Improvement in General Fund Balance
Since June 2003, the fund balance has improved from a deficit of $13.9 million to an unassigned positive fund balance of $8.5 million, of which $4.3 million is designated for contingencies." This improvement is the direct result of improved budgeting, oversight, and control at all levels of management.
Improved Credit Ratings
The District’s bond rating was recently raised to A1 by Moody’s and to AA- by Standard and Poor’s, our highest ratings ever. The reasons cited for the upgrades were strong financial management, continuous reporting on budget performance, and the dramatic turnaround of the fund balance.
Certificates of Achievement
In June 2011, the Government Finance Officers Association (GFOA) of the Untied States and Canada awarded a Certificate of Achievement for Excellence in Financial Reporting, and the Association of School Business Officials International (ASBO) awarded a Certificate of Excellence in Financial Reporting to the District for its Comprehensive Annual Financial Report for the fiscal year ended June 30, 2010. This was the seventh consecutive year that the District has achieved these prestigious awards. In order to be awarded a Certificate of Achievement and a Certificate of Excellence, the District published an easily readable and efficiently organized comprehensive annual financial report.