Sunday, September 7, 2014

Measure-A "Bond Money" (aka Building Fund) Will Be Tapped Into (Oct. 2014) as CUSD's Last Remaining Source of "Cash"

The Measure A Bond Money (aka Building Fund) will be tapped into (Oct. 2014) as the district's last remaining source of "cash" to pay its bills and to avoid insolvency. 
However, citizens, parents, taxpayers, Measure-A voters, and those supporting a Performing Arts Center, please note that the Bond Money--building fund--has already been used (as "cash" to cover district operating costs) during the 2013-2014 fiscal year. 

This Oct. (2014) will not be the 1st time the Bond Money has been used. And, furthermore, I believe it was done--previously--without board approval, Bond Committee approval, or citizen awareness. The past transaction(s) were done with limited awareness because there would have been a public outcry against the use of "Bond Money" for something other than its intended "categorical" use (especially from those who have been waiting for the construction of a PAC--Performing Arts Center). CUSD/CCOE Fiscal Adviser, Terri Ryland, in her presentation to the board on Sept. 2nd noted that CUSD borrowed $2 million from the bond/building fund to meet LAST YEARS obligations. 

This fact was removed from the updated version of Ms. Ryland's report/presentation that is now posted on the CUSD website. However, the handout from the Sept. 2 presentation clearly shows/states CUSD's access to (and reliance upon) voter-approved Bond Money.

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