Positive Ratings for Citrus College and Measure G Bonds
Financial analysts from two well-known national rating agencies voiced confidence in Citrus College's financial stability and management, giving the District outstanding credit ratings following presentations in San Francisco by Dr. Michael Viera, Citrus College President/Superintendent, Mrs. Carol Horton, Vice President, Finance and Administrative Services, and the District's bond advisors RBC Dain Raucher.
Standard & Poor's and Moody's Investors Services were used by the District to provide a bond rating. The initial ratings placed Citrus College either above or on par with other Southern California Community Colleges.
Positive bond ratings reflect the District's strong management organization, conservative budgeting and financial flexibility, stable reserves, as well as the region's diverse assessed value base and economy.
The bond ratings were issued in advance of the District's first issuance of $22 million in General Obligation bonds, authorized by voter approval of Measure G, March 2004. Bond proceeds will be used to continue implementation of the District's Educational and Facilities Master Plan.
Message from Board of Trustees President
Fellow Community Members,
In March of 2004, voters in the Citrus Community College District overwhelmingly demonstrated their support for Citrus College and our community's students by approving Measure G, funding the expansion, renovation and improvement of college facilities. Nearly five years later, we are seeing tremendous growth in local community college enrollment, along with increased demand for the programs that have been, and will be, improved or made possible by Measure G projects. We are currently facing tough economic times. This makes it all the more critical for Citrus College to maintain quality level programs that help to ensure our students are transferring to 4-year universities, acquiring vocational technology certificates and entering the workplace better prepared to succeed.
On behalf of the Board of Trustees, I wish to personally thank you again. Your support of Citrus College and Measure G has allowed us to make great improvements over the past five years.
Projects made possible by Measure G and state facilities funds include:
- Completion of the Central Plant in June 2007
- Construction began December 2007 on a new Vocational Technology Building (state funded)
- Construction and opening of a Math/Science Building (state funded)
- Completion of the Center for Innovation in April 2008
- Construction began July 2008 on a new, one-stop Student Services Center
- Classrooms/labs for nursing skills instruction
- Renovation of Citrus College Stadium and fields and track, including installation of new lighting
- Completion of the Softball Field Complex in September 2008
- Construction of a new Field House and Concession Buildings, estimated completion is Summer 2009
- Fine Arts Building Construction estimated to start in Fall 2010
All of the improvements to Citrus College have one consistent goal: to provide our students with the best educational opportunities possible.
Throughout implementation of Measure G, volunteers from the communities served by this district are serving on an independent Citizens Oversight Committee (COC). Their role is to monitor and report on Measure G expenditures and progress. They serve as your eyes and ears, monitoring and confirming that Measure G funds are being used efficiently, and as promised. For their service, we are deeply grateful.
Again, I thank our local community members for your continued support, as well as providing us with highly qualified volunteer members to serve on the Measure G COC. Please visit Citrus College to attend a COC meeting and see for yourself the wonderful projects, completed or underway, that will benefit our local students for years to come.
Sincerely,
Susan M. Keith
President, Citrus Community College District Board of Trustees