Measure B Bond Report
When the community approved the Measure B bond in 1997, the District was entrusted with the responsibility to manage the facilities improvement and expansion funds to ensure that projects outlined in the bond are completed successfully and within budgeted resources.
An ongoing monitoring activity is the preparation of the annual financial report on Measure B (General Obligation Bond) funds.
It is important to note that the passage of Proposition 47 augmented the available revenues in Fund 21 by providing additional state funds for new construction as well as modernization projects. Applications for these funds were approved by the State Allocation Board for Donlon, Lydiksen and Vintage Hills in 2004-2005. However, funds will not be received for these projects until 2005-2006. These three projects are anticipated to provide an additional $4,679,947.
The District was again able to take advantage of another revenue opportunity in 04-05 through the refunding of two additional bond series, due to interest rates continuing to be significantly lower than when they were initially issued. The District received $2,671,000 from a refunding in September 2004, and an additional $1,100,000 in proceeds in June 2005. Not only was the District able to provide additional project funds, but due to the reduction in the interest rate tax-payers will also share in the benefit of lower debt service over the remaining life of the bonds. It should be noted the District will have one additional opportunity for a refunding in 06-07, if financial conditions are favorable. This brings actual additional revenues received by the District due to utilizing the refunding opportunities to $6.786 million since June 2003.
The 2009 report with detail of revenue sources and expenditures by site as well as a summary of the projects remaining to be completed with Measure B and state modernization funds is available here.
Measure B Project List by School, Completed as of June 30, 2008 is available here.
Report to Board on bond refunding
Pleasanton Unified believes that a full understanding of past practices is a valuable part of the District’s effort at continual improvement. There has been some concern in the community about the District’s experience with a particular type of financing transaction–general obligation bond cash out refunding. The District has engaged Government Financial Strategies (GFS), an independent company, to conduct a review of these financing transactions and report to the Board on Tuesday, June 21, regarding the results of these financings.
As part of this process, PUSD has invited a committee of local citizens to participate in this review of the District’s activities related to the refunding of bonds. The committee met on Monday, June 13, Monday June 20, and Monday August 22, from 5 to 7 p.m. at the PUSD District Offices (meetings are open to the public). Committee members are: Beth Limesand (chair); Kay Ayala; Jan Batcheller; Jack Dove; Anne Fox; Kathleen Ruegsegger; and Julie Testa. The committee is charged with assisting GFS in completing its scope of work by providing thoughtful input to the work in progress and reviewing preliminary findings. It is hoped that, by these efforts, the report to the Board will be helpful in terms of transparency, fiscal accountability, and implementing best practices in the areas of debt management and debt issuance.
Per the committee’s request, a third and final meeting was held on Monday, August 22,from 5:30 to 7:30 p.m. in the Bernal Room at the PUSD District Offices.
Questions may be directed to Luz T. Cázares, Assistant Superintendent of Business Services, at 925.426.4307.