For the 15th year
in a row, independent auditors who reviewed the finances of the Grossmont-Cuyamaca
Community College District and its Proposition V bond funding gave the highest
opinion possible of the district’s fiscal practices.
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Prop. V, a construction bond, received a flawless audit. |
The Governing Board received
the audit reports last week for the district, the Foundation for Grossmont
& Cuyamaca Colleges, and the district’s auxiliary. At the request of the
Citizens’ Bond Oversight Committee, a separate auditor reviewed the finances of
Prop. V, the $398 million construction bond approved by East County voters in
2012, and also gave a positive report.
“The spotless audit reports
reflect our efforts to spend taxpayer money wisely and to be transparent in how
we handle our finances,” said Cindy L. Miles, district chancellor. “This didn’t
come easily. They are the results of lots of effort by our fiscal team and many
people throughout the district.”
The “unmodified” opinion by
Christy White Associates, a San Diego accountancy firm, is the best type to be
issued from an external auditor, indicating no questioned costs during the
fiscal year that ended June 30, 2018. The auditors CliftonLarsonAllen also reported
no deficiencies in the Prop. V finances.
The district’s audit report
noted that the major economic factor affecting the district’s finances is the
fiscal condition of the state of California, since the district receives almost
92 percent of its funding from the state. State analysts say the state is
better prepared to address an economic downturn than it has been in decades,
the report noted.
Another factor is the
expected increase in employer contributions to the CalSTRS and CalPERS pension
funds, which are expected to continue to rise. The auditor said the district’s
post-employment benefits trust fund and reserves helps to protect against those
future cost increases.
The district’s budget for
2018-19 is $419.6 million, including almost $148 million for Prop. V
construction projects. The major project underway this year is the Visual and
Performing Arts Center at Grossmont College, set to open this fall. Other
projects are set to begin construction this year, including the Ornamental
Horticulture Complex and the enhanced Veterans and Students Center at Cuyamaca
College.
Grossmont and Cuyamaca colleges, located in eastern San Diego
County, serve almost 30,000 students. For more information about the district
and its colleges, go to www.gcccd.edu.
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