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Santa Clarita Community College District Receives Best Possible Rating After Audit

The Santa Clarita Community College District’s Oversight Committee announced Friday that the district had properly accounted for all bond expenditures and received the best rating possible following an audit for the 13th-straight year.

Eide Bailly LLP looked at both financial and performance audits, which overlooked the fiscal year that ended on June 30, 2020, and issued the district an unmodified opinion — the best rating possible — noting no adjustments, audit findings, questioned costs or instances of bond noncompliance, according to a statement from College of the Canyons (COC).

The District’s Independent Citizens’ Oversight Committee accepted the audit results, which showed that for the 13th year in a row, the district has properly accounted for all bond expenditures and expended them in accordance with the projects approved by voters in Measure E ballot measure, according to officials.

“I was pleased to report to the District’s Board of Trustees that the Committee had fulfilled it obligation for 2020 to review and report on the expenditure of bond funds to ensure they are spent in accordance with the provisions of Measure E,” said Kevin Holmes, chair of the Independent Citizen’s Bond Oversight Committee. “The Committee recognizes the importance of ensuring that taxpayer dollars are spent properly and we are happy to volunteer our time to act as fiduciaries in this regard.”

The firm presented its report to the committee at a meeting on Jan. 28, 2021, and the report was presented to the college’s Board of Trustees on Feb. 23, 2021, according to officials.

The 2019-20 audits confirm approximately $141.8 million in resources from the first two bond issuances, which also includes earned interest and net premium in the bonds, according to officials.

Of that amount, $61.7 million has been expended on authorized bond projects, leaving the District with a Measure E bond project fund balance of $80.1 million as of June 30, 2020.

“The Independent Citizens Oversight Committee plays an essential role in assuring community members that the college is appropriately allocating bond funds for construction projects that will provide much-needed facilities for instructional programs that help our students achieve their educational goals,” said Sharlene Coleal, assistant superintendent and vice president of business services at COC.

Voters approved Measure E in June 2016 for a total of $230 million to fund multiple projects at both the Valencia and Canyon Country campuses.

The bonds funded construction of the Science Center, which is located at COC’s Canyon Country campus, and serves as a focal point for students and first-time visitors, according to officials.

Construction is nearly complete on the approximately 55,000-square-foot building, which is expected to primarily be devoted to physical and biological sciences, housing eight labs, and several lecture classrooms.

The four-story Student Services and Learning Resources Building is intended to be the new home to Student Services and The Learning Center (TLC).

The 55,000-square-foot-building will sit adjacent to the Science Building at the center of campus, and is set to provide office and library space, according to officials.

Measure E, the $230 million general obligation bond that was 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.

Measure E funding was used to build the three-story parking structure at the Valencia campus, which added 1,659 parking spaces.

Measure E funds also funded the renovation of several existing buildings at the college’s Valencia campus.

“I want to thank the Independent Citizens Oversight Committee for their meticulous and dedicated work to ensure transparency,” said COC Chancellor Dr. Dianne G. Van Hook. “Without the support of the Santa Clarita Valley community, we could not continue to meet the needs of our students and provide them with access to high-quality education and tools for success.”


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Santa Clarita Community College District Receives Best Possible Rating After Audit

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