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Bond oversight committee reports balances for Measure GG and Measure C
Summary
Committee chair Christine Kelly told the board the Community Bond Oversight Committee reviewed quarterly reports and site visits; Measure GG ended the reporting period with about $3.21M and Measure C with about $73.84M after expenditures.
Christine Kelly, chair of the district’s Community Bond Oversight Committee, presented the committee’s annual report and reviewed quarterly bond-expenditure reports and recent facility visits.
“For the recorded period, Measure GG began with a fund balance of $68,360,317.71, received $272,697.58 in interest revenue and $20,000 in grants and credits returned to the district, and incurred $13,370,134.62 in expenditures… resulting in ending fund balance of $3,214,220.84,” Kelly said. She reported Measure C began with ~$79.82M, added about $1.5M in revenue, incurred about $7.39M in expenditures and ended with a balance of roughly $73.84M.
Kelly said committee visits to Sunnyvale Middle School allowed members to observe modernization work and to confirm bond funds were being used for capital purposes, not operating salaries. She noted district legal counsel provided a presentation to clarify the committee’s duties and responsibilities.
The report was presented as an informational item; no board action was required at the meeting.
