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West Contra Costa School Board Approves Full-Fledged Forensic Audit of Bond Program
EXCERPT: RICHMOND -- With a goal of restoring the public's trust, the West Contra Costa school district's board of trustees authorized a comprehensive forensic audit of the district's $1.6 billion bond program.
The board voted 4-1 to have independent forensic auditors Vicenti, Lloyd & Stutzman conduct the high-level, detailed accounting of the school bond construction program to root out potential fraud, waste and abuse. The audit also will verify that proper procedures are in place to prevent financial mismanagement in the future.
The vote was a victory for bond watchdogs who had long been asking for improved transparency and accountability in the district. They came to the meeting by the dozens to urge the board to approve a full independent forensic accounting of the bond program so that any lingering doubts about it might be put to rest. ...
"A whistleblower subcommittee, formed after a former analyst made allegations of financial mismanagement in the bond program, recommended that the board approve the in-depth forensic audit. A dueling recommendation by district staff for a watered-down version of an audit was not approved by the trustees. The estimated cost of the forensic audit is $1 million and would be paid from bond program money. ...
... Trustee Liz Block pointed out that annual performance audits, which are conducted to ensure that bond programs comply with Proposition 39, are different from those of forensic auditors, who specialize in uncovering waste, fraud, abuse and financial irregularities.
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S a v e t h e D a t e
CaLBOC Annual Conference - Tuesday, May 24, 2016
Curtis Mathews Presentation: The Proper Performance Auditing According to GAGAS See below Webinar for Curtis Matthew's bio
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WEBINAR - Moss Adams - Performance Audits:
How to Achieve Your Construction Program Goals
Want to learn how your organization can better achieve its construction program operational, financial and compliance goals?
- Tuesday, February 2
- 10:00 a.m.-11:00 a.m. PT
- Free Webcast | 1 CPE Credit
Learn how a performance audit can improve your construction program cost and operational efficiency. Our professionals will explain how to achieve your desired results while also helping your Board of Trustees and Administration address Stakeholders concerns.
Speakers:
Curtis Matthews, CPA, CCA, Partner, Contract Compliance and Control Solutions Practice leader, Moss Adams LLP. Curtis brings extensive construction cost control experience to projects, having led the audit and successful controls implementation of the largest health care construction project in the United States. He has helped project owners negotiate favorable contract terms, implement strong project controls, monitor construction controls performance and ensure that construction project charges are compliant with contract requirements.
Peder Jensen, CCA, Senior Manager, Moss Adams LLP. Peder focuses on construction controls and construction performance audits for clients in a variety of industries. He has worked extensively with corporate assessment teams, regularly visiting project sites, evaluating internal controls, and assisting with large contract changes.
To register and for more information, please visit:
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Judge affirms ruling against Acalanes bond issuance
Jan. 21, 2016 | By Jennifer Modenessi|www.contracostatimes.com
EXCERPT: ... A judge has confirmed that residents living in the Acalanes Union High School District will not have to pay higher taxes than what they voted for.
Contra Costa Superior Court Judge Judith S. Craddick affirmed last month a tentative ruling issued in November rejecting the district's request to sell $15 million in Measure E bonds for construction projects, and increase an existing tax. The ruling prevents the district from using bond money to pay off $15 million in short notes it sold in 2014 to finance construction projects while waiting for a decision on the bond issuance approved by trustees that summer.
The bonds are part of the $93 million Measure E, which voters approved in 2008 to establish a 10-year technology fund and upgrade facilities at Acalanes, among other projects. The district estimated the existing tax rate wouldn't exceed $35.58 per $100,000 of assessed property value. It filed a lawsuit in 2014 alerting residents the bond tax rate would increase to $40.73 per $100,000 -- and could go higher.
Walnut Creek attorney and resident Clifford Horner filed a lawsuit against the district arguing the bond issue violated Measure E ballot language that the tax rate wouldn't increase. ...
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Mission Statement
To promote school district accountability by improving the training and resources available to California's Proposition 39 School Bond Oversight Committees and educating the state legislature, local school boards and the public about the oversight and reporting powers these Citizens' Bond Oversight Committees (CBOCs) have, and to advocate on a state level, where appropriate, on issues of common concern to all CBOCs.
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CaLBOC:
CBOC Operation Guidelines
This 18 page document provides a basis for the BOC to perform a self-assessment of their operations and identify training needs. Could be used as an outline for developing a training program for committee members.
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