Citizens' Oversight Committee
Second Annual Report to the Community

Year 2: July 1, 2003 - June 30, 2004

Executive Summary:

This is the second annual report to the community by the Citizens’ Oversight Committee (COC) concerning the status of the school improvement bond measures approved by Eureka voters in March 2002. Bond Measure S authorized $32.5 million for the middle and high schools, while Bond Measure T authorized $10.6 million for the elementary schools. Pursuant to state law, the Eureka City Schools’ Governing Board appointed the Citizens’ Oversight Committee primarily to help ensure that bond funds are spent only on bond projects and that independent audits of the two improvement bonds are prepared annually by a CPA firm.

For the second fiscal year ending June 30, 2004 (subject to audit) $4,161,000 was spent for bond projects: $2,437,000 for Measure S, $1,538,000 for Measure T, and $187,000 for the Central Kitchen financed with bond interest income.

The COC believes that expenditures of Measures S and T bond proceeds have been properly made for projects described in the bond measures; and no bond funds have been spent on District operating expenses as of June 30, 2004. These expenditures are subject to required independent financial and performance audits to be completed by this December and to be reviewed by the COC. Audit results will be communicated to the community as a supplement to this report.

Read the complete report. (requires Adobe Acrobat Reader)