OAKLAND, Calif., June 5, 2017 /PRNewswire/ -- An independent audit conducted in April 2017 by the nationally renowned firm of Vavrinek, Trine, Day & Co., LLP, (VTD) confirmed that over $30 million in California Measure B Parcel Tax funds were spent by the Peralta Community College District in the manner approved by the voters.
The independent audit reviewed Measure B expenditures made between fiscal years ending June 30, 2013, 2014, 2015, and 2016. The audit showed that over 99 percent of the $30 million Measure B funds were spent in accordance with the 2012 approved ballot measure. Only a fraction of a percentage point of funds, or 0.56 percent, was found to be non-compliant in 2014 and 2015. The District has already refunded the Measure B account for that non-compliant spending. There were no findings of non-compliant spending in 2016.
VTD's report went on to cite that, "in all significant respects, Peralta Community College District has properly accounted for expenses charged against Measure B Parcel Tax proceeds and that such expenditures were made for the purpose and activities authorized by the voter approved Measure B ballot measure."
Audit results drew praise from Peralta Board of Trustees President Julina Bonilla.
"This finding confirms the continued strong fiscal stewardship at Peralta Colleges over its budget and voter approved funds," she said.
The District presented the audit results on April 20 to the independent group, Peralta Community College District's Citizen's Oversight Committee.
"Peralta Colleges is thankful for the hard work of the volunteer oversight committee helping to ensure Measure B funds benefit students, as voters intended," said Peralta Chancellor Jowell Laguerre. "While not required by law, we will be institutionalizing an annual audit of these Measure B funds to assure the public that these funds continue to be spent as promised. We appreciate the public's long-standing support of Peralta Colleges and your trust," he said.
Furthermore, in 2016, under Chancellor Laguerre's strong fiscal stewardship, the District received a AAA credit rating from Fitch Rating Services. This allowed the District to refinance its General Obligation bonds, thus saving the taxpayers approximately $24.7 million.
Chancellor Laguerre reassured voters that he is committed to lead the four colleges on a path to success.
"The college programs we provide continue to be an essential, affordable safety net for students who want to transfer to a four-year university or be ready for a new career. Quality, accessible academic programs and prudent fiscal stewardship will continue to be our top priority."
Contact: Christine D. Williams
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SOURCE Peralta Community College District