News: PCC Measure P Citizens Oversight Committee Receives Spotless Audit on Bond Expenditures
The Pasadena City College Measure P Oversight Committee voted to receive a clean audit report on the financial statements regardeding the expenditures of the voter approved general obligation bonds used to update, upgrade, and build facilities for PCC students and the community. The committee approved receipt of the audit for fiscal year July 1, 2010 through June 30, 2011 at its regularly scheduled meeting on January 25.
“I want to express my gratitude and congratulations on a job well done regarding the general obligation bond independent audit report,” said Charles Nelson, Measure P Oversight committee chair. “There were no findings on our financial statements, schedule of findings or questioned costs. This is a testament to the professionalism, efficiency, and commitment to excellence by our staff, oversight committee, and the Pasadena Area Community College District Board of Trustees.”
The certified public accounting firm of Vavrinek, Trine, Day & Co. gave the Measure P statements an unqualified opinion, meaning that in the auditors view the financial statements are presented fairly, in all material aspects, the financial position of the bond program. The audit is required by law in order to review the statements regarding the administration of bond funds.
“PCC has built a very longstanding reputation for conducting its business at the highest possible transparency level,” said Dr. Richard van Pelt, PCC vice president of Administrative services. “Throughout the course of the Measure P construction program, our financial and performance audits have built on that reputation.”
The passage of Measure P in 2002 authorized PCC to issue up to $150 million in bonds to finance the construction. Bonds will be repaid through local property taxes.Measure P campus projects include a new parking structure, a new Industrial Technologies Building, a new Center for the Arts, the renovation of the student Campus Center building, plus technology and safety upgrades to most of the existing buildings.
The 12-member committee meets quarterly to ensure that campus projects are developed and funded as specified in Measure P. The committee also publishes a progress report to the community in the fall PCC President’s Report to the Community magazine each year. Committee members serve for two years and may be reappointed for a second term. Members may return to the committee after an absence of two years.
For more information about Measure P, call (626) 585-7258 or visit the Measure P website at www.pasadena.edu/bond. To access the complete audit report, go to http://www.pasadena.edu/bond/documents/PBond-FinalAuditReport.pdf.
Release Date: 01/26/2012
Contact: Juan F. Gutierrez , Director, Public Relations
Phone: (626) 585-7315