applied Technology Education Center, College of the Canyons Institute for Culinary Education, and Canyons Hall.
The final Measure M issuance of $20 million will go toward construction of the Science Center at the Canyon Country campus and a 1,659-space parking structure at the Valencia campus. Measure E, the $230 million general obligation bonds approved by voters in 2016, will provide the remaining funding to complete those two projects, as well as future projects.
“The success of any project is due in large part to the community that it is part of,” Chancellor Dr. Dianne G. Van Hook said. “College of the Canyons is very fortunate to have the support of the Santa Clarita Valley community as the college continues to build to accommodate our growing student population at both campuses.”
The four-level, 55,000-square-foot Science Center, expected to be completed by 2020, will serve as a focal point at the Canyon Country campus. Devoted primarily to chemical, biological and physical sciences, it will house seven lecture rooms, eight labs, 10 science service rooms, lab spaces, computer labs, faculty offices, and group-study and open-study spaces.
Construction of the Student Services & Learning Resources Building is expected to follow at the Canyon Country campus. Located next to the Science Center, it will house Student Services, the Library, TLC and additional offices.
Parking structure at the Valencia campus