Audit finds Measure E, Measure M bonds in full compliance
An aerial photo of the College of the Canyons Valencia Campus in March 2015. Courtesy of COC
By News Release
Tuesday, February 6th, 2018

Source: College of the Canyons.  To see The Signal’s version of this story visit: signalscv.com/2018/01/coc-board-review-college-bond-audits

The Santa Clarita Community College District’s independent citizens’ bond oversight committee has accepted the results of an independent audit confirming that, for the 11th year in a row, the district has properly accounted for all bond expenditures and issued the District an unmodified opinion – the best rating possible – noting no adjustments, audit findings, questioned costs or instances of bond noncompliance.

Vavrinek, Trine, Day & Co. LLP conducted both the financial and performance audit, covering the fiscal year that ended June 30, 2017.

The firm presented its report to the district’s independent citizens’ bond oversight committee at a meeting Jan. 16, 2018.

“Having an independent audit really brings peace of mind,” said Nicholas Lentini, chair of the bond oversight committee, at the meeting. “It enables us to ensure the community that our tax dollars are being used responsibly and effectively.”

The 2016-17 audits confirm approximately $228.5 million in resources from the first five bond issuances, which also includes earned interest and net premium in the bonds. Of that amount, more than $152.3 million has been expended on authorized bond projects, leaving the District with a Measure M bond project fund balance of $26.3 million and a Measure E fund balance of $49.9 million as of June 30, 2017.

“I appreciate the commitment of the chair, Nick Lentini, and members of the Independent Citizens Oversight Committee for their work in reviewing the expenditures on a regular basis to confirm they met the criteria of what the voters had authorized,” said Sharlene Coleal, assistant superintendent, vice president of business services at the college. “I would also like to thank Jim Schrage, vice president of Facilities and Fiscal Services staff for their work to ensure fiscal oversight and compliance.”

Measure M was approved by Santa Clarita Valley voters Nov. 7, 2006.

Since its passage, the $160 million bond measure has helped fund a wide variety of major facilities and campus expansions at the college, such as the construction of the Mentry Hall Expansion, The Learning Center (TLC)/Library Expansion, Dr. Dianne G. Van Hook University Center, the Canyon Country Campus, the College of the Canyons Institute for Culinary Education (iCUE), and the Canyons Hall student services/administration building.

The final Measure M issuance of $20 million will go toward the construction of the Science Center at the Canyon Country campus and a 1,659-space parking structure at the Valencia campus. Measure E, the $230 million general obligation bonds approved by voters in June 2016, will provide the remaining funding necessary for the completion of those two projects and future construction projects.

“The success of any project is due in large part to the community that it is part of,” said COC Chancellor Dr. Dianne G. Van Hook. “College of the Canyons is very fortunate to have the support of the Santa Clarita Valley community as the college continues to build to accommodate our growing student population at both campuses.”

The Science Center, will be located at the center of the Canyon Country campus, serving as a focal point for students and first-time visitors.

The approximately 55,000-square-foot facility will primarily be devoted to physical and biological sciences, housing eight labs and 10 science service rooms. Additionally, the four-level building will also house three computer labs, 24 faculty offices, seven group study rooms, open study spaces, lab service spaces, as well as seven lecture rooms, including a lecture room with
75-seating capacity. It is expected to be completed by 2020.

The Student Services/Learning Resources Building will be the new home to Student Services and The Learning Center (TLC). The four-story building will be opposite the Science Center at the center of campus and will provide office and library space.

About the author

Press Release

News Release

The Signal delivers press releases from reliable sources to provide up-to-the-minute information to our website readers. Information directly from news sources has not been vetted by The Signal news room. It may appear subsequently in news stories after it has been vetted.

An aerial photo of the College of the Canyons Valencia Campus in March 2015. Courtesy of COC

Audit finds Measure E, Measure M bonds in full compliance

Source: College of the Canyons.  To see The Signal’s version of this story visit: signalscv.com/2018/01/coc-board-review-college-bond-audits

The Santa Clarita Community College District’s independent citizens’ bond oversight committee has accepted the results of an independent audit confirming that, for the 11th year in a row, the district has properly accounted for all bond expenditures and issued the District an unmodified opinion – the best rating possible – noting no adjustments, audit findings, questioned costs or instances of bond noncompliance.

Vavrinek, Trine, Day & Co. LLP conducted both the financial and performance audit, covering the fiscal year that ended June 30, 2017.

The firm presented its report to the district’s independent citizens’ bond oversight committee at a meeting Jan. 16, 2018.

“Having an independent audit really brings peace of mind,” said Nicholas Lentini, chair of the bond oversight committee, at the meeting. “It enables us to ensure the community that our tax dollars are being used responsibly and effectively.”

The 2016-17 audits confirm approximately $228.5 million in resources from the first five bond issuances, which also includes earned interest and net premium in the bonds. Of that amount, more than $152.3 million has been expended on authorized bond projects, leaving the District with a Measure M bond project fund balance of $26.3 million and a Measure E fund balance of $49.9 million as of June 30, 2017.

“I appreciate the commitment of the chair, Nick Lentini, and members of the Independent Citizens Oversight Committee for their work in reviewing the expenditures on a regular basis to confirm they met the criteria of what the voters had authorized,” said Sharlene Coleal, assistant superintendent, vice president of business services at the college. “I would also like to thank Jim Schrage, vice president of Facilities and Fiscal Services staff for their work to ensure fiscal oversight and compliance.”

Measure M was approved by Santa Clarita Valley voters Nov. 7, 2006.

Since its passage, the $160 million bond measure has helped fund a wide variety of major facilities and campus expansions at the college, such as the construction of the Mentry Hall Expansion, The Learning Center (TLC)/Library Expansion, Dr. Dianne G. Van Hook University Center, the Canyon Country Campus, the College of the Canyons Institute for Culinary Education (iCUE), and the Canyons Hall student services/administration building.

The final Measure M issuance of $20 million will go toward the construction of the Science Center at the Canyon Country campus and a 1,659-space parking structure at the Valencia campus. Measure E, the $230 million general obligation bonds approved by voters in June 2016, will provide the remaining funding necessary for the completion of those two projects and future construction projects.

“The success of any project is due in large part to the community that it is part of,” said COC Chancellor Dr. Dianne G. Van Hook. “College of the Canyons is very fortunate to have the support of the Santa Clarita Valley community as the college continues to build to accommodate our growing student population at both campuses.”

The Science Center, will be located at the center of the Canyon Country campus, serving as a focal point for students and first-time visitors.

The approximately 55,000-square-foot facility will primarily be devoted to physical and biological sciences, housing eight labs and 10 science service rooms. Additionally, the four-level building will also house three computer labs, 24 faculty offices, seven group study rooms, open study spaces, lab service spaces, as well as seven lecture rooms, including a lecture room with
75-seating capacity. It is expected to be completed by 2020.

The Student Services/Learning Resources Building will be the new home to Student Services and The Learning Center (TLC). The four-story building will be opposite the Science Center at the center of campus and will provide office and library space.

About the author

Press Release

News Release

The Signal delivers press releases from reliable sources to provide up-to-the-minute information to our website readers. Information directly from news sources has not been vetted by The Signal news room. It may appear subsequently in news stories after it has been vetted.

Upcoming Events

Jan
12
Fri
all-day Domes – Art Exhibit @ Old Town Newhall Library
Domes – Art Exhibit @ Old Town Newhall Library
Jan 12 – May 11 all-day
Domes - Art Exhibit @ Old Town Newhall Library | Santa Clarita | California | United States
Local resident Naomi Young, is the artist featured in the latest exhibit at the Old Town Newhall Library. The exhibit features original paintings and multimedia by Young, an artist born and raised in Jerusalem, Israel,[...]
Feb
1
Thu
all-day “The Golden Oaks of Santa Clarit... @ Valencia Library
“The Golden Oaks of Santa Clarit... @ Valencia Library
Feb 1 – Jun 1 all-day
“The Golden Oaks of Santa Clarita,” Art Exhibit @ Valencia Library  | Santa Clarita | California | United States
“THE GOLDEN OAKS OF SANTA CLARITA” ART EXHIBIT BY BRAD SERGI ON DISPLAY AT THE VALENCIA LIBRARY Library hours: Mon-Thu 10 a.m. – 9 p.m., Fri 10 a.m. – 6 p.m., Sat 10 a.m. – 5[...]
Feb
14
Wed
all-day Tickets Available Now for 41st A... @ Dodger Stadium
Tickets Available Now for 41st A... @ Dodger Stadium
Feb 14 – May 12 all-day
Tickets Available Now for 41st Annual SCV Dodger Day @ Dodger Stadium | Los Angeles | California | United States
SANTA CLARITA DODGER DAY TICKETS ON SALE NOW! Tickets Start at $25 and Benefit Local Schools and Non-Profits It’s time to step up to the plate! The Santa Clarita City Council invites residents to purchase[...]
Apr
19
Thu
all-day Santa Clarita Cowboy Festival Co... @ Event Locations Vary
Santa Clarita Cowboy Festival Co... @ Event Locations Vary
Apr 19 – Apr 22 all-day
BUY YOUR TICKETS NOW FOR COWBOY FESTIVAL CONCERTS – Locations, Times & Prices Vary 25th Annual Santa Clarita Cowboy Festival offers ticketed performances and special events Get ready for some toe-tapping, two-stepping, guitar-picking musical performances![...]
7:00 pm Hart High School Presents ‘Bye, ... @ Hart High school Auditorium
Hart High School Presents ‘Bye, ... @ Hart High school Auditorium
Apr 19 @ 7:00 pm
Hart High School Presents 'Bye, Bye Birdie' @ Hart High school Auditorium | Santa Clarita | California | United States
Spring Musical Coming April 2018! Hart High Theatre is proud to present Bye Bye Birdie! April 19, 20, 27 & 28 @ 7pm April 28 & 29 @ 1pm When the draft selects rock star[...]
Apr
20
Fri
all-day Santa Clarita Cowboy Festival Co... @ Event Locations Vary
Santa Clarita Cowboy Festival Co... @ Event Locations Vary
Apr 20 – Apr 23 all-day
BUY YOUR TICKETS NOW FOR COWBOY FESTIVAL CONCERTS – Locations, Times & Prices Vary 25th Annual Santa Clarita Cowboy Festival offers ticketed performances and special events Get ready for some toe-tapping, two-stepping, guitar-picking musical performances![...]
7:00 pm Hart High School Presents ‘Bye, ... @ Hart High school Auditorium
Hart High School Presents ‘Bye, ... @ Hart High school Auditorium
Apr 20 @ 7:00 pm
Hart High School Presents 'Bye, Bye Birdie' @ Hart High school Auditorium | Santa Clarita | California | United States
Spring Musical Coming April 2018! Hart High Theatre is proud to present Bye Bye Birdie! April 19, 20, 27 & 28 @ 7pm April 28 & 29 @ 1pm When the draft selects rock star[...]
Apr
21
Sat
all-day Santa Clarita Cowboy Festival Co... @ Event Locations Vary
Santa Clarita Cowboy Festival Co... @ Event Locations Vary
Apr 21 – Apr 24 all-day
BUY YOUR TICKETS NOW FOR COWBOY FESTIVAL CONCERTS – Locations, Times & Prices Vary 25th Annual Santa Clarita Cowboy Festival offers ticketed performances and special events Get ready for some toe-tapping, two-stepping, guitar-picking musical performances![...]
10:00 am Astronomy Day @ Valencia Library
Astronomy Day @ Valencia Library
Apr 21 @ 10:00 am – 10:00 pm
The Local Group Astronomy Club and The Santa Clarita Public Library present our free annual Astronomy Day Celebration. We will be at the Valencia branch of the Santa Clarita Public Library from 10am to 3pm.[...]
10:00 am Resource Parents Needed to Foste... @ College of the Canyons, Dr. Dianne G. Van Hook University Center, Room 222
Resource Parents Needed to Foste... @ College of the Canyons, Dr. Dianne G. Van Hook University Center, Room 222
Apr 21 @ 10:00 am – 12:00 pm
Resource Parents Needed to Foster or Foster-Adopt a Child @ College of the Canyons, Dr. Dianne G. Van Hook University Center, Room 222 | Santa Clarita | California | United States
Adoption is a meaningful way for individuals and couples to fulfill their dream of parenting.  There are approximately 64,000 children in foster care in California.  Los Angeles County’s foster care population exceeds 21,000 children with[...]