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Measure I and AS bond audit finds no noncompliance; board accepts report
Summary
The independent financial and performance audit of Measure I and Measure AS bond funds returned an unmodified opinion and identified no areas of noncompliance; the board unanimously approved the report and acknowledged ongoing auditing until all bond funds are spent.
Auditors reported that the financial statements for the district's building fund (the Measure I and Measure AS bond proceeds) were presented in accordance with generally accepted accounting principles and that the performance audit found expenditures allowable under the bond measures.
"We found no areas of noncompliance," the auditor said while summarizing the bond audit required under Proposition 39. Trustees were told the audit sampled more than 50% of expenditures from the bond funds as part of standard performance testing and reviewed procurement and salary charges for alignment with the bond measure. The board approved the bond audit report by voice vote and will continue to receive annual financial and performance audits until all bond funds are expended.
