Bond Accountability and Oversight Activities
In accordance with bond oversight responsibilities, the Department of Finance, Office of State Audits and Evaluations (OSAE) performs bond audits. The Governor’s Executive Order S-02-07 requires departments to be accountable for ensuring bond proceeds are spent efficiently, effectively, and in the best interests of the people of California. Accordingly, the bond audit objectives include determining whether:
- Awards and expenditures are in compliance with applicable laws, regulations, and established criteria.
- Bond funded projects are adequately monitored to ensure they stay within scope and cost.
- Bond funded programs and projects achieved or are achieving the intended outcomes
A large portion of bond funds are awarded as grants to local agencies and non-profit organizations. Therefore, OSAE's bond oversight activities include both department and grant-level bond audits. As of December 2015, OSAE has performed over 610 department and grant-level bond audits of Proposition 12, 13, 40, 50, 84 and 1E. OSAE is currently auditing several departments covering all Strategic Growth Plan bonds – Propositions 1B, 1D, 1E, and 84.
In order to improve oversight and management of the bond funds, OSAE provides technical guidance to administering departments by conducting training workshops. For additional details including specific audit tasks performed during a bond audit, see the Bond Accountability and Audits Guide.
Bond Audit Reports
Click here to search for bond audits conducted.
OSAE accepts complaints regarding misuse of bond funds. To report an incident, please fill out the Bond Accountability Complaint Form.