Board Briefs for Tuesday, September 5, 2017
At Tuesday night’s meeting, Superintendent Arlando Smith introduced the student representatives who will be joining the Board this year. Seniors Breanna Finney, from the Decoto School for Independent Studies, and Kimberly Giang, from James Logan High School, will be lending their voice to the Board and providing student perspective. Welcome Breanna and Kimberly!
Also at the meeting, Chief Business Officer (CBO) Annette Heldman presented to the Board the annual investment report for the 2016-17 fiscal year. The “Board Investment Report” shows the amount of cash in the different District funds that is held in the county treasury. The total cash of $77,320,090.29 (99.93%) of the District’s investments is held in the County of Alameda Investment Pool. The balance of District funds are composed of site revolving funds, which are held in FDIC insured bank accounts at Fremont Bank.
Ms. Heldman also presented the District's Unaudited Actuals Report for fiscal year 2016-17. The report represents the actual revenues, expenses, and ending balances for all district funds. Ms. Heldman shared with the Board that the District's 2016/17 financials meet the state required reserve and all district funds finished the year with positive cash. This report will be examined by the independent audit firm of Vavrinek, Trine, Day & Company LLP over the course of the next few months. The independent audit will be completed in December 2017, the results of which will be presented to the Board in January 2018.
In November of 2014, General Obligation Bond Measure M was passed by District voters by more than two-to-one margin with 5,675 votes. Passing Measure M required total community involvement and the New Haven community showed its support with an overwhelming majority vote of 67.94%. Measure M authorized the District to issue up to $125 million in general obligation bonds to continue critical school renovation and modernization projects, replace old portables with permanent classrooms, update school safety and security, improve student access to computers and technology, upgrade athletic facilities, increase the energy efficiency of classrooms and buildings, replace, acquire, construct and renovate District facilities and provide District-wide technology improvements.
In the fall of 2015, the Board authorized the first $30 million worth of these bonds (Series A). CBO Heldman shared that by way of Board Resolution No. 025-1718, the District is prepared to issue the second series of bonds of up to $40 million in order to continue implementing Board-approved projects under Measure M. The Board approved the Board Resolution.