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District reports $18.75M first Measure M draw, oversight presentation scheduled for June
Summary
District staff told the board the first Measure M bond draw totaled $18.75 million with spending on roofing, fencing, security and project management; the citizens’ oversight committee is scheduled to present to the board on June 11.
Dr. Giro, presenting a Measure M update, said the district’s first bond draw was for $18,750,000 and described how the funds were used in the first draw and what remains on the project list.
Dr. Giro said roofing work accounted for roughly $11.8 million of the draw, fencing projects about $3.5 million, cameras and vape sensors about $900,000, project management fees about $900,000 and legal/consultant fees about $500,000, leaving a reserve of approximately $1,150,000 from the first draw.
He also reported a recent Standard & Poor’s upgrade of the district’s rating (from A+ to AA‑) after a presentation that cited strong financial management; the improved rating should reduce borrowing costs on future sales of bonds. The district has retained Dixon and Associates as the project management firm for Measure projects.
Dr. Giro acknowledged the citizens’ oversight committee has not yet had sufficient detailed fiscal information to present but that the district has targeted June 11 for an oversight‑committee presentation to the board. Trustees said MeasureM will be a standing information item so the public can track progress.
Board members asked clarifying questions about the oversight schedule and expenditures; Dr. Giro said more detailed fiscal information will be provided to the oversight committee ahead of the June presentation.
