News Release

CONTACT: Della Elliott, Public Information, (619) 644-7690, della.elliott@gcccd.edu

FOR IMMEDIATE RELEASE                                                       February 23, 2006

More spotless audits for East County college district

Independent review of Prop. R spending
positive for 3rd consecutive year

EL CAJON – – For the third year in a row, the Grossmont-Cuyamaca Community College District has received flawless financial and performance audits of its Prop. R bond facilities fund, voter-approved monies that are paying for the major construction currently taking place at the two colleges.

“The independent audits are a strong affirmation to East County voters that monies are being spent exactly as promised in the $207 million bond measure passed in 2002 to pay for new construction and repairs at Grossmont and Cuyamaca colleges,” said Governing Board President Deanna Weeks following this week’s meeting where the audits by the certified public accounting firm of Wilkinson Hadley & Co. were presented.

“College and district staff are to be commended for their exemplary work to ensure taxpayer dollars are well-managed,” said Chancellor Omero Suarez. “The strong bond ratings for Prop. R by Standard & Poor’s and Moody’s, along with the other spotless audits presented last month to the governing board, show that the public can be confident in knowing we take our role as stewards of public dollars very seriously.”

In January, the governing board received five clean audits covering the district’s general audit, its part-time employees pension plan, Grossmont and Cuyamaca colleges’ foundations and the district’s auxiliary.

The Prop. R audit report dated Dec. 9 shows that for the fiscal year ended in June 2005, the building fund showed expenditures of just under $18 million and an end-of-year balance of $116.7 million. The report also states that the district raised nearly $100 million through the second sale of bonds under Prop. R in June 2005; the initial sale in 2003 brought proceeds of $55 million.

The audit disclosed no instances of noncompliance, the report states, and noted no matters considered a “material weakness.”

Wilkinson Hadley & Co. also conducted what’s known as a performance audit and found that the Prop. R proceeds were only used for the purposes stated in the ballot measure and “not for any other purpose, including teacher and administrator salaries and other college operating expenses.”

Prior to their presentation to the governing board, the audit reports were reviewed by the citizens bond oversight committee, which is charged with ensuring that Prop. R revenues are spent on campus construction as promised. In presenting the audits to the CBOC, CPA Robert Wilkinson complimented the district for its completeness of financial records and overall exceptional operation of the Prop. R program.

The oversight committee’s role is to review and report on district spending of Prop. R monies and to provide a public accounting of the district’s compliance with legal requirements.

“The CBOC commends the district governing board and staff for the exemplary audit for the third year in a row,” Ken Sobel, chairman of the CBOC audit subcommittee, told the governing board this week.

Coupled with state funding, Prop. R provided $207 million for such completed projects as the library and new entrance road at Grossmont College; and the remodeled Automotive Technology Complex and the Phase 1 student parking expansion at Cuyamaca College. Prop. R projects under way at Grossmont are the Science Building and the Digital Arts and Sculpture Complex, and at Cuyamaca, the Science and Technology Mall and the Communication Arts Building. Also at Cuyamaca College, a ceremonial groundbreaking was held Feb. 14 for the $18.5 million student center, which is being paid for with Prop. R monies and $748,000 in earmarked student fees.

For more information about the 18,000-student Grossmont College and the 8,000-student Cuyamaca College, in addition to the Prop. R program, go to www.gcccd.edu.

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Intergovernmental Relations, Economic Development, and Public Information
8800 Grossmont College Drive  El Cajon, CA 92020-1799
Phone 619-644-7573 Fax 619-644-7924