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Bond oversight: audit finds Measure G funds spent as promised; district sells $150 million in bonds to fund campus projects
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Summary
The board received the Measure G citizens’ bond oversight committee annual report showing no audit exceptions and heard staff say a recent $150 million bond sale produced strong investor demand that lowered financing costs and will fund stadium, TK, and classroom projects.
The Colton Joint Unified School District on Nov. 6 heard from its citizens’ bond oversight committee (CBOC), which reported an independent financial performance audit found no instances of noncompliance and that Measure G bond revenues were spent only as specified in the voter ballot and the board resolution.
CBOC Chair Gary Groshich told the board that Christie White & Associates’ audit covering the 2023–24 year confirmed compliance with Article 13A (Prop 39) of the California Constitution and that no bond funds were used for prohibited operating expenses. "The bond revenue was spent only as specified in the voters' ballot and board resolution of Measure G," Groshich said.
Facility director Owen Chang walked the board through a series of campus projects funded by Measure BB and bond proceeds: substantial completion of Bloomington High School’s varsity baseball and softball renovations; Colton High School field-lighting work that aims to finish in March 2026; a $22 million Terrace Hill Middle School campus project under construction; and completed TK classroom additions funded largely by a $4 million state matching grant. Chang said about 12 of 47 Measure BB projects are currently underway and staff are proceeding with procurement and DSA reviews for others.
Financial adviser Mike Williams briefed the board on a recent $150 million bond issuance. He said investor demand was ‘‘extremely strong’’ — including a $114 million order from a large bond fund — and that aggregate orders exceeded $1.2 billion. That competition among investors allowed the district to lower yields and save roughly $3 million relative to earlier expectations. "We saw really strong demand and were able to reduce the yields to protect taxpayers and keep the tax rate down," Williams said.
Chang and Williams credited careful preparation and a collaborative team for the result, and Chang outlined next steps: contract procurement, DSA inspections, and scheduling for design-build and other construction projects.
The board asked for routine follow-ups: a forthcoming report on Cone High School tennis-court repairs (work slated to start next week and take about four weeks) and a future update on how Measure BB projects are prioritized and scheduled.
The CBOC presentation and the bond-sale briefing mark the district’s effort to demonstrate financial oversight and to move forward on capital improvements intended to expand instructional capacity and athletic equity across campuses.
