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Dixon Unified School District Financial and Performance Audit Measure Q June 30, 2017

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. Background.

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Dixon Unified School District Financial and Performance Audit Measure Q June 30, 2017

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  1. James Marta & Company LLP Certified Public Accountants Accounting, Auditing, Consulting, and Tax Dixon Unified School District Financial and Performance AuditMeasure QJune 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 2000 (Education code 15264-15276) 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 60.22% 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 916-993-9494 jdeol@jpmcpa.com James Marta & Company LLP

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