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The California State Auditor has issued a report criticizing the San Dieguito Union High School District for not telling bond buyers of the district's financial woes. The district issued bonds in 1998, 2004 and 2006. "In early 2008 the school district did not communicate adequately to the public that interest costs on bonds for its community facilities districts had increased substantially and that the school district faced a risk that funds to make bond payments would run out by March 2009," says the auditor's report. "Despite this serious financial situation, the agendas and minutes for meetings of the school district's board of trustees (school board) did not reflect the problems that the district was facing or its plans for addressing them...Further, for fiscal year 2006-07, the school district did not make certain disclosures required by applicable financial reporting standards related to bonds and other financial instruments." Thanks to Matt Potter for discovering this report.
The California State Auditor has issued a report criticizing the San Dieguito Union High School District for not telling bond buyers of the district's financial woes. The district issued bonds in 1998, 2004 and 2006. "In early 2008 the school district did not communicate adequately to the public that interest costs on bonds for its community facilities districts had increased substantially and that the school district faced a risk that funds to make bond payments would run out by March 2009," says the auditor's report. "Despite this serious financial situation, the agendas and minutes for meetings of the school district's board of trustees (school board) did not reflect the problems that the district was facing or its plans for addressing them...Further, for fiscal year 2006-07, the school district did not make certain disclosures required by applicable financial reporting standards related to bonds and other financial instruments." Thanks to Matt Potter for discovering this report.