1. Presented by Jesse Deol, CPA
James Marta & Company LLP
Certified Public Accountants
Accounting, Auditing, Consulting, and Tax
Dixon Unified School District Financial and Performance Audit Measure Q June 30, 2017
Presented by
Jesse Deol, CPA

2. Background
Proposition 39 provided for schools to reduce from two- thirds to 55% majority vote.
Local School Construction Bonds Act of (Education code ) require certain accountability measures including the formation of a Citizens’ Bond Oversight Committee and Independent Financial and Performance Audits.
James Marta & Company LLP

3. Performance
Most school improvement projects use numerous funding sources.
The District must have a system in place to systematically allocate, track and expend these sources
James Marta & Company LLP

4. Financial Audit Attests to the fairness of the financial statements
Includes review of controls
Testing of transactions
Comparison to contracts
James Marta & Company LLP

5. Measure Q
To repair, renovate and reopen Old Dixon High School as a middle school, repair and renovate Anderson Elementary School, and improve security/safety and Americans with Disabilities Act compliance at District schools.
Authorized at an election on November 8, 2016, where % of the voters authorized the issuance and sale of $30,400,000 bonds.
Series A issued on April 6, 2017 for $19,230,000
$11,170,000 aggregate principal amount remains for issuance pursuant to authorization
James Marta & Company LLP

6. Measure Q Series A
The bonds consist of serial bonds bearing various fixed interest rates from 2.0% to 5.0% and mature in staggered amounts each year starting in August 1, 2018 up through August 1, 2040.
James Marta & Company LLP

7. Measure Q Financial Results
James Marta & Company LLP

8. Measure Q Balance Sheet
James Marta & Company LLP

9. Performance Audit
Review project status, documents and provide an opinion as to the District’s relative performance and compliance with guidelines.
Report to the Citizens’ Bond Oversight Committee.
James Marta & Company LLP

10. School Priorities
In approving this Priority School Projects List, the Board of Trustees determines that the District must ensure that funds are spent on school priorities as outlined in Measure Q.
We tested these expenditures and found them to be in accordance with the guidelines in Measure Q.
James Marta & Company LLP

11. Communications
Along with the audit report, there are 3 corresponding communications per measure:
Report on Internal Control over Financial Reporting and on Compliance in Accordance with Government Accounting Standards
Report on Bond Performance
Communication to Those Charged with Governance
No matters were reported.
James Marta & Company LLP

12. Conclusion
The District is expending the funds in accordance with the provisions of Measure Q.
We would like to Melissa Mercado and the District staff for their assistance during the audit process.
James Marta & Company LLP

13. Questions? Jesse Deol, CPA Manager James Marta & Company LLP
Certified Public Accountants
James Marta & Company LLP