Health & Fitness
District 113 Earns Two Financial Excellence Awards
District 113 Earns Two Financial Excellence Awards
District 113 received accolades from the State of Illinois for its financial excellence.
The recognition is based on annual financial profiles conducted by the state. State
personnel assess the financial health of school districts statewide and issue
commendations when appropriate. The profile considers factors such as balance-to-revenue ratio, expenditure-to-revenue ratio, the amount of available cash, the percentage of short-term borrowing and the percentage of long-term debt margin that remains. District 113 has consistently earned “Financial Recognition” status, the highest category possible for school districts.
The District received a letter of commendation from the State Superintendent of Education, Chris Koch. Koch stated in his letter, “Given the economic difficulties school districts are facing, the State Board realizes this is a significant accomplishment.” Assistant Superintendent for Finance, Barry Bolek, attributed
this achievement to the oversight of an excellent Board of Education and careful financial planning. Bolek noted, “The District 113 School Board takes an active role in analyzing expenditures in order to ensure that the communities’ tax dollars are utilized effectively to promote an outstanding educational experience for our students.”
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In addition to the state superintendent recognition, District 113 received accolades for their fiscal management from the Association of School Business Officials
(ASBO) International. District 113 earned the ASBO Certificate of Excellence
(COE) in Financial Reporting Award for fiscal year June 30, 2010. According to
Executive Director of ASBO, John Musso, “This award represents a very significant achievement and reflects a commitment to the highest standards of school system financial reporting.”
Sponsored by VALIC, the COE award confirms the school business office’s commitment to financial accountability and transparency. Recognition through the COE program can strengthen a district’s presentation for bond issuance statements and promotes a high level of financial reporting.
