RCCD CAADO 309: Comments.
RCCD CAADO 309: Okay.
RCCD CAADO 309: so the only thing I'll ask for days. You keep the agenda up on the because I didn't print it. Yeah, I just keep it up for you guys
RCCD CAADO 309: perfect.
RCCD CAADO 309: This chair talks a lot.
RCCD CAADO 309: Okay.
RCCD CAADO 309: okay.
RCCD CAADO 309: I mean, I don't mind. I can just get us going here.
RCCD CAADO 309: Election. So memorial.
RCCD CAADO 309: Wow!
RCCD CAADO 309: Alrighty! Well, then, we'll call this meeting to order at 3 0, 2
RCCD CAADO 309: I don't see it on the agenda, but we'll if you're able, rise, flag, salute!
RCCD CAADO 309: Alright, ready
RCCD CAADO 309: you get
RCCD CAADO 309: of the United States of America and to the Republic for which it stands. One nation, under God, indivisible with liberty and justice for all.
RCCD CAADO 309: Alright leave we start with the roll. Call correct, Renee.
RCCD CAADO 309: Will you take care of that? Or do you want me to do it? Okay?
RCCD CAADO 309: Oh, so we're good. You have everybody. Alright. So we have 4 members present here in the room. So next we'll go to public comment.
RCCD CAADO 309: public comment via the phone via email, or present.
RCCD CAADO 309: alright.
RCCD CAADO 309: alright. So we have no public comments so we will jump ahead to approval of the minutes.
RCCD CAADO 309: We have a motion to approve. The minutes from the last meeting. So moved
RCCD CAADO 309: Mr. T.
RCCD CAADO 309: Second from Miss Reynolds.
RCCD CAADO 309: and then, all in favor. Say, aye, aye, all opposed
RCCD CAADO 309: extensions.
RCCD CAADO 309: So we have 4 yays
RCCD CAADO 309: alright moving on to Number 4.
RCCD CAADO 309: You are going way fast on me. You had it. You was perfect. I think it's the the update, the prop, 39, update, if I remember correctly. So. I'm sorry the auto report. So who who is the lucky person that gets to present that? All right. Hello, so yeah. So under measure, c
RCCD CAADO 309: cboc, we have to do an audit every year we do a 5 year contract. So about 2 and a half years ago, we rebid it. We actually, at that time we change auditors from our prior to our current ones. Ebay, and
RCCD CAADO 309: I have a copy of the governance letter and the audit report. If anybody needs it. They will send out the materials. But our partner from the audit firm is here, and he'll take you through the audit results.
RCCD CAADO 309: Thank you.
RCCD CAADO 309: Well, good afternoon. I would never guess. This is your 1st time doing. You're doing a great job. You look like you're a pro. My name is Bill Roush I'm with. I, Bailey. I'm the audit partner for the engagement here, and I'm presenting the results for the financial performance audit of Measure C,
RCCD CAADO 309: which I'm sure you guys all had the opportunity to go through
RCCD CAADO 309: the letter up here. That's on the presentation right now is called our communication letter. And basically it's just a standard letter that we issue to state what our objectives are of the audit, our responsibilities. If we had any disagreements about accounting principles during the audit, we had any audit adjustments. I'm happy to report that we did not have any of those. So
RCCD CAADO 309: this is just the standard letter, just letting everybody know what our responsibilities are, what's managers, responsibilities, or the audit? If we had any disagreements which we didn't, it would be disclosed in here, and this one would be the 1st time you'd hear about it. You probably heard about before this meeting today. But just want to let you know that we did include that letter in here. The audit report. Like I said, this is through fiscal year June 30 to 24.
RCCD CAADO 309: There's a couple of pages that I wanted to. Go over here. I'm usually really passionate about this. Like to read every single page, but for the lack of time I won't do that a couple of highlights? But basically on page one of the auto report.
RCCD CAADO 309: what I like to focus areas of attention to is on the opinion, and that's at the that's the upper paragraph at the top. This changed a couple of years ago. Usually they used to put the opinion at the back, and I said, Our standards change, and said, Let's move to the front. That's the most important thing. So it's where our opinion is. Right. There it's that second paragraph, where it says, in our opinion.
RCCD CAADO 309: the accompanying financial statements referred to above, present fairly in all material respects, the financial position of the General obligation, bond Construction Fund measure, C.
RCCD CAADO 309: Of the Riverside Community College District, as of June 32,024, and the changes in its financial position for the year then ended in accordance with accounting principles generally accepted in the United States of America.
RCCD CAADO 309: That is a clean opinion. It's known as an unmodified opinion. That's the highest level of assurance that we can give as auditors over the financial statements of the Measure C fund. So basically, we were able to take the records from the district, go through audit cash balances, expenditures.
RCCD CAADO 309: and of that sort vouch all that information to supporting documentation, and we had no exceptions of that sort. So the financial statements are materially correct.
RCCD CAADO 309: and they are in accordance with our standards. And again, it's called a clean opinion and unmodified opinion, highest level shirts that we can use orders. And
RCCD CAADO 309: as an oversight committee, I think that's what you want to see right, that the district has been given these funds to manage that. They're spending them the funds appropriately in their accounting form correctly.
RCCD CAADO 309: Page 4.
RCCD CAADO 309: I like to flip to you real quick just to show you as of June 30.th This is the balance sheet, right? So this shows what monies that the district has and what the liabilities are at year end, and then, if you flip over the next page on the page 5,
RCCD CAADO 309: it gives a snapshot of of the expenditures throughout the year that came in. You'll notice there that the district spent about 8.8 million dollars in measure c expenditures, and those are the categories that it's broken out there. You can see that they started the year fiscal year 24, with a 14.5 million dollars fund balance, and obviously with the 8.8 million dollars they spent as of June 30.th They're about 6.4 million dollars left over at June 30.th So
RCCD CAADO 309: those funds are being spent down and are are almost depleted there.
RCCD CAADO 309: another important page like to go over is the performance part, and that's on page 16, I think, as an oversight committee, and as the public, they want to know that the expenditures are being spent in accordance with the ballot of the text. Right? That's what the. That's what the taxpayers want to know, right?
RCCD CAADO 309: So I always like to point out there and step number 3. You could see our sample included transactions totaling 8.2 million dollars. And that represents 92% of the total expenditure. So we tested 92% of the expenditures right? And the reason why it's a sample, right? We're not. We don't audit a hundred percent
RCCD CAADO 309: because the expenditures so large. So when you test 25 expenditures and you get up to a 92% coverage. So I'm happy to report that of all those expenditures that we tested again, we were able to identify them with invoices with purchase orders, trace it back to the valid text to make sure there were projects that were approved by the voters. So I have report that we had no issues with that.
RCCD CAADO 309: And then, if you flip on to the next page, which I always like to point out is the auditors results. And I think this is a great page to point out to people. It says, the results of our test indicated that in all material respects that the Riverside Community College District properly accounted for, the expenditures held
RCCD CAADO 309: and the general obligation bond Construction Fund measure C, and that such expenditures were made for authorized bond projects. And I think that's what the public wants to hear right, that the monies that were entrusted with the district, that they're being spent in accordance to validate the text, and that they're appropriately. I always like to point out to you the next page. Whenever you see a page that's blank, it says, none recorded.
RCCD CAADO 309: We had no findings or recommendations. So those are good things right. If you see a page where it says there, and we have a lot of wording on that page. Not so good, right? But we're happy. I'm happy to report. There was no issues that we had with any of the expenditures that we tested.
RCCD CAADO 309: That's basically my report on the measure C funds, and I'd be happy to answer any questions that anybody might have.
RCCD CAADO 309: That was pretty plain, pretty, clean audit. It was very clean audit, no findings, no recommendations. Everything was done in accordance with measures valid. Very good. Thank you. You're welcome.
RCCD CAADO 309: Sorry I made everybody. Of course, the minute you're in a hurry you're gonna hit a train, of course.
RCCD CAADO 309: Well, I I started as but you're the chair. So you you you get the you get the gavel back. So
RCCD CAADO 309: Here's a here, here's the agenda here. Oh, I just have 1 1 technical question, first, st does that?
RCCD CAADO 309: Does the audit goes to the board for acceptance? Or do we have to make a recommendation?
RCCD CAADO 309: Yeah, just that information. Only. Yeah. Great. Okay.
RCCD CAADO 309: I love to make sure.
RCCD CAADO 309: Oh, should I hand these out? I think, he said. It's just if we wanted a copy. Oh, yeah.
RCCD CAADO 309: good afternoon.
RCCD CAADO 309: So what we're looking at right here is this is a summary of all activities, as of September 24, th
RCCD CAADO 309: and all the highlighted sections are any kind of financial transactions that may have happened from my last meeting.
RCCD CAADO 309: So the 1st one that we see, of course, is the cash on hand, and the cash on hand is down by about 1.7 8 million dollars. This is primarily due to the expenditures related to the Marino Valley Service Welcome Student Service Welcome Center at Marina Valley. Sorry I got out of order there, and the Firewall Firewall project at the district office.
RCCD CAADO 309: Right here we see the interest and the interest here is higher by about $378,000, and this is primarily due to the yield from the county treasurer being higher than what was expected. You have to remember that this number represents a reconciliation of last year between what we budgeted and the actuals, and then the reset up of the budget for the next fiscal year.
RCCD CAADO 309: The next we have is our fair market value of investments.
RCCD CAADO 309: and this has improved by approximately $224,000 over less over previous fiscal years, and this is due to the market being in a better state than it has in the previous fiscal years.
RCCD CAADO 309: So, of course, the total proceeds, reflects the changes that we just spoke about. And then the next one is gonna be in progress. Report in progress projects here
RCCD CAADO 309: and this is up by about $28,000, and this is due to the staffing adjustment.
RCCD CAADO 309: Again, we do a reconciliation at the end of the fiscal year between the budget and the actuals for the staffing as well as reset the next budget. The set budget for the next fiscal year.
RCCD CAADO 309: And so what we see here in the contingency is, we see, excuse me, we see an increase of about $574,000, and this is due to the 3 items we just spoke about.
RCCD CAADO 309: If you spent
RCCD CAADO 309: 1 point
RCCD CAADO 309: 8 roughly
RCCD CAADO 309: of lower catch on hand, lower by 1.8 million. Right?
RCCD CAADO 309: Is that what you said? 1.7 8 1.7 8 million, and that didn't
RCCD CAADO 309: so shouldn't in progress. Projects have gone up roughly that much. If you're spending it on
RCCD CAADO 309: the project that's in process over at Marina Valley.
RCCD CAADO 309: because that's the commitments. So you'll you'll see a change between the commitments that are completed and the commitments that are in process. So what you're seeing at the top is just the cash in and out. So the project total hasn't changed right? But is it you're in process, isn't that? That's not the that's the total amount. That's not what you've done today.
RCCD CAADO 309: That's the number that's the listing of individual projects that are currently being worked on right. Because normally, you
RCCD CAADO 309: you credit cash and debit some kind of expense. Well, I understand that. But if I bet my cash decreases, I'm
RCCD CAADO 309: I'm generally doing for construction. I'm doing construction
RCCD CAADO 309: you don't have in process. You you're you're not building your process as you
RCCD CAADO 309: in process project as you go. You're saying this is what it's gonna cost at the end
RCCD CAADO 309: the actual accounting for it and commit this piece of it. Okay?
RCCD CAADO 309: So when you look at, when you look at the next few pages, you'll see actual expenditures against those projects. That would be the reduction in cash. Okay, I thought you were in process like, it's like a web account. No.
RCCD CAADO 309: that doesn't work that way. This is just a this is. This was originally designed so that
RCCD CAADO 309: we could have a 350 million dollar bond issue plus interest and premium, and all the things that go into it. This was a way for us to identify, so we didn't. So we could appropriately account for all of those resources on various projects. We're either committing them or decommitting them, based on Projects end date, and then it would go into completed. But the total amount of the project doesn't change.
RCCD CAADO 309: Are there any questions?
RCCD CAADO 309: Yeah, I think the what you hear about later. As Missy mentioned, the biggest project that's going on right now is the welcome center, right? So that's where the major expenditure, right? No less like the last big one. Yeah.
RCCD CAADO 309: alright.
RCCD CAADO 309: sure.
RCCD CAADO 309: So on this report, we're going to see any kind of budgetary changes between the period of July through September. Renee, can you expand that just a little bit?
RCCD CAADO 309: Thank you.
RCCD CAADO 309: What we're seeing here
RCCD CAADO 309: on this particular line. Right here is a an increase of about $491,000,
RCCD CAADO 309: and this is due to the reevaluation of the staff payroll budget in the feasibility, planning management, and staffing allocation in comparison to the length of time needed to complete the existing projects.
RCCD CAADO 309: So for staffing we wanted to make sure as we're going, we we're not really always earlier in the project cycle for Measure C, we're exactly sure when the endpoint was gonna be. And so those staff that perform administrative functions related to measure C. We wanted to make sure we had enough coverage
RCCD CAADO 309: in an allocation of funding set aside to be able to deal with that. Now that we're shortening that timeframe for the end of Measure C, we're able to recoup some of those that were going to be in further years out to put them into the pot, so to speak, to reallocate on actual projects. Right?
RCCD CAADO 309: Thank you.
RCCD CAADO 309: So next up is our agenda.
RCCD CAADO 309: So now here's a update on the emergency projects for reports, changes, and
RCCD CAADO 309: actually projects that we have.
RCCD CAADO 309: Thanks. Only one board report this period on September 17th the Board approved one o'clock architect, and that's an agreement with architectural firm
RCCD CAADO 309: to develop a big college park at college, utilizing some virtual amount from the sea.
RCCD CAADO 309: and the total amount for this complex under 30,000. But I believe we're going to use a portion of emergency for this. We don't have a total authority budget yet, but I'm sure emergency would not be able to fund it, because that's what we have about 3.5 to 4 million. Yeah, for this particular project. It's going to be multi
RCCD CAADO 309: multiple resources that are gonna fund it. You can see there's a couple that are just initially identified just to be able to pay for the architectural services. Once we get the planning done and we have a full cost.
RCCD CAADO 309: we're actually working with the city of Reno Valley to help fund this part of the project, a part of the project which would be the lighting piece over the software.
RCCD CAADO 309: We also have measure C, that will be able to contribute to it as well.
RCCD CAADO 309: Project is probably gonna be somewhere on the order of, you know, between 2 and a half and 3 million dollars. And we'll see how much we get out of the city.
RCCD CAADO 309: Interpret things cost about
RCCD CAADO 309: any question on this one. Yeah, I mean, as you all know, there's only one project left which is the student services renovation at construction.
RCCD CAADO 309: and we anticipate completion by end of January.
RCCD CAADO 309: So it's almost done.
RCCD CAADO 309: So we have 2 meetings left, basically. And then April.
RCCD CAADO 309: Some of that money will probably go to the soccer field project and
RCCD CAADO 309: we'll need an audit for the next. For this year. We're gonna try to get everything wrapped up this year. I don't think we're gonna be able to get
RCCD CAADO 309: 25 by June 30, 20 by fiscal year by the end of the fiscal year. That's- that's the idea. We've talked with
RCCD CAADO 309: both Misty and Hussein about that possibility, and
RCCD CAADO 309: it could happen. But
RCCD CAADO 309: more than likely we probably have to roll.
RCCD CAADO 309: Know as much as you guys probably want this to end. But yeah, this this body actually stays in place. We'll do the final audit. Yeah, you'll have. You'll get the final audit report. Do a final report. That's why I'm saying it's more than likely it's probably gonna be
RCCD CAADO 309: alright then. Excellent. Thank you.
RCCD CAADO 309: What a question
RCCD CAADO 309: on the soccer field.
RCCD CAADO 309: Trust me.
RCCD CAADO 309: in Marino Valley. I've just come across a couple of a couple of
RCCD CAADO 309: news items regarding
RCCD CAADO 309: artificial fields versus grass and injuries related to artificial fields. Sometimes art. Is anybody going to be looking at that, or is there?
RCCD CAADO 309: It's an existing college park that was built in 2,000 2,300, and then we'll put in 88 path of travel, and parking 88 parking enhancements to it.
RCCD CAADO 309: More to your question. We just redid the Rcc. Field. It was turf.
RCCD CAADO 309: and we replaced it with turf. I think when we were going through that project, I think the Athletics department probably had some input on that, because everybody had their own studies on it. Yes, I think we have right now the most state of the art field that we have. Yeah, because I've seen personally injuries that happen. And it's like, not pretty with the artificial
RCCD CAADO 309: soccer field.
RCCD CAADO 309: All right. Only question. Thank you.
RCCD CAADO 309: Okay. Calendar.
RCCD CAADO 309: Correct. Yeah.
RCCD CAADO 309: Okay. Next meeting will be what January
RCCD CAADO 309: correct.
RCCD CAADO 309: We can show, based on what Aaron
RCCD CAADO 309: per calendar
RCCD CAADO 309: if we do it in February the building will be done theoretically in Mobile.
RCCD CAADO 309: and by that time you'll have your figure out what the city is gonna do for the soccer part. We hope the city is a little bit difficult to work with. So yeah, we can hope that it'd be resolved by that.
RCCD CAADO 309: Does anybody have a problem doing it in February instead of January, that when we can hopefully have. Rebecca was recommending actually May. And then I think they were discussing the audit for just May and what November so 2 meetings we haven't come to the final resolution that actually, I was talking with my staff on what has to be done from
RCCD CAADO 309: the fiscal year in closing standpoint, and also when the auto record is available. So we need to, we'll resolve that issue, and I'll circle back with Rebecca alright. And I'm assuming we're all going to get like an invite to the
RCCD CAADO 309: mobile grand opening.
RCCD CAADO 309: So once that's done, then, yeah, I guess May is fine. Yeah, I don't really see a need for a January, a need for a meeting in January. Yeah, I'll move for the second Thursday in May for our next meeting
RCCD CAADO 309: subject, unless a special meeting is needed. But the next regularly scheduled meeting right to be second Thursday in May.
RCCD CAADO 309: and I seconded account
RCCD CAADO 309: and say, Can you make sure
RCCD CAADO 309: we're gonna do the grand opening?
RCCD CAADO 309: Can we have a party bus together? Just kidding figure out the rest of the year in May?
RCCD CAADO 309: It's been a long, long process. And you want to celebrate
RCCD CAADO 309: oops. Yeah, we'll just figure out, okay.
RCCD CAADO 309: the
RCCD CAADO 309: think from our standpoint, we probably have to be twice what's required.
RCCD CAADO 309: I think so
RCCD CAADO 309: when we discussed to make sure that you guys were up to speed on all the activity. I mean, if we're done, rush this fiscal year, then.
RCCD CAADO 309: Right? It just depends on how long it's gonna take you for the soccer field. And we've if we dump all the money that's left into that.
RCCD CAADO 309: Yeah, then we're done. Yeah. And for annual report, we can just run it. When you guys do yours, push it back because we're only gonna have 2 meetings for the report. So
RCCD CAADO 309: yeah, so I think,
RCCD CAADO 309: because we have so many sources of funding for the soccer field.
RCCD CAADO 309: we can structure it. So we spend those findings last, and we spend measure C, 1st that way, you can.
RCCD CAADO 309: Right for the part. Yeah, once you get past the city when it's on the district's side. You can just
RCCD CAADO 309: clean the bank out.
RCCD CAADO 309: because that makes it easier. Because you you may have. You may have discussion we've been having about. How can we? You know.
RCCD CAADO 309: how do we
RCCD CAADO 309: strategically spend these funds out in a period of time?
RCCD CAADO 309: There's really no.
RCCD CAADO 309: there's really no incentive for us to continue.
RCCD CAADO 309: you know, right? Right? Right? Right? Especially if we're successful. Right? Get started.
RCCD CAADO 309: Okay, since that's it. I
RCCD CAADO 309: think we're adjourned.
RCCD CAADO 309: Alrighty. Thank you. Everybody. Don't forget to get validated downstairs and parked in a garage, except there.
RCCD CAADO 309: You're supposed to park in there. I thought it was the same email that we always get to Park there. Well, you know me.
RCCD CAADO 309: Goldware.