The Poway Unified School District received a coveted 2005 Golden
Watchdog Award from the San Diego County Taxpayers Association for saving taxpayers
close to $9 million by refinancing school construction and modernization bonds
approved by district voters in 2002.
Poway Unified Superintendent Don Phillips, Ed.D., with Citizens'
Oversight Committee Chair Kathy Frost, and PUSD Board members Andy Patapow, president,
and Penny Ranftle, vice president, accepted the award on behalf of the school district
at the May 18, 2005, annual San Diego County Taxpayers Association Golden Watchdog and
Golden Fleece Awards dinner in San Diego.
Golden Watchdogs are awarded to programs that exemplify efficient use
of tax dollars. PUSD’s Bridge Financing initiative as part of the Building for
Success program lessens the impact of inflation, ensures needed renovations for
district schools, and completes the work sooner than anticipated.
“We are very impressed with the Poway Unified School District
pulling from best practices in the business community,” said San Diego County
Taxpayers Association President/CEO Lisa Briggs. “Poway Unified is handling its bond
proceeds just like a portfolio, and that’s exactly as it should be done.”
“It’s validating to know that the efforts of the District to maximize taxpayer
dollars in the Building for Success program have been recognized by an
independent association such as the San Diego County Taxpayers Association,” said
Deputy Superintendent John Collins.
The Building for Success program, authorized under the passage
of Proposition U, includes modernization and expansion of sixteen elementary schools,
four middle schools, three high schools, and one continuation high school in the Poway
Unified School District. Proposition U is a ballot measure approved in November 2002
that provides $198 million in School District Bonds to repair, renovate, and expand 24
schools in the Poway Unified School District. The Citizens' Oversight Committee was
established by the Poway Unified School District's Board of Education in February of
2003 for the purpose of overseeing the funding of Proposition U.
The following paragraph described the narrative for the award.
When voters passed Proposition U in 2002, construction costs were high - but
nowhere near the levels we see today. Recognizing that costs were only going to go
up, the Poway Unified School District and the Prop. U Independent Citizens'
Oversight Committee took the innovative step of securing bridge financing to
accelerate the construction schedule and take advantage of current prices. The
District borrowed $100 million against the bonds approved by Prop. U, accelerated
the construction schedule by six years and - when all is said and done - will save
taxpayers close to $9 million by negating the effects of inflation.
The Poway Unified Citizens' Oversight Committee (COC) Chair Kathy Frost said, “The
COC is proud that PUSD has been recognized by the Taxpayers Association for staff's
persistence and creativity in finding ways to maximize the use of the bond funds and
combat the rising costs of construction. The Bridge Financing program accelerated the
time schedule for project completion by six years, reducing the impact of construction
inflation and increasing the opportunity for State matching funds.”
“This demonstrates an example of the innovation and cooperation of our staff and
business experts working with the Citizens' Oversight Committee to come up with ideas
in the best interest of the students of PUSD,” said PUSD Board of Education
President Andy Patapow.
“I am extremely proud of our facilities department, the business department, and
the Citizens' Oversight Committee. Since the bond failed to pass sooner and costs have
risen so dramatically, it is very gratifying to see our people finding ways to make
the money stretch. Our kids are the beneficiaries,” said Penny Ranftle, PUSD Board
of Education Vice President.
At this time the first four projects for the Building for Success program
are under construction (Midland and Westwood elementary schools and Poway and Mt.
Carmel high schools) with 90 contracts valued at $60.3 million. Design work on another
five schools has begun and the estimated timeline, accelerated with the implementation
of Bridge Financing in 2004, continues to be met.
The San Diego County Taxpayers Association was founded in 1945 as an independent,
civic-minded organization that monitors government spending and efficiency.
For more information about the Building for Success program please visit the
District’s web site at www.powayusd.com/bond.
