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Instructor Rose Hernandez, flanked by Gavilan College Cosmetology students, faculty, clients and alumni, cuts the ribbon for the grand-reopening of the Gavilan College Cosmetology Department in 2010.
RepoRt to the Community
Local taxpayers to save $2.6 million from refinance of Measure E Bonds
At their meeting on February 14, 2012 the Gavilan College Board of Trustees voted to refinance a portion of outstanding Measure E General Obligation Bonds at much lower interest rates, without extending the life of the bonds. The District was able to reduce the interest rates on Measure E bonds, which will generate a net savings in debt service to taxpayers of $2,592,801 over the life of the Refunding Bonds. "We can save the taxpayers’ money by taking advantage of the historically-low interest rates available right now," said President Steve Kinsella, "without extending the life of the bonds, or reducing the amount available for capital improvements funded by Measure E." The District itself will not realize any part of the savings, which the Board pursued on behalf of local taxpayers. Measure E was passed by local voters in March, 2004, authorizing the issuance and sale of general obligation bonds in the maximum amount of $108 million. The portion to refinance is $25 million -- the outstanding principal amount of the Series A Bonds. Measure E has been used to provide needed upgrades to the Gavilan College campus infrastructure, technology, instructional space, and acquired property for future development. For information about projects completed with Measure E funds, go to http://www.gavilan.edu/bond.
Letter from the Chair Citizens Oversight Committee
Over the past eight years, Gavilan College has experienced a remarkable renaissance of reconstruction and renewal for the future. Thanks to the passage in 2004 of $108 million in Proposition 39 Measure E bonds by the sagacious and generous foresight of the GJCCD voters, a lot has been accomplished. Beginning with a commendably inclusive planning process in 2003 and continuing as each building renovation was prioritized, leadership by the Gavilan administration and Board of Trustees has included students, faculty, classified staff, and other community members in the process which is now drawing to completion. Students and faculty now enjoy the air conditioning, technology, equipment and facility improvements in every classroom and laboratory. Excellent new parking, lighting, and infrastructure improvements have prepared Gavilan for the next half-century of service as "the best little community college in California." The COC, or Citizens Oversight Committee, for eight years has faithfully reviewed Quarterly Financial Reports, annual independent audits, and on-going up-dates on Measure E progress. As all reports and audits have indicated each year, all Measure E funds have been expended appropriately and legally only for voter-approved Measure E activities, including renovation on the Gilroy campus and land acquisition at the Hollister Fairview site and the Coyote Valley site in San Jose for future Gavilan College education centers. The original Measure E prohibition against any use of funds for faculty or administrative salaries has been scrupulously observed. All interested citizens are invited to attend COC meetings. The next scheduled meeting is September 10, 2012 in the North Lounge on the Gilroy campus.
Measure E Projects
ü Tennis court repairs ü Boiler replacement ü Infrastructure replacement ü ADA improvements ü Computer replacement ü Enterprise Resource System ü Interim housing ü Cafeteria renovation ü Parking lot expansion / resurfacing ü Renovations of Mathematics, Physical Science, Life Sciences, Art, Music, Humanities, Security and Facilities, and Multipurpose buildings. ü Land purchase - Coyote Valley ü Land purchase - San Benito County ü Cosmetology / Business renovation ü Roof repair for Gymnasium, Mathematics, and Physical Sciences buildings. ü Campus and building signage ü Social Science building
Citizens Oversight Committee
John Hansell, Chair At-Large: Gene Sakahara, Irma Rodriguez, Jack Bachofer Senior Citizens' Organization: John Hansell Business Representative: Tim Day Student Representative: Lisa Reeve District Support Organization: Sandy Habr Taxpayers' Organization: VACANT If you would like to serve on the Citizens’ Oversight Committee, you may obtain an application online at www.gavilan.edu/bond or through the Office of the President: 408.848.4711
Pending state matching funds
t t t Gymnasium renovation Library / TV Studio renovation New Student Services and Administration building
About Measure E
On March 2, 2004, district voters approved Measure E, a facilities improvement bond in the amount of $108 million, to upgrade and expand the facilities for higher education in the Gavilan Joint Community College District. Upgrades have been made to campus infrastructure, classrooms, instructional technology, and campus safety. Land has been acquired for future campuses in Coyote Valley and San Benito County.
General Obligation Bonds
In June 2004, the district issued $29,170,000 of General Obligation Bonds 2004 Series A and $830,000 General Obligation Bonds 2004 Series B. The bonds were issued to finance the construction and modernization of district facilities and to refund certain lease obligations. The bonds mature through August 2028 and bear interest at rates ranging from 2.00% to 5.38%. The 2004 Series B bonds matured on August 1, 2006. Net bond premium of $140,900 (net of accumulated amortization) was capitalized and is amortized over the term of the bond. The following is a schedule of future payments for the 2004 Series A General Obligation Bonds:
Year Ending June 30 2012 2013 2014 2015 2016 2017-2021 2022-2026 2027-2029 TOTAL Principal $ 335,000 415,000 500,000 590,000 690,000 5,195,000 9,255,000 8,270,000 Interest $ 1,295,457 1,280,876 1,262,575 1,240,776 1,214,313 5,440,373 3,588,597 711,425 Total $ 1,630,457 1,695,876 1,762,575 1,830,776 1,904,313 10,635,373 12,843,597 8,981,425
Measure E Financials
Fiscal Year July 1, 2010 - June 30, 2011
Revenues and Expenditures
Net Assets July 1, 2010 $
Expenses Supplies, materials and other operating expenses and services $ 4,093,616 Revenues: Investment income : $ Proceeds from issuance of debt: $ Change in Net Assets $ Net Assets July 1, 2011 $ 62,461 28,000,000 23,968,845 29,975,388
On December 12, 2007, the district issued $50,000,000 of General Obligation Bonds 2004 Series C. The bonds were issued to finance the construction and modernization of district facilities, the acquisition of equipment and to pay the costs of issuance associated with the bonds. The bonds mature through August 2032 and bear interest at rates ranging from 4.00% to 5.00%. Net bond premium of $75,870 (net of accumulated amortization) was capitalized and is amortized over the term of the bond. The following is a schedule of the future payments for the 2004 Series C General Obligation Bonds:
Year Ending June 30 2012 2013 2014 2015 2016 2017-2021 2022-2026 2027-2031 2032-2033 TOTAL Principal $ 225,000 300,000 385,000 470,000 560,000 4,460,000 7,985,000 19,580,000 14,885,000 $ 48,850,000 Interest $ 2,282,843 2,273,844 2,261,844 2,246,444 2,227,644 10,715,020 9,368,720 6,920,176 1,074,688 $ 39,371,223 Total $ 2,507,843 2,573,844 2,646,844 2,716,444 2,787,644 15,175,020 17,353,720 26,500,176 15,959,688 $ 88,221,223
Assets and Liabilities
Assets Cash and cash equivalent Receivables, net Total Assets Net Assets Restricted for capital projects Liabilities Accounts payable Due to other funds Total Liabilities $ 482,193 11,478 493,671 30,469,059 29,975,388 30,437,184 31,875 30,469,059
On May 12, 2011, the district issued $28,000,000 of General Obligation Bonds 2004 Series D. The bonds were issued to finance the construction and modernization of district facilities, the acquisition of equipment and to pay the costs of issuance associated with the bonds. The bonds mature through August 2035 and bear interest at rates ranging from 2.00% to 5.75%. Net bond premium of $953,449 (net of accumulated amortization) were capitalized and will be amortized over the term of the bond. The following is a schedule of the future payments for the 2004 Series D General Obligation Bonds:
Year Ending June 30 2012 2013 2014 2015 2016 2017-2021 2022-2026 2027-2031 2032-2036 TOTAL Principal N/A $ 255,000 N/A 10,000 50,000 840,000 2,095,000 3,895,000 20,855,000 $ 28,000,000 Interest $ 339,321 1,546,275 1,541,175 1,541,175 1,540,875 7,646,675 7,371,625 6,668,975 4,518,588 $ 32,714,684 Total $ 339,321 1,801,275 1,541,175 1,551,175 1,590,875 8,486,675 9,466,625 10,563,975 25,373,588 $ 60,714,684
Total Liabilities & Net Assets
Independent Auditor’s Report
An independent financial audit is conducted annually. The audit was completed by Crowe Horwath of Sacramento and a report issued in December, 2011. The audit concluded that "in all significant respects, Gavilan Joint Community College District expended Measure E General Obligation Bond funds for the year ended June 30, 2011 only for the spcific projects developed by the District's Governing Board and approved by voters, in accordance with the requirements of Proposition 39, as specificed by Section 1(b)(3)C of Article XIII A of the California Constitution."
Mission In an environment that nurtures creativity, stimulates curiosity, and emphasizes student learning, Gavilan College serves its community by providing high quality educational and support services that prepare students for transfer, technical and public service careers, lifelong learning and participation in a diverse global society.
5055 Santa Teresa Blvd. Gilroy, CA 95020
Gavilan College (408) 848-4800
Steven M. Kinsella, DBA., CPA Superintendent/President Kathleen Rose, EdD Executive Vice President & Chief Instructional Officer John Pruitt VP of Student Services Joe Keeler, CPA VP of Administrative Services Sherrean Carr Dean of Career Technical Ed. Fran Lozano Dean of Liberal Arts and Sciences Ron Hannon Dean of Kinesiology & Athletics Fran Lopez Associate Dean, Disability Resource Center Rachel Perez Associate Dean, Community Development and Grants Mgmt. Anne Ratto Associate Dean of Extended Opportunity Programs and Svcs. Laura Perry, Esq., President Kent Child, Vice President Jonathan Brusco Walt Glines Tony Ruiz Tom Breen, Esq. Mark Dover Student Trustee: Izzy Quistian
The Gavilan Joint Community College District is committed to equal opportunity in educational programs, employment, and all access to institutional programs and activities.
Accounting Administration of Justice Allied Health - Nursing Anthropology Art Astronomy Aviation Maintenance Technology Biological Science Biotechnology Business Office Technology Business Chemistry Child Development Communication Studies Computer Graphics and Design Computer Scinece and Information Systems Cosmetology Digital Media Ecology Economics Engineering English English as a Second Language Environmental Science French Geography Geology Guidance Health Education History Humanities Japanese Journalism Kinesiology Intercollegiate Athletics Library Management Marketing Mass Communications and Television Mathematics Music Philosophy Physical Education - Adapted Physical Science Physics Political Science Psychology Sociology Spanish Theater Arts / Drama / Television Vocational Preparation Water Resources Management Work Experience
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