Measure TT Earns Positive Audit Reports
Pasadena Unified’s Measure TT Earns Positive Audit Reports
Pasadena, CA – For the second consecutive year, 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 independent audits of its bond spending in the fiscal year ending June 30, 2018.
“Measure TT is in sound financial health,” said Board President Larry Torres. “The positive audit findings over the last several years validate the practices that are delivering new and upgraded school buildings, athletic facilities, and classrooms for our students. I would like to thank district staff and members of the Citizens Oversight Committee for their work and dedication.”
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 audit was conducted by Christy White Associates, an independent professional accounting firm selected by the Measure TT Citizens Oversight Committee. Representatives from Christy White Associates will present the report on the financial statement and performance audits to the Board of Education at its December 13 meeting. See the preliminary report.
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 - without exceptions.
Proceeds from Measure TT have been used to finance the construction of new school facilities such as new buildings and facilities at Washington Elementary STEM Magnet, Norma Coombs Elementary, Blair High School, John Muir High School, and Pasadena High School as well as renovations and upgrades at other campuses.
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 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.
Visit measurett.org for information on Measure TT and to track progress on bond-funded projects.