VACAVILLE — Solano Community College board members approved two bond audits Wednesday for fiscal year 2012-13 after listening to a presentation given by a representative of an independent audit firm hired to do the report.
Audit reports indicate that at the end of the reported fiscal year, the Measure G fund had nearly $12 million after using $8.8 million that year. The $124.5 million bond was passed in 2002 and its projects are nearing an end.
Measure Q – a $348 million general obligation bond – was passed 2012. The fund, per audit reports, started at zero but ended the year with more than $118 million after the first set of bonds sold.
In the brief presentation, Terri Montgomery of Vavrinek, Trine, Day & Company LLP, indicated clear findings in the four reports – performance and financial for each bond – but had one recommendation for the college with regard to Measure Q. The finding encourages the college to put the required piece of the bond sale – $200,000 – for future debt service in a separate fund so “it doesn’t accidentally get spent,” she said.
Yulian Ligioso agreed and said, in response to trustee questions, that it would go into an interest-earning debt service fund controlled by the county.
The audits are required under Proposition 39, passed in 2000 to allow general obligation bonds to be issued by school districts, community colleges and county offices of education. It gives both financial and performance oversight to ensure that the bond money is spent only on projects listed on the ballot and that bond proceeds from the sale of the bonds have been spent only on school facility projects.
Reach Susan Winlow at 427-6955 or [email protected] Follow her on Twitter at www.twitter.com/swinlowdr.