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Extracted from Consolidated Report
This investigation was originally published as part of a larger consolidated report containing multiple investigations. View the consolidated PDF for the complete document.
Sacramento County Grand Jury
• 2001-2002
Sacramento County Grand Jury June 30, 2002 Facts In 1996 Scers adopted a policy that directed its investment managers
⚠️ Translation Notice: This content has been automatically translated. The original English text is the official version. Translation may contain errors.
⚠️ Este contenido ha sido traducido automáticamente. El texto original en inglés es la versión oficial. La traducción puede contener errores.
Findings 1 findings
F1
Page 48
District staff members exhibited a very careless attitude toward their fiscal responsibilities when negotiating the purchase of property. The Grand Jury also concluded that had the District been more diligent in its search for school property, it might have purchased the property for a price closer to the lower appraised value of $4,350,000. The Elk Grove Unified School District failed in its fiduciary responsiblity to taxpayers in the purchase of property located at the intersection of Bond and Bradshaw Roads. This failure resulted in a loss to taxpayers of approximately $2.4 million.
Recommendations 1
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R1Page 48The Elk Grove Unified School District should: a. develop formal policies and procedures for the purchase of school site property that protect financial interests of the taxpayers and eliminate the appearance of favoritism to any landowner, land developer or real estate agent; b. publish in a newspaper of general record an official notice of any decision by the District to establish a new school or seek a new site location. An offical notice should also be delivered to the local Board of Realtors; c. direct staff to use all available resources for the selection of property for school construction including physical inspection of properties for sale within the area of interest as well as Multiple Listing and newspaper ads.