FOR IMMEDIATE RELEASE
January 18, 2022
Audits of Bond Spending Affirmed
The Santa Clarita Community College District’s Independent Citizens’ Bond Oversight Committee voted to accept the results of an independent audit confirming the district properly accounted for all bond expenditures in the 2020-21 fiscal year.
Eide Bailly, LLP conducted financial and performance audits, and issued the District an unmodified opinion—the best rating possible—noting no adjustments, audit findings, questioned costs or instances of bond noncompliance.
“The financial statement audit tells us the numbers being presented to us are correct, and the performance audit tells us the money being spent is in accordance with the provisions of the bond,” Oversight Committee Chairman Kevin Holmes said at the January 10 meeting.
Auditors reviewed documents associated with 54 percent of expenditures made with bond funds. Purchase orders, approved invoices, bid documentation, contracts, and payments were reviewed and found to be compliant with state regulations and district board policies.
Assistant Superintendent/Vice President of Business Services Sharlene Coleal attributed the results of the audit to the collaboration of her staff with Jim Schrage, Assistant Superintendent/Vice President of Facilities Planning, Operation and Construction, and his team.
“With our departments working together to provide careful fiscal oversight and ensure strict compliance with regulations that govern general obligation bond-funded construction projects, we achieved outstanding audit results,” Coleal said.
The audit showed $21 million of Measure E funds spent during 2020-21, primarily on construction of the Takeda Science Center and the Student Services/Learning Resources Center at the college’s Canyon Country campus.
Since 2017, the college has spent a total of $82.6 million of Measure E bond revenue, according to the audit. Funded projects include the parking structure at the Valencia campus, along with the Central Energy Plant, Science Center, and Student Services/Learning Resources Center at the Canyon Country campus.
Local voters approved Measure E in June 2016, providing the college with $230 million to invest in facilities upgrades.
“We appreciate the support of our community and take seriously our obligation to maximize the value of Measure E funds, and ensure they are spent as intended,” said Chancellor Dr. Dianne G. Van Hook. “The audit results demonstrate our ongoing commitment to sound fiscal management, as well as our intent to continue delivering high-quality facilities and programs that lead to outstanding educational opportunities and expanded access to training for our community.”
The committee also approved its Annual Report, which is available to the community on the college’s website here.