Annual Performance and Financial Audit

California Proposition 39 requires annual performance and financial audits on use of general obligation bond proceeds. The performance and financial audits for the fiscal year ending June 30, 2017, were performed by an independent certified public accounting firm in accordance with generally accepted auditing standards and governmental auditing standards issued by the comptroller general of the United States. The Measure C audited financial statements reflect an additional net expense of $1.8 million, the majority of which represents Cost of Issuance that exceeded the premium received for each bond series sale. These net costs are included in total bond program expenses to arrive at the ending fund balance reported in the Measure C Bond audited financial statements.

View the complete audit reports