The Association of School Business Officials International awarded Lakeville Area Public Schools its Certificate of Excellence in financial reporting for the 2016 year for having met or exceeded the program’s high standards for financial reporting and accountability.
“The district is to be commended for its efforts. The Comprehensive Annual Financial Report (CAFR) is of high quality,” the organization indicated in its comments. The award affirms the school district’s commitment to financial accountability and transparency.
A comprehensive annual financial report is a set of government financial statements comprising a financial report of a state, municipality or school district that complies with the requirements of the Governmental Accounting Standards Board, which created the Generally Accepted Accounting Principles used by state and local governments.
As part of its annual audit process for fiscal year 2016 (which encompassed the 2015-16 school year), Lakeville Area Public Schools adopted the higher level of requirements for reporting financial information as a way to demonstrate the district’s commitment to fiscal responsibility, said Michael Baumann, superintendent of Lakeville Area Public Schools.
“The ASBO Certificate of Excellence is the ‘Gold Standard’ for financial reporting in school districts,” Baumann said. “This tells our community that our district is credible and committed to fiscal integrity. This can aid the district in achieving an ever-higher bond rating from credit evaluations by clearly disclosing all required information. The community values the district’s transparency and knowing we are highly credible and detailed in our financial work exceeding the standard as we share financial information above and beyond what Generally Accepted Accounting Principles (GAAP) requires is very important to this administration.”
Go to the Business Services webpage to learn more about the district’s financial health, adopted budget for 2017-18 and previous years and other financial information about Lakeville Area Public Schools.