Fiscal Accountability

Measure D is a $260 million local school facilities bond measure that was approved by voters in November 2012. The measure passed with a “super majority” of over 55 percent of voters in favor in keeping with the requirements of Proposition 39.  The lower threshold for passage mandates that a citizen’s bond oversight committee be chartered to ensure that bond funds are properly expended. Proposition 39 also requires yearly independent financial and performance audits. In addition to the legal requirements, SRVUSD is committed to transparency in how the funds are spent and in strong communication with the community. 

Bond Sales

The Measure D General Obligation Bond District facilities staff and the Committee are at the very beginning of a multi-year process to expend the bond proceeds so as to provide a highly advanced learning environment for students. The first of four bond sales was completed in February 2013 with net proceeds of $75 million. On March 10, 2015, the SRVUSD Board of Education voted to take advantage of low bond interest rates and increasing property values to accelerate the 2012 Measure D Bond issuance plan. This decision will move up the completion of the Measure D program by an estimated two years.  By capturing interest rates at or near historic lows, this move should result in reduced debt services for taxpayers.  The acceleration of the overall Measure D program, accomplished by issuing more bonds earlier than anticipated, could avoid an estimated $8 million of project-cost escalation.

The Board’s vote authorized the issuance of up to $125 million in current interest bonds using the same conservative assessed value growth assumptions used in 2012 and maintains the $75 max tax rate. This will reduce the number of bond issuances from four to three, with the final series to be issued in 2018 if the conditions allow. The $125 million was based on the construction needs and the desire to accelerate projects.

 Audit Reports

 Proposition 39 requires yearly independent financial and independent performance audits. The firm of Vavrinek, Trine, Day & Co., LLP conducts these audits. Their audit report for fiscal year ending June 30, 2014, was conducted in conformity with generally accepted accounting principles. There were no findings or
questioned costs.  The past three years of audits are posted below. For further audit reports, email Facilities@srvusd.net.

Measure D Bond Audit Report 2013

  

Measure D Budget

SRVUSD is committed to transparency in its expenditures of Measure D funds. To view a breakdown of the budget click on the link below. Please note that this budget is a living document that changes regularly based on changing costs and project needs.

Measure D Master Program Budget (as of 04/19/2017)

Glossary of Terms

Public construction terminology can be challenging to navigate. Fortunately the California School Boards Association has the following great resource:

Glossary of Construction Management Terms

The San Ramon Valley Unified School District stands among the highest-achieving school districts in California. It covers 18 square miles, encompassing the communities of Alamo, Blackhawk, Danville, Diablo, and San Ramon (including the new Dougherty Valley communities in east San Ramon) as well as a small portion of Walnut Creek.

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Facilities@SRVUSD.net

(925) 552-5986