Auditors give SD Unified propositions S and Z an 'A'

An independent audit of San Diego Unified School District's Propositions S and Z bond program gave the district the highest audit opinion that a school bond program can receive. The audit by Christy White Associates (CWA) of San Diego gave the school district an "unmodified" audit opinion on both the performance and financial audits for the fiscal year that ended June 30, 2013.

"Our district has a proven track record in successfully managing the bond programs," Board President Kevin Beiser said. "Each year the district's bond program undergoes an independent performance audit and an independent financial audit, and each year the Props. S and Z bond programs have received the highest audit opinion a school district can receive.

"We have the largest public works program in San Diego County, and with that comes a tremendous amount of responsibility and accountability," Beiser added. "To ensure transparency, we not only have these annual audits, but we also have a board-appointed Independent Citizens' Oversight Committee that monitors the expenditures of bond funds and holds monthly public meetings."

"The district's Facilities Planning and Construction division and Finance Office are implementing and managing the bond program very effectively and efficiently," said Heather Daud, principal of Christy White Associates. "The bond funds are being financed and expended in a very responsible manner.

"The 'unmodified' auditor's opinion indicates an opinion given without any reservations," Daud added. "It basically means that the auditor (CWA) feels the district followed all accounting rules appropriately, and that the financial reports are an accurate representation of the district's financial condition."

This year, as a result of its financial audit, CWA found that the district's financial statements "present fairly, in all material respects, the financial position of the Propositions S and Z Bond Building Fund as of June 30, 2013; and the results of its operations for the fiscal year ended June 30, 2013, in conformity with accounting principles generally accepted in the United States of America."

As a result of this year's performance audit, CWA found that the Propositions S and Z bond program "complied, in all material respects, with California Proposition 39, as incorporated in Article 13A of the California Constitution and Education Code Section 15264 et seq. during the fiscal year that ended on June 30, 2012."

On November 4, 2008, the voters of San Diego County approved Proposition S by nearly 69 percent,
authorizing the issuance and sale of general obligation bonds not to exceed $2.1 billion. On November 6, 2012, the voters of San Diego County approved Proposition Z by nearly 62 percent, authorizing the issuance and sale of general obligation bonds not to exceed $2.8 billion.