Citizens Bond Oversight Committee reports $67M spent of $92M bond; board accepts several completion notices and contract actions

The El Segundo Unified School District Board of Education on Feb. 25 received a fiscal-year 2023–24 annual report from the district’s Citizens Bond Oversight Committee and approved several construction-related actions, including notices of completion for multiple building projects.

Cheryl Smith, a member of the Citizens Bond Oversight Committee, told the board the bond measure raised $92,000,000 and that the committee’s review shows about $67,000,000 in expenditures so far. "With a thunderball of support of 63.32 percent of the voters, they said yes," Smith said, describing voter approval for new classrooms, upgrades and repairs.

The report broke down recent spending and projects. Smith said the district earned roughly $3,500,000 in interest income, paid about $1,200,000 in bond issuance costs and recorded an unrealized fair-market-value adjustment of about $1,500,000. She told the board the largest category of spending has been new construction and cited three major projects comprising roughly $39,000,000: the middle school gym, a high school band…