The Santa Cruz Valley Unified School District has received the Certificate of Excellence in Financial Reporting from the Association of School Business Officials International (ASBO).
The district earned the recognition for its Annual Comprehensive Financial Report for the 2020-21 fiscal year.
SCVUSD earned the award for the 22nd consecutive year, the district said in a news release, noting that it that came after a challenging year for the Business Office.
“Our department worked successfully through the uncertainty and disturbance in the flow of our operation as a result of COVID while continuing to manage our community bond dollars,” Isela Brown, manager of the SCVUSD Business Office, said in the news release
In 2019, voters gave the district approval to sell up to $22.55 million in bonds to fund a number of capital improvement projects, and the school board voted in February 2020 to sell up to $16.9 million worth of bonds for the first handful of projects.
As part of the financial reporting evaluation process, applicants submit their ACFR for review by a team of financial professionals who provide feedback to improve future documents.
“If the report meets the requirements of the program, it may receive the Certificate of Excellence,” the ASBO said, noting that: “A district’s participation in the COE program can facilitate bond rating and continuing bond disclosure processes.”