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.
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
"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."
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
"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."
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,
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.