Independent Audits Show Cerritos College as Good Steward Over Bond Construction Program
FOR IMMEDIATEL RELEASE: December 19 2018
Media Contact: Aya Abelon, Public Affairs; 562-653-7878
NORWALK, Calif. – December 19, 2018 – Cerritos College earned a clean audit report for the fiscal year ending June 30, 2018 for its voter-approved bond construction program. The official reports were presented to the Board of Trustees during its December 12 Board meeting. Audits conducted by independent accounting firm CliftonLarsenAllen, LLP for Measure CC and Measure G concluded the District, in all significant respects, properly accounted for the financial costs associated with both bond measures. “There were no findings related to performance,” according to auditors.
In 2004, voters approved Measure CC by 57.71 percent and authorized the District to use $210 million in general obligation bonds to upgrade the 60-year-old campus with new state-of-the-art facilities and resources. Subsequently, in 2012, voters overwhelming approved Measure G by 70.33 percent for $350 million in bonds to accommodate the growing demand for modern facilities and infrastructure upgrades.
To date, the District has completed eight major projects funded through Measures CC and G. Finished projects include a Math and Computer Information Science Building, Liberal Arts/Disabled Student Programs and Services Building, Physical Science and Technology Building, Automotive Partners Building, and a Fine Arts Complex, among others. A new Performing Arts Center and a Health and Wellness Complex are currently under construction. In addition, to maximize cost savings, during its last bond sale in 2017, the District secured a reduced interest rate that will ultimately save taxpayers about $22.4 million.
“We are extremely proud of the audit report results,” said Dr. Jose L. Fierro, president/superintendent, Cerritos College. “We are grateful to the taxpayers for their overwhelming support and trust in Cerritos College as we use bond funds to improve our campus environment for student success. We diligently strive to be good stewards and hold ourselves accountable for every dollar spent to rebuild the College.”
Since the passage of Measures CC and G, the District has consistently maintained a long-standing record of excellent audit reports that show strong fiscal management and compliance with local, state, and federal laws.
For more information about the 2018 audit report, visit www.cerritos.edu