Just released Audited Financial Report discloses underestimate
Reproduced below is what the College said on its web site about the grand reopening of CTEC in October, 2015. According to the College announcement, the CTEC renovation cost was $5.2 million.
However, in the June, 2014-15 Audited Financial Report, released to the Governing Board in February, 2016, the total cost associated with CTEC was $6,383,893. It appears from this data, which includes commitments already paid and commitments remaining to be paid, that the College underreported the total CTEC renovation cost to the public by more than $1 million dollars.