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SFUSD bond oversight committee finds no material misuse; board authorizes final bond series up to $185 million
Summary
The citizens bond oversight committee reported no material misuse of Prop A bond funds (minor disallowed expenditures to be corrected); following the presentation the board authorized issuing up to $185 million in Proposition A bonds to finance facility work, approving the resolution by roll call.
The San Francisco Unified School District’s Citizens Bond Oversight Committee presented its FY 2008–09 audit on April 27, reporting no material misuse of Proposition A bond funds and recommending some minor procedural improvements.
Leonard Tom, financial manager for the district’s bond program, and vice-chair Mike Theriault summarized the audit results: auditors reported no material uncorrected misstatements and noted two minor disallowed expenditures aggregating $77,154 that the district planned to correct in fiscal year 2009–10. The committee recommended increased attention to approval procedures and exception reporting for bond-funded salaries and time allocations.
The committee’s resolution stated it found no information indicating bond revenues were spent for purposes other than those authorized by the 2003 and 2006 Proposition A measures and commended the bond program management team.
Later in the meeting the board considered a special-order resolution authorizing issuance of one or more series of bonds under Proposition A in an aggregate principal amount not to exceed $185,000,000 to finance school facility projects. Staff explained two federal bond structures permitted under ARRA that could reduce debt-service impacts for city taxpayers. The board took roll call and approved the resolution.
Next steps: staff will proceed with documentation and market steps necessary to deliver the authorized bond series and will implement the agreed audit-report corrections.
