Sunday, January 27, 2013

Warnings and Senate Education Subcommittee reports

As the Hercules City Council prepares to vote in February on the Measure E debt limit waiver, I thought it was important to share the following.  Today, I sent this reply (see below) to the Managing Director of KNN Public Finance, Mr. Olson.

My point is this.  How can anyone be expected to approve such bond measures when the Senate Education Subcommittee has recently reported that accountability, checks and balances, and oversight of these monies is inadequate, warranting the formation of a new state-level oversight committee?

Recently, the state issued the following warning as a result of poor financial decisions made by some school districts.  These districts are now in a very difficult situation because the oversight was not in place.

Recent warning

Members of the Hercules City Council were included in the following communication.

Hi Mr. Olson,
The following recent document from the Senate Education Subcommittee does cause me some concern.  This recent document dated 8/7/12 states that the current oversight of school building programs is inadequate. If the voter had seen this report, they might have concerns about voting for such a measure until such oversight and accountability mechanisms were put into place.  It is tantamount to putting the cart before the horse.


This document had been on the Senate Education Subcommittee website, but the links on that website went dead two weeks ago, one day after I cited it at our joint meeting, so our council members possibly have not had a chance to view it.  I believe it is relevant to the waiver process. 

The report was previously found here

I do not mean to sound distrustful.  I simply want to be assured that the necessary checks and balances are in place.  I hope you understand.  Thanks.

Giorgio Cosentino

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