Published : Tuesday, January 24, 2017 | 2:07 PM
Measure TT, the Pasadena Unified School District’s (PUSD) voter-approved $350 million bond program to finance the construction and modernization of school facilities, has received unmodified opinions — the highest level possible — in annual audits of its bond spending in the fiscal year ending June 30, 2016.
Required by the state’s Proposition 39, the annual audits ensure that bond fund proceeds are spent in accordance with the specific project list contained in the measure and that internal controls are sound. The report on the financial statement and performance audits was presented by the independent professional accounting firm, Nigro & Nigro, and accepted by the Board of Education on December 22, 2017.
Auditors issued an unmodified opinion on Measure TT’s audit of financial statements. The performance audit, which measures procedures and internal controls in accordance with state law, also received an unmodified opinion with one exception in a single project related to change orders.
“PUSD is delivering capital projects that provide access to high quality learning and recreational facilities, and meet the educational needs of today’s students,” said Superintendent Brian McDonald.
Proceeds from Measure TT have been used to finance the construction of new school facilities such as a new building at Cleveland Elementary and new gymnasiums at Washington Middle, McKinley School, Sierra Madre Middle, and Marshall Fundamental, as well as renovations and upgrades to other schools.
More than 55 percent of Pasadena Unified School District voters approved Measure TT in November 2008, authorizing the issuance and sale of $350 million of general obligation bonds. On September 17, 2009, the District issued Series 2009A of the Election of 2008 General Obligation bonds in the amount of $125 million. On July 3, 2012, the District issued Series 2012 in the amount of $125 million. On May 25, 2016, the District issued Series 2016 in the amount of $100 million.
Bond spending audits undertaken for the purposes of Proposition 39 include a review and testing of the district’s Measure TT financial statements and its internal controls over financial reporting. Auditors tested the district’s compliance with laws, regulations, contracts, and grant agreements. The audit was conducted according to the Government Auditing Standards issued by the U.S. Comptroller General.
The Board also heard the annual report from Measure TT Citizens Oversight Committee, the independent oversight committee mandated by law to monitor allocation of bond funds.
Visit measurett.org for information on Measure TT and to track progress on bond-funded projects.