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College Of The Canyons Bond Audit Affirmed By Oversight Committee

College of the Canyons received the best rating possible in an independent audit of its bond measure expenditures, officials announced Thursday.


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The Santa Clarita Community College District’s Independent Citizens’ Oversight Committee accepted the audit results, which showed that, for the 12th year in a row, the district has properly accounted for all bond expenditures.

Vavrinek, Trine, Day & Co. LLP conducted both the financial and performance audit, covering the fiscal year that ended on June 30, 2018, and issued the district an unmodified opinion, which is the best rating possible, officials said.

The firm presented its report to the district’s independent citizens’ bond oversight committee at a meeting earlier this month.

“The amount of material you examined in your review is impressive and demonstrates the strength of the district’s fiscal oversight of the bond program spending,” said Nicholas Lentini, chair of the bond oversight committee.

The 2017-18 audits confirm approximately $229 million in resources from the first five bond issuances, which also includes earned interest and net premium in the bonds.

“The work of the Independent Citizens’ Oversight Committee is important in confirming for the community that the college is, in fact, delivering on the construction and renovation projects authorized by voters,” said Sharlene Coleal, assistant superintendent and vice president of business services at COC.

More than $170 million has been expended on authorized bond projects, leaving the district with a Measure M bond project fund balance of $10.4 million and a Measure E fund balance of $48.9 million as of June 30, 2018, officials said.

“Being able to count on the support of the Santa Clarita Valley community is a privilege as we build for the future and continue to grow in response to community needs,” said COC Chancellor Dr. Dianne G. Van Hook.

Since its passage in November 2006, Measure M has funded major facilities and campus expansions at COC, such as the construction of the Dr. Dianne G. Van Hook University Center, the Canyon Country campus, and the Canyons Hall administration building, according to officials.

“The addition of these facilities has enabled the college to accommodate more students, add programs and enhance access and opportunity as enrollment grew 44 percent between 2004 and 2017,” reads a statement from COC released Thursday.

The balance of Measure M was used to begin 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 June 2016 — provided the funding to complete those two projects, and will enable the college to fund future construction projects at both campuses, according to officials.

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College Of The Canyons Bond Audit Affirmed By Oversight Committee

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About Michael Brown

Michael Brown has lived in Santa Clarita his whole life. Graduating from Saugus High School in 2016, he continued to stay local by attending The Master’s University, where he achieved a Bachelor's Degree in Communication. Michael joined KHTS in January of 2018 as a news intern, and has since gone on to become the News Director for the KHTS Newsroom. Since joining KHTS, Michael has covered many breaking news stories (both on scene and on air), interviewed dozens of prominent state and federal political figures, and interacted with hundreds of residents from Santa Clarita. When he is not working, Michael enjoys spending time with his family, as well as reading any comic book he can get his hands on.